Harvard UniversityMANAGEMENT 456 Do a agree that marketing research process is one of the prerequisite to gather information and measure the demand of a firm? Explain

Answer:

I agree that marketing research is one of the prerequisites to gather information and measure a firm's demand. It is the process of collecting, analyzing, and interpreting data to assist in resolving marketing problems.

Step-by-step explanation

The existence of problems in the market is uncovered through market research. Marketers will uncover insights and gather a large amount of information by reaching out to their base. This way, they can confidently and comfortably launch new products, features, and business ideas with the first-hand information they will acquire. Knowledge gaps in respect to the business will be exposed (Martorano, 2019). Marketers will learn of issues with the customer base that they didn't know existed. Addressing such problems is vital for businesses since we know consumers are the backbone of a business. 
Market research is also vital in the measurement of a firm's demand. Business owners will have direct contact with their consumers. They will have an opportunity to evaluate their customer base and be aware of any changes in consumer preference. If the preference has greatly shifted, marketers will know that change must be implemented before the demand for their products and services derails further over changes that they could have made. 
R Martorano, R. (2019). Why the Marketing Research Process is Important for Your Business. Retrieved 2019, from https://www.klcommunications.com/business-market-research-process/eferences