Many firms, driven by a need to better communicate with their customers and other stakeholders, recognize that marketing “is not a specialized activity at all. It encompasses the entire business and is necessary for a healthy business . It is the whole business seen from the customer’s point of view.” Every aspect of the marketing mix - the product, channels of distribution, price, and marketing communications - affects customers’ response to a product/service.
The Marketing Association defines marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual (customer) and organizational objectives”. The marketing concept is a business philosophy that defines marketing as a process intended to find, satisfy, and retain customers while business makes a profit. Central to both of these definitions is the role of the customer and the customer’s relationship to the product, whether that product is a good, service, or idea. Thus, in order for a company to investigate whether or not it has successfully managed to satisfy its customers, or to examine what type of products and/or services it would be profitable to introduce, it has to conduct marketing research.






