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Meaning of Marketing Research:
Marketing research refers to the systematic identifying, gathering, recording, and analyzing of data about problems relating to the marketing of goods and services.
Definitions of Marketing Research:
According to Richard D. Crisp, “Marketing research is the systematic, objective and exhaustive search for and study of the facts relevant to any problem in the field of marketing”. According to Philip Kotler, “Marketing research is systematic problem analysis, model building and fact finding for the purpose of improved decision making and control in the marketing of goods and services”.
According to American Marketing Association, “Marketing Research is the function that links the consumer, customer and public to the marketer through information. This information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance and improve understanding of marketing as a process.”
MR is a continuous process. This is natural as new marketing problems are bound to come from time to time in the course of the marketing of goods and services. One type of research is not adequate to resolve all marketing problems. Similarly, new research projects will have to be undertaken to solve new marketing problems and challenges.
Marketing research is wide in scope as it deals with all aspects of marketing goods and services. Introduction of new products, identification of potential markets, selection of appropriate selling techniques, the study of market competition and consumer preferences, the introduction of suitable advertising strategy and sales promotion measures, are some areas covered by MR.
In marketing research, suitable data should be collected objectively and accurately. The data collected must be reliable. It should be analyzed in a systematic manner. This will provide a comprehensive picture of the situation and possible solutions.
Marketing research is useful to the sponsoring company. It raises the turnover and profit of the company. It also raises the competitive capacity and creates goodwill in the market. It enables a company to introduce consumer-oriented marketing policies. Consumers also get agreeable goods and more satisfaction due to marketing research activities.
MR has applied knowledge. It is concerned with specific marketing problems and suggests alternative solutions and possible outcomes of each alternative.
MR is an essential supplement to competitive marketing. It is useful for understanding the needs and expectations of consumers. It reduces the gap between producers and consumers and adjusts the marketing activities to suit the needs of consumers.