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Marketing Research

Question - What is Marketing Research? Describe the process of Marketing Research.

Answer

Introduction

Market Research - Introduction to Market Research, Classification of Research, Categories of Market Research, Process of Marketing ResearchToday, the competition is getting more and more intense day by day, consumption pattern and behavior of consumer is changing very fast. In such environment, organizations face uncertainty and threat in understanding consumer, competitor, and market.

Now the question is, how to understand the consumer, competitor, and market? Solution to this is "Marketing Research". Marketing Research help to understand - the consumer needs and how are they changing? How to meet these changing needs? What do the consumers think about existing products or services? What more are they looking at? What are the competitors doing to retain customers in this environment? Are their strategies exceeding or influencing yours? What should you do to be more competitive? How are macro and micro environmental factors influencing your organization? How will you react to this environment?

In this post we are going to understand about Marketing Research, difference between basic and applied research, characteristics of marketing research, scope of marketing research, and process of marketing research.

Introduction to Marketing Research

Research always starts with a question or a problem. Its purpose is to find answers to question through the application of the scientific method. Ιt is a systematic and intensive study directed towards a more complete knowledge of the subject studied. Research in common context refers to a search for knowledge. It can also be defined as a scientific and systematic search for gaining information and knowledge on a specific topic or phenomena.

Marketing Research is the function which links the customer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of market as a process.Marketing research specifies the information required to address these issues; designs the method for collecting information;manages and implements the data collection process; analysis the results; and communicates the findings and their implications.

Definition of Marketing Research

According to American Marketing Association, Marketing Research can be defined as - "The systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services".

According to Kotler, Marketing Research can be defined as as - "systematic problem analysis, model-building and fact-finding for the purpose of improved decision-making and controlling the marketing of goods and services".
Green and Tull have defined marketing research as - "the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the field of marketing".

Classification of Research

Research can be classified into following two broad categories:-
  • Basic Research, and
  • Applied Research
Basic Research - Basic research is also called fundamental research or pure research. Basic research is of basic nature which is not carried out in response to a problem. It reveals information and relationships that could be useful at a later date.

Applied Research - Applied Research on the other hand is carried out to seek alternate solutions for a problem at hand. Applied research is done to solve specific, practical questions; its primary aim is not to gain knowledge. It specifies possible outcomes of each of the alternatives and its commercial implications.Applied research can be carried out by academic or industrial institutions. Often, an academic institution such as a university will have a specific applied research program funded by an industrial partner interested in that program. Electronics, informatics, computer science, process engineering and drug design are some of the common areas of applied research.

Scope of Marketing Research

Following are the areas where marketing research can be used in:

Product Management - Product management research is done to manage the current products or new products. Product management research is helpful in - understand the competitive product strategy, prelaunch strategy of new products, test marketing and concept testing,
Corporate Research - Marketing research is useful in analyzing the corporate effectiveness like - assessing the image of the company, knowledge of the company activities.
Syndicated Research - This is compiled by agencies on a regular basis and sold to organizations on subscription basis.
Advertising Research - Marketing research is extensively used in advertising. It is helpful in readership feedback, or advertising recall.
Sales Analysis - Marketing research is used to understanding the sales trends and make suitable strategies when required. It is used to - access market potential, estimate demand for a product, estimate market share, study seasonal variations for a product, study market segmentation, estimate size of the market, etc..

Process of Marketing Research

Formulating the Research Problem
Method of Enquiry
Research Method
Determining Research Design
Data Collection Techniques
Sample Design
Data Collection
Analysis and Interpretation
Research Report

Click for Detailed Process of Marketing Research

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