Free MBA Notes

Welcome to eNotesMBA - The Best References for MBA. 
eNotesMBA is an educational resource for MBA students, professors, and researchers. Here you will get Free MBA Notes, MBA Study Notes, MBA Lecture Notes, MBA Subject Notes, Notes for MBA Students..


Advertising Management NotesIntroduction to AdvertisementDefinition and Objectives of AdvertisingFunctions & Classifications of Advertising Advertising Agency and its FunctionsTypes and Structure of modern Ad-agencySelection of Advertising AgencyThe Communication MixBuilding of Advertising ProgramAdvertising AppealsAIDA ConceptAdvertising Media CharacteristicsMedia Planning and SchedulingDAGMAR ApproachAdvertisement Evaluation and TestingRecall Recognition & PersuasionAdvertising BudgetAdministration & Control of BudgetRegulation of AdvertisingEthics in Advertising Marketing Management NotesNature & Scope of MarketingDefinition & Meaning of MarketingNature & Scope of Marketing ManagementMarketing ProcessMarketing Envi…

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".

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.

Comments

Popular Notes on eNotesMBA

Marketing Management Notes