Research in simple terms refers to a search for knowledge. Research is scholarly. Scientific practice or gathering existing or new information in order to enhance one know of a specific area. Moreover, it can be obtained as the scientific and systematic search for pertinent information on a specific topic.
In short, Research is an art of scientific investigation. Research is also the process of gathering, recording, and analysis of relevant and critical facts about a specific problem.
The market is a narrow concept that refers to all potential customer sharing a need, want to satisfy those wants.
It is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that beneficial for organizations and its stakeholders.
Market research is a process of systematic gathering, recording and analyzing of data about customers, competitors, and as well as for the market. It can also help create a business plan, launch a new product or service. To fine-tune existing products and services expand into new market etc. It can determine which portion of the population will purchase the product or service.
Following questions that can be answered through market research:
MARKETING RESEARCH: The marketing research specifies that information required to address to address these issues, also design the method for collection of information, managers and implements the data collection, processes, analysis the results and communicates the findings and their implications. In short This, in turn, can solve a marketing problem such as determining the price. We can also read that definition:
ROLE OF MARKETING RESEARCH IN A BUSINESS
Marketing research is that what people want, need or believe. For starting up a business there are also a few things that should be found out through market research. In order to know if your business is feasible. These are like:
A few techniques are: