MARKETING RESEARCH AND ROLE OF MARKETING RESEARCH IN BUSINESS

RESEARCH:

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.

MARKET:

The market is a narrow concept that refers to all potential customer sharing a  need, want to satisfy those wants.

MARKETING:

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:

 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:

  • What is happening in the market? what are the trends?
  • Who are the competitors?
  • How do consumers talk about the products on the market?
  • Which needs are important? And as well as Is the need being met by current products?

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:

DEFINITION: American Marketing Association(AMA),” Marketing research as the function which links the consumers and public to the marketer through information. Information used to identify and define marketing opportunities and problems, generate, refine marketing evaluation, monitor marketing performance. Its improve understanding of marketing as a process.”

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:

  • Market information: It has also known the prices of the different commodity in the market, the supply, and the demand. Information about the markets can be in several different varieties and formats. The most basic form of market information is the best quotation and last sale data. By including the number of shares, with respect to a security at a given time.
  • Market segmentation: It is the division of the market or population into subgroups with similar motivations. The widely used basis for segmenting that include like geographic differences, personality differences, demographic differences, use of product differences and psychographic differences.
  • Market trends: The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you with something completely new. In this case, you will have to derive the figures from the number of potential customers or customers segments.

      A few techniques are:

  1.  Customer analysis
  2. Competition analysis
  3. Risk analysis
  4. Product research
  5. Advertising research

 

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