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Marketing research is the organized method that is usually used in order to analyze some problem. The main objective behind doing the marketing research is to make an important decision regarding the advertisement of products and services. Marketing research is considered as the process or method that combines the customers, suppliers, distributors, manufacturers and many others. All of them can participate in the marketing research in order to find out the opportunities as well as analyze the problem. The main focus of the marketers while doing the marketing research is to find that which factors can influences the behavior of customers towards purchasing.
Marketers also focus on the characteristics of the market as well as the historical trends of the market which might be fundamental or technical. In addition, the information regarding the products and service from manufacturers and consumers can also be gathered and analyzed with the help of marketing research. Marketing research is also known as the market research.
The methods which are used in the marketing research are similar to any scientific research. The reason is that the purpose of both research methods is to analyze problems and form decision, however marketing research can be done on products or service; where scientific research can be done on anything. The main participants of any marketing research are products or services available for sales, any specific market or industry, and the customers who buy or purchase the products in order to consume.
Most of the researches that take place on customers are buying behavior, similarity between product and customer lifestyle, consumption habits of customers, impact of shelving of products on customers and numerous others. However, marketing research is a process which gathers an informative data that will help the customers as well as the producers in order to make decision about buying and selling of the products and services.
Marketing research can also help in order to determine the flaws or errors during the manufacturing. In addition, marketing research is considered as one of the tools due to which one can able to design efficient as well as effective strategies for marketing that include market differentiation, product development, market segmentation, market penetration and many others. The marketing strategies are quite essential to any business in order to compete with other businesses and remain in the market for the longer term.
According to the Green and Tull, the marketing research can define as:
“Marketing research is the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the field of marketing.”
Marketing research is a term that is based on the words that include marketing and research. The term marketing is defined as the buying and selling of the goods in a particular market by businesses and customers. On the other hand, research is defined as the systematic study which takes place in order to figure out the problem and make the decision to solve that issue.
Marketing research is the combination of two different disciplines that include marketing and research. Most of the businesses use research in the area of marketing in order to boost the marketing activities that will result in the business profitability. A marketing research has different kinds of aspects such as products, services, promotion, packaging, buying behavior, sales, distribution and numerous others.
Marketing research and a simple has the same procedure. Usually, there are numerous steps in a marketing research. It is essential that all the steps of research must follow according to its order however the purpose of research might not be achieved. The very first step of the marketing research is Data collection. The second step of marketing research is data recording. The third step is to evaluate the data gathers from the research participants. In the end, the final step is to give suggestions or recommendation in order to resolve the marketing problems or issues. Usually, the businesses hire professionals in order to do the market research which might increase the productivity of the business. Marketing research is one of the effective tools for the businesses that give the accurate information about the customers, products or services and other important aspects. Therefore, this information might be quite beneficial to the business and owners can also make their decision on that particular information. The results of marketing research give a clear idea about what are the resources requires by a business to produce goods and what are the expectation of customers regarding products or services of any particular business.
According to the target market, there are two essential kinds of marketing research that include:
On the other hand, marketing research is also categorized in two types in the methodological approach. These types are:
A large number of systematic methods involves in any marketing research. It is one of the main reasons due to which any marketing head can do an extensive planning prior to do a marketing search regarding any marketing issue.
Some essential steps of marketing research are already discussed above, however the complete list of steps of marketing research are listed below:
Marketing research has two kinds of information that can collect in order to do the research. The types of information are primary and secondary. Primary information is defined as the on hand information; whereas secondary information is defined as the information which already has been published.
Moreover, research is also of two kinds that include primary research and secondary research. Primary research is a kind of research whether it is specific or exploratory. Exploratory research is also known as the qualitative research which is open ended and it is used to identify the problem. The data collects from the large sessions of interviews from the number of respondents. On the other hand, specific research is defined as the applied or comparatively clear-cut of research. Specific research study is use to find the solutions of the problems which identifies with the help of explanatory research.
Furthermore, a researcher use to do exploratory research when the information is missing or he is unable to understand the problem which provides harm to the organization. It is necessary to use exploratory research when someone has lack of information. In order to understand this concept, we take an example that a large number of small businesses are not familiar with the concept of online marketing techniques as well as knowledge about social media. Therefore, it is one of the situations in which marketers can use the exploratory research study. Exploratory research study takes place with the help of techniques of qualitative research, advices of experts as well as the published material that include research journals, article, blogs, books and many others.
Moreover, there are numerous other kinds of research studies that include descriptive, causal, etc. Any marketer uses different types of research study in order to sort the marketing problems in a company or business. Descriptive research is usually used to gather the information which associates with the products and services. The information that comes from the descriptive research include how the users consume the product, what are the expectations of the customers from products or services, what is the impact of product on customer, who are the competitors of the business, etc.
On the other hand, another type of research is causal research. This kind of research is also known as if, then method that is because researcher finds causal relationship between two variables in this study. Usually, this type of research is use in order to know the customers’ preferences regarding the packaging, price, and celebrity endorsement about products or services. In this kind of research, the researchers use scientific tools as well as field experiment in order to extract the desired conclusion.
In the area of marketing, research is considered as one of the essential parts while promoting the business, products or services. It is the method due to which a business or management knows about the issues in products or services and needs or desires of the customers. It is also essentials in to know about the target market, demographics, and many other things. Marketing research is important in order to recognize the risks or uncertainties about products or services. Research in the area of marketing is also helpful in identifying the opportunities and become the pioneer of the industry. A marketer is also able to design a well marketing management system by doing the marketing research.
Market research can be described as the research in the market that involves customers, competitors, marketing strategies, products or services and many other things. A well marketing research gives the results that how one can promote their business by using different marketing strategies that will fulfill the demands of customers. Marketing research is also beneficial in finding the strengths of business that helps in competing with the competitors.
Moreover, the market research is essential for the startup businesses. The businesses which are on their developing stage are unable to establish their business prior to do a market research. Marketing research gives idea to the startups that how they can successfully established their businesses.
In today’s world, a lot of companies which are offering their services in order to do the market research on the behalf of businesses. Marketing background professionals provide their exceptional guidance to those businesses which are unable to do market research or they are in the initial phases of the business.
Furthermore, marketing research studies in different academic disciplines as the individual course. In the course of marketing research, students learn about the method, tools, techniques as well as the procedures that will help in conducting the marketing research. Marketing research is also important for any management student that is because most of the students do their final year project in the area of marketing.
A large number of topics are listed below on which students conduct the marketing research. The topics of marketing research are:
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