The systematic and objective process of generating information for aid in making marketing decisions.
Is about understanding what 'package' of marketing elements (i.e. the product, price, promotion and distribution factors) the company will need to put together in order to meet customer needs and to succeed in the marketplace.
Is the systematic and objective identification, collection, analysis and dissemination of
information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.
Marketing research is the function that links the consumer, customer, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions.
Marketing Research vs Market Research
Marketing Research- a holistic research
It can also include promotion, pricing, advertising and public relations.
Market Research is a more narrow concept because it is research focused on a specific
market.eg. a market for quail birds, University programmes
market research is a subset of marketing research.
Importance of Marketing Research
It enables corporates and individuals to make accurate decisions e.g make appropriate estimates-sales forecasting
It provides market related information useful for decision making
Helps in identifying new business opportunities.
Helps in designing marketing campaigns that will directly target your potential customers.
Studies consumer behaviour-provides data about income, likes & dislikes of consumers
It helps to minimize business losses e.g before launching a product, a company can identify potential problems and even determine solutions.
Customer needs will be met.
Resolve business problems e.g decreased sales may have resulted from entry of a new competitor
It helps a company to evaluate its marketing perfomance.
It supplies market-related information
Marketing Research Process
Step One: Establishing the Need for Marketing
Research
Step Two: Defining the Problem
Step Three: Establishing Research Objectives
Step Four: Determining Research Design
Step Five: Identifying Information Types and
Sources
Step Six: Determining Methods of Accessing
Data
Step Seven: Designing Data Collection Forms
Step Eight: Determining Sample Plan and Size
Step Nine: Collecting Data
Step Ten: Analyzing Data
Step Eleven: Preparing and Presenting the Final Research Report
Sources of Research Information
Two main categories
Primary Data- Information that has been gathered specifically for the research objectives at hand.
Secondary data-information that has been collected for some purpose other than the research at hand.
Data Gathering Techniques
Questionnaires- is a research instrument consisting of a series of questions
Interviews-is a conversation where questions are asked and answers are given Focus groups-is a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging.
Observations-the action or process of closely observing or monitoring something or
