Marketing research is often used as an umbrella term which refers to all the research activities that are carried out for the management of marketing. It can be referred to as the systematic and objective study of product designs, markets, sales, transfer activities, management, and others. Therefore, the main area of concern of such research is all avenue from the starting to the end state of the process of marketing. It can also be defined as the method which are used by firms or individuals for collecting the required information for understanding their target customers and markets in a better manner.
In order to structure a marketing research paper, the following five steps need to be used:
Step 1: Cluster the Data which requires grouping all available information in a controllable set.
Step 2: Prepare an Outline which requires ensuring the inclusion of a background, body and other necessary parts in the paper.
Step 3: Mention the Method of Research which requires defining the research methodology.
Step 4: Include Visuals with Narrative Explanations which needs the use of different visual aids for making the paper attractive.
Step 5: Conclude the Paper with Recommendations which requires providing a logical conclusion along with a set of recommendation.
Frequently Asked Questions
Marketing research is a field of research which involves collecting data for obtaining more information and understanding about target demographics and target consumers so that it becomes possible for a business to market its products and services in a more effective manner. This is why it is regarded as a crucial part of a company’s business strategy. An example of market research can be seen in carrying out an online search on a specific marketing related topic and to note the most recent data published on the topic to understand the trend.
The seven steps involved in the marketing research are follows:
The main focus of marketing research is to gather, record and analyse both qualitative and quantitative research systematically about the issues associated with marketing products and services. The main goal is the identification and evaluation of how altering elements of marketing mix influences the behaviour of customers. It involves stipulating the data needed for addressing the key marketing issues so that the appropriate methods can be designed to collect, manage and implement data collection process.
The four types of marketing research are Primary research which involves first-hand collection of information which is obtained by going directly to the sources, Secondary research which is to collect, synthesize and analyse data obtained from secondary sources, Quantitative research which involves collecting, analysing and comparing numerical data which can be obtained from primary or secondary sources, and Qualitative research seeks to understand beliefs, experience, opinions and attitudes through the use of non-numerical data.