Definition of Marketing research: -
Marketing research is a systematic process and or collective procedures of data collection, processing and dissemination for implementing fruitful management strategies. It acts as a chain of association between the customers, consumers and end users to the market, by the aid of valuable information.
The market information is very important to analyze the marketing opportunities as well as to recognize the potential problems of operating in a specific industry. In order to evaluate and monitor the marketing performances of a firm, an individual is employed to collect specific data, which is to be managed and implemented successfully. Thereafter the results are analyzed to design the marketing strategies accordingly.
Marketing research can be successfully conducted, by two approaches:
- Consumer marketing research or business to business marketing research
- Qualitative or quantitative marketing research
Textbooks on Marketing research: -
Nowadays there are numerous textbooks available on marketing research. Some of the key textbooks include the following:
- Marketing Research, Aaker, David A., Kumar, V. and Day, George S., 1998.
- Marketing Research, Burns, Alvin C, and Bush, Ronald F., 2000.
Examples of Marketing research: -
Example 1: Test Marketing:
While conducting test marketing, small scale product is launched to cross-examine the reactions of potential customers and how far it gains acceptance among the consumers, before launching it in a larger scale market. It is an effective form of marketing research, which is often used by large scale business owners, for determining customer behavior.
Researching about customer satisfaction and estimating demands of the customers by employing qualitative or quantitative research methods are also common examples of marketing research, to ensure the demand level of the product or services among the end users.
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