26 Facts About Marketing research

Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.

Two explanations given for confusing Market research with Marketing research are the similarity of the terms and that Market Research is a subset of Marketing Research.

Marketing research is often partitioned into two sets of categorical pairs, either by target market:.

Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.

Purpose of marketing research is to provide management with relevant, accurate, reliable, valid, and up to date market information.

Marketing research helps the marketing manager link the marketing variables with the environment and the consumers.

Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.

Evidence for commercial Marketing research being gathered informally dates to the Medieval period.

Marketing research exchanged detailed letters on trade conditions in relevant areas.

Marketing research subsequently applied his methods to the measurement of television audiences.

Today, marketing research has adapted to innovations in technology and the corresponding ease with which information is available.

Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.

Experts in marketing research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis.

Such Marketing research is deliberately biased so as to result in predetermined findings.

Problem identification Marketing research is undertaken to help identify problems which are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future like company image, market characteristics, sales analysis, short-range forecasting, long range forecasting, and business trends Marketing research.

The findings of problem solving research are used in making decisions which will solve specific marketing problems.

Standardized services are Marketing research studies conducted for different client firms but in a standard way.

All of these forms of marketing research can be classified as either problem-identification research or as problem-solving research.

Secondary Marketing research already exists since it has been collected for other purposes.

Exploratory Marketing research provides insights into and comprehension of an issue or situation.

Exploratory Marketing research is conducted to explore a problem to get some basic idea about the solution at the preliminary stages of Marketing research.

Exploratory Marketing research information is collected by focus group interviews, reviewing literature or books, discussing with experts, etc.

Conclusive Marketing research is conducted to draw some conclusion about the problem.

Exploratory research is conducted to simplify the findings of the conclusive or descriptive research, if the findings are very hard to interpret for the marketing managers.

The junior analyst and the research analyst learn about the particular industry and receive training from a senior staff member, usually the marketing research manager.

The junior analyst position includes a training program to prepare individuals for the responsibilities of a research analyst, including coordinating with the marketing department and sales force to develop goals for product exposure.