Consumer Behaviour: a European Perspective
Marketing Research can be defined as the process of assessing the viability of a product or service through various methods such as focus groups, surveys etc. It enables the company to identify their target market and gain insights into what the consumers think of their product or service before they make it available to the public. (Investopedia, n.d) .It is the function that links the consumers to the marketer through information and can be summed up as the systematic gathering, recording and analysis of qualitative and quantitative data about issues relating to marketing products and services.
For example, an organization going into business would conduct a market research to test their product or service. If the market research matches the company 's prediction, they can proceed with the business plan. If not, they can use the results of the research to make adjustments and further improve their product.
There are 4 steps to Marketing Research Process:
Step 1 Defining the problem and Research Objectives
The first step in the marketing research process is to identify and define the opportunities and problems that exist for the business. Simply put, this step involves taking your product or service to the market to find out whether or not this product will fit into the current market place. As a part of this process, the product can be taken to a test market to see if the target audience responds favorably.
This process can further be divided into 2 steps. The first step is setting objectives or the goals you would want the new product to achieve. For example, if Pepsi decides to launch a new product, it would set an estimated amount of revenue it wishes to generate from this product. This amount would be the 'objective ' of Pepsi 's new product. The second step is to set up specific measures of success or criteria used to find a solution to the problem. The main purpose of this step is to help decide whether the company should move forward with sales
For example, an organization going into business would conduct a market research to test their product or service. If the market research matches the company 's prediction, they can proceed with the business plan. If not, they can use the results of the research to make adjustments and further improve their product.
There are 4 steps to Marketing Research Process:
Step 1 Defining the problem and Research Objectives
The first step in the marketing research process is to identify and define the opportunities and problems that exist for the business. Simply put, this step involves taking your product or service to the market to find out whether or not this product will fit into the current market place. As a part of this process, the product can be taken to a test market to see if the target audience responds favorably.
This process can further be divided into 2 steps. The first step is setting objectives or the goals you would want the new product to achieve. For example, if Pepsi decides to launch a new product, it would set an estimated amount of revenue it wishes to generate from this product. This amount would be the 'objective ' of Pepsi 's new product. The second step is to set up specific measures of success or criteria used to find a solution to the problem. The main purpose of this step is to help decide whether the company should move forward with sales
References: 4 Steps To Marketing Research. 2012. 4 Steps To Marketing Research. [ONLINE] Available at: http://mbaed.tripod.com/marketing101/id11.html. [Accessed 10 December 2012]. Market Research Definition | Investopedia . 2012. Market Research Definition | Investopedia . [ONLINE] Available at: http://www.investopedia.com/terms/m/market-research.asp#axzz2EIqjz7nq. [Accessed 10 December 2012]. Marketing research process - Wikipedia, the free encyclopedia. 2012. Marketing research process - Wikipedia, the free encyclopedia. [ONLINE] Available at: http://en.wikipedia.org/wiki/Marketing_research_process. [Accessed 10 December 2012]. Market Research World. 2012. Market Research World. [ONLINE] Available at: http://www.marketresearchworld.net/index.php?option=com_content&task=view. [Accessed 10 December 2012]. What is qualitative research? | Marketing Donut. 2012. What is qualitative research? | Marketing Donut. [ONLINE] Available at: http://www.marketingdonut.co.uk/marketing/market-research/what-is-qualitative-research-. [Accessed 10 December 2012].