Chapter I. MARKETING RESEARCH
From Wikipedia, the free encyclopedia
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes. It has been described as "the function that links the consumers, customers, and public to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications." “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; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address the issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications.” American Marketing Association (AMA)- Official Definition of Marketing Research How do the professionals do marketing research?
Obviously, this is a very long and involved definition of marketing research. “Marketing research is about researching the whole of a company’s marketing process.” Palmer (2000) This explanation is more straightforward i.e. marketing research into the elements of the marketing mix, competitors, markets, and everything to do with the customers. Marketing research is often partitioned into two sets of categorical pairs, either by target market: •
Consumer marketing research, and
Business-to-business (B2B) marketing research
Or, alternatively, by methodological approach:
Qualitative marketing research, and
Quantitative marketing research
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. The field of consumer marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923. Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. SOURCES OF DATA – PRIMARY AND SECONDARY
There are two main sources of data – primary and secondary. Primary research is conducted from scratch. It is original and collected to solve the problem in hand. Secondary research, also known as desk research, already exists since it has been collected for other purposes.
We have given a general introduction to marketing research. Marketing research is a huge topic area and has many processes, procedures, and terminologies that build upon the points above. IMPORTANCE OF MARKETING RESEARCH
The importance of marketing research in management extends to intelligent decision making, maximizing profits, increasing the sales, minimizing the risks and ascertaining whether a new...
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