As to its definition, Marketing Research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. It serves marketing management by providing information which is relevant to decision making. The manager or other individual initiating the research must provide guidance to the researcher in the form of a research brief. This document should state the purpose of the research, its objectives, the time by which it must be completed, the budget to which the researcher must work in developing the research design and the timing and frequency of any interim reports which the researcher is expected to make.
The Marketing research Process.
Marketing research is gathered using a systematic approach. An example of one follows:
1. Define the problem. Never conduct research for things that you would 'like' to know. Make sure that you really 'need' to know something. The problem then becomes the focus of the research. The objective of the research should be defined clearly. To ensure that the true decision problem is addressed, it is useful for the researcher to outline possible scenarios of the research results and then for the decision maker to formulate plans of action under each scenario. The use of such scenarios can ensure that the purpose of the research is agreed upon before it commences. For example, why are sales falling in New Zealand?
2. How will you collect the data that you will analyze to solve your problem? Do we conduct a telephone survey, or do we arrange a focus group? Marketing research can classified in one of three categories: •Exploratory research