Market Research is the process of gathering, processing and analyzing information on markets. The scope of such research is limited to the study of markets and does not include studies on the brand or product to be marketed. Market research is a subset of marketing research. Marketing Research is the process of gathering, processing and analyzing information for the purpose of marketing a product. It includes, but is not limited to market research. Marketing research extends to other areas of marketing activity like: 1. 2. 3. 4. 5. Studies on consumer behavior Brand and positioning research Research on product and packaging Research on communication strategies and advertising channels and their effectiveness Studies on sales promotion strategies and effects of discounts and sales promotion strategies on customer buying and consumption habits 6. Brand perception studies
Difference between Qualitative vs. Quantitative
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 product will be profitable in a given market at a given time.
What is Marketing Research?
This research can be defined as the process of gathering recording and analyzing the data related to certain products and services. This need for market research is derived from the concept that only by understanding the needs and wants of the target audience and by effectively meeting them, you will be able to achieve the organizational goals and surpass the competition in the specific market. Thus, arises the need to collect data about the customers, competitors, and other forces in the marketplace. This data in turn is collected and analyzed to make relevant marketing decisions, be it in relation to setting up a business, developing a product, creating a brand...