Marketing Research

Market research is a way to gather information about market. It consist information about market size as well as trends also. It is a very important element of business strategy. The term is commonly exchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Marketing research is mostly divided into two sets of definite pairs, either by target market. Or, alternatively, by methodological approach: Target market:

  • Consumer marketing research, and
  • Business-to-business (B2B) marketing research
By alternatively methodological approach:
  • Qualitative marketing research, and
  • Quantitative marketing research


Role of marketing research

The main purpose to establishing this method of marketing research is to provide management with relevant, correct, consistent, suitable, and current information. The ever-increasing costs and competitive marketing environment attributed require that marketing research provide sound information. Sound decisions are not based on pure judgment.

Despite of the simplicity or complexity of your marketing research project, you will benefit by reviewing the following seven steps in the market research process

One: Define Marketing Problems and Opportunities
Two: Set Objectives, Budget and Timetables
Three: Select Research Types, Methods and Techniques
Four: Design Research Instruments
Five: Collect the Data
Six: Organize and Analyze the Data
Seven: Present and Use Market Research Findings

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