MM - The Marketing Reserach -

Thursday, December 29, 2016

MM - The Marketing Reserach

Meaning of Marketing Research

Today, marketing research is pervasive. We will define marketing research as “all techniques used to provide information that assists the firm in all of its decision-making processes relevant to customers or clients.”

Marketing Research is the systematic, objectives and comprehensive search for the study of the factors related to any problem in the field of marketing.

Types of Marketing Research

Marketing research approaches are varied. There are many different types of marketing research projects that require various types of knowledge and academic background. Approaches to conducting marketing research range from quantitative to qualitative in nature.

a. Quantitative Marketing Research : Quantitative marketing research is comprised of sophisticated techniques that require expertise in descriptive statistics. Types of quantitative marketing research include surveys, audience measurement for different types of media, and store audits etc.

b. Qualitative Marketing Research : Qualitative marketing research may require a broad knowledge of psychology (the study of individual behavior), sociology (the study of group behavior), and social psychology (the study of individual behavior.

Qualitative research is less involved with numbers and usually provides a ‘closer interaction’ with the subjects in the research project. Types of qualitative research include focus groups and observational studies. Observational studies involve watching respondents while they are engaged in some activity.  Qualitative research, at present, is growing much faster in popularity. The reasons for this are that qualitative research is usually less expensive and faster to perform than quantitative marketing research.

Scope of Marketing Research

Marketing research is concerned with the study of the factors that are directly related in marketing of goods and services and it includes the study of the effectiveness of the marketing-mix, advertising strategies, competition and consumer behavior. It is helpful in formulating strategies suitable for market as well as also guides in planning and future forecasting by analyzing factors.

1. consumer research

2. Product-mix research

3. Sale research

4. Distribution analysis

5. Pricing strategies impact analysis

6. Market share analysis

7. Market characteristics analysis

8. Competitor research

9. Promotion Research

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