Market research is basically a simplified process of assessing the main working quality of a new service or good through an extensive research work. The research work should be conducted directly with the customer, as it will allow the company to discover the target areas or market. It will also help in recording opinions and other valuable inputs from the customers directly. The interest value of the product can also be determined by doing market research and ensuring ways to keep the hype of the product or service in the target market. Market Research is majorly conducted by the company itself but can also be done with the help of a third-party agency or firm which specializes in that field. Test subjects are usually compensated with product samples or paid a small stipend for their time.
Examining the market which is associated with that particular good or service is the main purpose of the market research. It is done extensively to know how the market, industry and consumers will receive the concept of the good or service. This includes gathering the information for the purpose of product differentiation and market segmentation. This can be further used for tailor advertising efforts. It can also help in determining which aspects of the good or services are seen as a priority to the customer. This market research is done by experts which are part of the company and have a sound knowledge about the working of the company, about the target market or target audience and about the company policies. Market research is done specifically for the purpose of marketing processes and customer knowledge. Marketing research is also the systematic gathering, analysis as well as a recording of the quantitative and qualitative data about the things related to the marketing services and products. The main agenda of marketing research is to identify and assess how rapidly changing elements of the marketing mix impacts customer behavior.
These are some of the salient features of the marketing research:
The procedure of marketing research is conducted in a specific step by step way. The orderly fashion is followed while doing a marketing research. And that’s why it is said to be systematic. Marketing research dominantly uses scientific approaches to its methods and execution levels. Henceforth, it is regarded as scientific.
Marketing research offers a wide variety of scope to the researcher. Marketing research includes packaging research, product research, pricing research, promotion research, market research, sales research and many more areas to consider. Marketing research is majorly used to make policies which affect the marketing policies and agendas of the company. It is also used to introduce any new commodity or refurbish any existing commodity with a newly renovated look. Marketing research is used to select channels of distribution, sales promotion measures, advertising strategy, etc.
Marketing research helps in the gathering of the data accurately as well keeping intact with the source material for future advances. It also helps in gathering data objectively. Marketing research work firstly gathers data and then helps in analyses the given data systematically and critically without causing any error in the process.
Science collects the knowledge provided by its sources and art helps in analyzing the given data using proper resources. The first thing marketing research does is the collection of data. After that, it uses the given data for solving any marketing problems as well other product related problem. Hence, it is both, a science as well as an art.
The person who is in-charge of the marketing research process has the responsibility to take certain important decisions for the company. For taking those important decisions, the marketing manager requires some important and efficient data. Marketing research helps the marketing manager in getting those correct as well as up-to-date data. The data is without any errors and omissions. This helps the marketing manager in taking quick decisions and making changes to the goal or objective as required. This stats that the marketing research is an important tool for decision making.
Marketing research is an efficient and dynamic process. The organizations face certain problems from time to time which can be solved only by doing some good research work. Marketing research is conducted on a regular basis to overcome these problems. Marketing research is known to be a continuous process as it keeps on updating its data and helps the marketing manager in solving marketing problems in the company. It is a dynamic process due to its nature of changing as per requirement. It never remains static or same. Marketing research uses new methods and techniques for the process of collecting the data, recording it and analyzing it.
Marketing research is very helpful to the organization in a number of ways. It basically increases both the sales as well as the profits for the company. The rise in the market is withheld for a longer period of time with the help of the marketing research. Marketing research helps the company in competing with its competitors, the critics and consumer prejudices. It also boosts its goodwill in the industry. The market risks are reduced by having a good marketing research. It also brings the company closer to the consumers. It gives convenience and satisfaction to the consumers.
It helps in informing the producer about their needs and the wants of the customers. A customer’s need is a very elaborate topic as it's sometimes very dynamic and keeps on changing and sometimes it’s very static. So, the marketing research helps the producers in bringing satisfaction to these customers on a timely basis. The producers produce goods according to the needs and demands of the consumers. This brings satisfaction to the consumers and in return producers make good profits. So, we can see that marketing research is very helpful for the producers as well as the consumers in the market.
Urgenthomework helped me with finance homework problems and taught math portion of my course as well. Initially, I used a tutor that taught me math course I felt that as if I was not getting the help I needed. With the help of Urgenthomework, I got precisely where I was weak: