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Market Research Types & Function

In: Business and Management

Submitted By kanu123
Words 4528
Pages 19
Definition of Marketing Research:
Marketing research is defined as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems (and opportunities) in marketing.

1) Identification: Involves defining the marketing research problem (or opportunity) and determining the information that is needed to address it.

2) Collection: Data must be obtained from relevant sources.

3) Analysis: Data are analyzed, interpreted, and inferences are drawn.

4) Dissemination of information: The findings, implications, and recommendations are provided in a format that makes this information actionable and directly useful as an input into decision making.

Classifications of marketing research.:

1) Problem identification research: The goal is to identify existing or potential problems not apparent on the surface. Examples include market potential, market share, market characteristics, sales analysis, short-range forecasting, long-range forecasting, and business trends research.

2) Problem solution research: The goal is to solve specific marketing problems such as segmentation, product, pricing promotion, and distribution research.

Steps involved in the marketing research process:

1) Problem definition: Defining the marketing research problem to be addressed is the most important step because all other steps will be based on this definition.

2) Developing an approach to the problem: Development of a broad specification of how the problem will be addressed allows the researcher to break the problem into salient issues and manageable pieces.

3) Research design formulation: A framework for conducting the marketing research project that specifies the procedures necessary for obtaining the required information.…...

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