Marketing Research

Marketing Research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.

Systematic gathering, recording and analysis of data relating to marketing of goods and services.

Characteristics

1.Marketing research is used to find out the best possible solution for a marketing problem.

2.Used to eliminate possible risk of a specific problem.

3.Based on data, facts and information.

4.Specific procedure is followed to conduct marketing research

5.Managerial purpose.6.Solution oriented.

Importance 1.Consumer oriented

marketing2.Reduces risk3.Effective managerial

decisions4.Identification of

opportunities5.Stimulates sales6.Assessment of real

image of the company7.Reduction of marketing

cost8.More profitability

Applications

Product researchAdvertising researchDistribution researchPricing researchConsumer researchSales researchMarketing environment research