Marketing Research

Posted in Marketing and Strategy Terms, Total Reads: 1588

Definition: Marketing Research

Marketing research is a highly systematic method of collection, recording and analysis of data pertaining to the products and services. In other words it is a research to monitor elements of market processes.

There are various steps involved in the process of marketing research:

1. Identification and Defining the Problem

2. Statement of Research Objectives

3. Planning the Research Design or Designing the Research Study

4. Planning the Sample

5. Data Collection

6. Data Processing and Analysis

7. Formulating Conclusion, Preparing and Presenting the Report

Advantages of Marketing Research:

1. Helps companies to improve performance

2. Helps in nderstanding of the market better

3. Marketing research can be useful increating new products as per the needs

4. Exploration of new markets for its products

5. Better understanding of competitors, and customer perception

Disadvantages of marketing research:

1. Forecasting can never be exact

2. Errors in findings can affect overall understanding

3. High cost and time consuming


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