Marketing Research Meaning, Importance & Parameters
Published by MBA Skool Team, Last Updated: January 02, 2021
What is Marketing Research?
Marketing research is an evaluation study to understand how effective marketing activities are. Marketing research focuses on effectiveness of marketing its products & services. It evaluates parameters like customer behavior, impact of advertising, CRM effectiveness etc.
While marketing research is to measure impact of marketing, branding & advertising, a similar concept market research focuses on market size, target customers, demographics etc. Both these concepts are important for any business. However, there is always an overlap between the two.
Importance of Marketing Research
Once a company produces goods, it is up to the marketing department to ensure that the goods are advertised & branded well so that the customers buy these products. Marketing departments focus on activities like customer behavior, advertising, branding, product feedback, AB testing, customer satisfaction, brand attitude etc. All these activities are measured & evaluated as a part of marketing research conducted by companies.
Marketing Research Parameters
Some of the key parameters which are understood & evaluated as a part of marketing research are:
1. Advertising research - This focuses on evaluating the ad campaigns which a good invests in & how effective they are. Advertising research helps in understanding information about advertising channels, value proposition, marketing communication, AB testing results etc. This marketing research helps to improve advertisements.
2. Customer research - Once products are released in the market, marketing research helps understand about customer perception, consumer buying behavior, satisfaction etc. which can help in improving the product further.
3. Product research - Any product which is sold is evaluated for its performance by gathering feedback from customers. This marketing research study enables companies to improve products and make them stronger as compared to competitors.
4. Distribution research - As a part of the marketing department, this study is critical to understand how well the products are distributed, how is the retailer feedback, who can be more effective retailers etc.
5. Sales research - Since sales and marketing go hand in hand, this study helps in understanding what exactly the customers need. Sales people can give immediate customer & retailer feedback, price preferences and can also give accurate information about different competitors in the market.
All these elements have to be constantly studied & evaluated as a part of marketing research to increase business for a set of products or services.
Hence, this concludes the definition of Marketing Research along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.