What is Marketing Research?
In the word Research for Marketing Research Re stands for “repeatedly” and Search stands for “Investigation”so research is all about re-investigation done to attain certain objectives.
A Marketing research project starts with an information need. It ends with an actionable report or presentation or even both. In between are various steps to ensure that the marketing research project achieves what it set out to do.
According to Wikipedia Marketing research is is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services.
Marketing research is often partitioned into two sets of categorical pairs, either by target market:
- Consumer marketing research, and
- Business-to-business (B2B) marketing research
Or, alternatively, by methodological approach:
- Qualitative marketing research, and
- Quantitative marketing research
Why would you need Marketing research?
Market is full or brands and there products. Every company says they have the best product and indeed expect us ( the customers ) to buy their products and / or services. But if it was so easy to understand customers none of the companies ( start-ups from Entrepreneurs ) would have gone shut.
Back to MR – Their could be may reasons for a company to initiate a marketing research. They may want to know what do the customers expect from their products or services. They may want to know what kind of changes could be made to services so that they are inline with the customers requirements.
Companies may even want to analyze their markets and target their clientele before they waste money on advertising that won’t get them the results they want. Market research is also critical before companies spend time and money developing a new product or service.
