Marketing Research Has Two Words

Marketing Research has two words, viz., marketing and research.
1. Marketing means buying and selling activities.

2. Research means a systematic and complete study of a problem. It is done by
eperts. It uses scientific methods.
!hus, we can say, "Marketing Research is a systematic method of collecting, recording
and analyzing of data, which is used to solve marketing problems.#
Definition of Marketing Research
!here are many definitions of marketing research. $ome important ones are%
1. &ccording to American Marketing Association '&M&(,
"Marketing Research is the systematic gathering, recording and analysing of data about
problems relating to the marketing of goods and services.#
2. &ccording to Philip Kotler,
"Marketing research is a systematic problem analysis, model building and fact finding for
the purpose of improved decision)making and control in the marketing of goods and
services.#
*. &ccording to Paul Green and Donald Tull,
"Marketing research is the systematic and ob+ective search for, and analysis of,
information relevant to the identification and solution of any problem in the field of
marketing.#
,. &ccording to David Luck, Donald Taylor and Hugh ales,
"Marketing Research is the application of scientific methods in the solution of marketing
problems.#
hat is Marketing Research! Meaning
Definition "eatures
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6o 7omments 8abels % Marketing Research
hat is Marketing Research! Meaning
Marketing Research has two words, viz., marketing and research.
1. Marketing means buying and selling activities.
2. Research means a systematic and complete study of a problem. It is done by
eperts. It uses scientific methods.
!hus, we can say, "Marketing Research is a systematic method of collecting, recording
and analyzing of data, which is used to solve marketing problems.#
Image credits 9 &*stheti.
& company faces many marketing problems. It faces problems about consumers, product,
market competition, sales promotion, etc. Marketing research helps to solve these
problems.
Marketing research is a systematic process. It first collects data 'information( about the
marketing problem. $econdly, it records this data. !hen it analysis 'studies( this data and
draws conclusions about it. &fter that, it gives suggestions 'advice( for solving the
marketing)problem.
$o, marketing research helps to solve the marketing problems :uickly, correctly and
systematically.
Marketing research collects full information about consumers. It finds out the needs and
epectations of the consumers. $o the company produces the goods according to the
needs and epectations of the consumers.
#$%ectives
!he purposes or ob+ectives of marketing research are listed below.
1. Identify the consumer response to the company;s product.
2. <now the consumers; needs and epectations.
*. $eek maimum information about the consumer, i.e. the know consumers; income
range, their location, buying behavior, etc.
,. <now the nature and etent of competition and also the strength and weaknesses
of the competitors.
5. 7heck the reaction of the dealers to the company policies.
4. =valuate the reputation of the company in the market.
0. Identify and solve the marketing problems of the company.
>. $earch for new marketing opportunities.
2. ?ind out alternative uses of the eisting products.
13. =stimate the cost of marketing of goods and service.
11. @elp company to introduce new products in the market and improve its eisting
products.
12. &ssist a company to select a suitable channel of distribution and test the
effectiveness of this distribution channel.
1*. ?acilitate company to select suitable sales promotion measures and test the
effectiveness of the sales promotion techni:ues.
1,. &ids the company to select a suitable media for advertising and find out the
overall impact of advertising.
15. @elp the marketing manager to decide about the :uality of the product,
"unctions of marketing research&
$ome f the main functions of marketing research 'MR( are%
1. /escription,
2. =valuation,
*. =planation,
,. -rediction, and
5. &id in decision making.
!here is a need for marketing research, to%
1. 7ollect latest data on demand and supply in the market.
2. ?ind out new market and create more demand for goods.
*. &nalyze the etent of competition.
,. ?ind out the best technology for production, packaging, etc.
5. ?ill information gap between producers and consumers.
4. 7ollect consumer)related data for decision making.
0. $upply latest and reliable data to decision makers.
>. $tudy changing consumer patterns.
Advantages &
'eed and (mportance of Marketing Research )MR*
& business faces many types of marketing problems. It faces problems about its product,
price, place and promotion. It also faces problems about product design, packaging,
branding, marketing channels, advertising, etc. $ome marketing problems are very
serious. !herefore, in the marketing, managers use marketing research as an important
tool to solve marketing problems.
!he need and importance of marketing research are depicted below.
Marketing research helps company and decision makers as follows%
1. Marketing research 'MR( provides valuable data.
2. It studies and provides data about consumer behavior.
*. It helps to select suitable sales promotional techni:ues.
,. It supplies market)related information.
5. It helps a company to evaluate its marketing performance.
4. It also has miscellaneous needs and importance.
+, Provides valua$le data
Marketing research provides valuable data to the decision makers. It provides data about
demand, supply, consumer behavior, competition, etc. !his data is used for decision
making. !his data improves the :uality of decisions. It makes the decision very
successful.
-, .tudies consumer $ehaviour
Marketing research provides data about consumer behavior. It provides data about age,
incomes, likes, dislikes, etc. of the consumers. It also finds out the opinions of the
consumers about a company;s product. !his data is used to make production and
marketing policies.
/, .elects promotional techni0ues
Marketing research helps the company to select suitable sales promotion techni:ues. It
helps to select marketing techni:ues. It helps to select proper media for advertising. It
helps to solve the problems of after)sales service. It also helps to prepare the budget for
advertising and sales promotion.
1, .upplies marketing information
Marketing research supplies data about the market situation.
!his market)related data is used to find out%
1. !he present and future demand and supply position.
2. !he level of competition and steps taken to control it.
*. Market opportunities.
,. !he cause of fall in sales level.
2, 3valuates marketing performance
Marketing research helps the company to evaluate its marketing performance and to take
steps to improve it.
Marketing research is used to find out the effect of price, package, brand name, etc. on
sales. It is used to find consumers; reaction towards the company;s product. It is used to
evaluate the inventory and pricing policies. It is also used to evaluate the effectiveness of
advertising, sales promotion techni:ues, channels of distribution, etc.
4, Miscellaneous needs and importance
Miscellaneous needs and importance of marketing research are as follows%
Marketing research improves the efficiency of the marketing department. !his
creates goodwill and good reputation.
It helps the marketing manager to take the rational and effective decisions.
It helps to choose suitable staff for doing research.
It is used to make growth and epansions programs.
It benefits all i.e. it benefits the company, distributor, advertising agency,
consumer, government and the entire society.
$o, marketing research is very helpful to everyone. Aut it is most useful to a
manufacturer because it helps to answer the basic :uestions, i.e. what, where, when, who,
whom and how to sellB
Limitations &
!he limitations or disadvantages of marketing research are as follows%
1. Marketing research 'MR( is a costly affair.
2. It is also lengthy and time)consuming.
*. It has a limited scope.
,. It has a limited practical value.
5. It canCt predict consumer behavior.
4. It canCt give 133D accurate results.
0. It provides suggestions and not solutions.
>. 6on)availability of :ualified and eperienced staff affects its :uality.
2. It uses a fragmented approach.
13. It can be misused.
11. 6on)availability of a reliable data affects it.
12. It is resistant to marketing managers.
6ow letCs discuss above listed limitations of marketing research.

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Marketing Research has two words, viz., marketing and research.

1. Marketing means buying and selling activities.

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