Meaning, Definition and Objectives— Explained!
Distribution vi Significance of Marketing Research in India: Markets in India now show the features of matured markets. The emergence of growing rural and urban markets, and intense competition compelled Indian marketers to adopt customer-centre marketing concept and utilise marketing research and marketing information in managerial decisions on all components of marketing-mix.
With the process of globalisation striding in forcefully, with the marked increase in competitiveness and a wider choice now available for the Indian consumers, it has become imperative for marketers in India to adopt customer-oriented marketing plans and strategies in order to assure customer satisfaction and repeat purchases.
Hence, marketers in India are increasingly turning to market research agents to assess consumer needs and desires and then formulate marketing plans and programmes to meet unmet demand.
Planning the Research Project: Marketing Research requires the application of the systems approach to the task of collecting, organising, analysing and interpreting desired marketing information.
This means that each step in the research process must be carefully planned, effectively co-ordinated with all other related steps so that all the steps are properly integrated and executed as specified at the proper time and in the desired sequence.
Basic characteristics of the marketing research process are given below: Marketing Research is directly concerned with all three operations, input, process and output.
Input is usually data, i. The collected data is processed by researchers. In data processing, we have the operations of editing, classification and analysis, and output is the result of processing.
Operationally speaking, marketing research is defined as the objective and formal process of collecting information; analysing the results and communicating the findings and their implications in terms of marketing actions. marketing research the systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem. Marketing research can be a. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data).
It is in the forms of information. Information is critical to successful marketing operations as intelligence is to warfare. Information must be timely, up-to-date, accurate, relevant, reliable, sufficient and economical for use in the marketing research. Steps and Methodology in Marketing Research.
A distinction is drawn between Market Research, and Marketing Research. Market Research relates to the market profile, market conditions, demand gap-present and projected for new projects and all that.
Marketing Research relates to the specific aspects of the Marketing-Mix management of a particular marketing organisation. However, for the purpose of discussions, we may treat Market Research and Marketing Research as synonymous.
Professional market researchers usually adopt the following sequential steps for Marketing Research. Limitations of Marketing Research. Marketing Research, however efficiently carried out, can seldom provide answers to all marketing problems and can be no substitute to executive judgment in the decision making process.
Marketing Research findings may suffer from limitations mainly due to following three factors: An effective marketing research team should consist of both management graduates and sales personnel who have first hand information about the market.
This team should not only interact regularly with the sales force of the company but should pay frequent field visits in order to obtain a better feel of the market.
For an entirely new project, this team should include some external marketing consultants. Marketing Research is essentially a staff function: Consequently, it is very difficult to establish accountability, in this area and provide a basis for strict financial evaluation of results vis-a-vis costs.Market research is a narrow concept whereas marketing research is a broad one and its scope is much wider.
ADVERTISEMENTS: It includes nature of the market, product analysis, sales analysis, time, place and media of advertising, personal selling, pricing, sales organisation, packaging, brand names, etc. Definition: The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and.
Marketing research is a special branch and soul of 'Marketing Management'. It is of recent origin and widely used by manufacturers, exporters, distributors and service organisations. Marketing research is very systematic, scientific, objective and organised. “Marketing research is the inclusive term which embraces all research activities carried on for the management of marketing work, the gathering, recording and analysing of all facts about problems relating to the transfer and sale of goods and services from producer to consumer.” —Harry Hapner.
marketing research the systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem. Marketing research can be a. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data).