Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. They make decisions about potential opportunities, target market selection, MARKETING segmentation, planning and implementing marketing programs, marketing performance, and control. Managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. Sound decisions are not based on gut feeling, intuition, or even pure judgment. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. The purpose of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and up to date market information. competitors), consumers, the product/service itself etc. The goal of market research is to obtain and provide management with viable information about the market (e.g. Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. Or, alternatively, by methodological approach:Ĭonsumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.
Two explanations given for confusing Market research with Marketing research are the similarity of the terms and also that Market Research is a subset of Marketing Research. Although both involve consumers, Marketing research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and distribution. The field of marketing research is much older than that of market research. Market research, marketing research, and marketing are a sequence of business activities sometimes these are handled informally. After analyzing the data collected, these results and findings, including their implications, are forwarded to those empowered to act on them. This involves specifying the data required to address these issues, then designing the method for collecting information, managing and implementing the data collection process. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior. Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.
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