1)What is the purpose of marketing research
Marketing research can help a business do one or more of the following:
Gain a more detailed understanding of consumers' needs - marketing research can help firms to discover consumers' opinions on a huge range of issues, e.g., views on products' prices, packaging, recent advertising campaigns
Reduce the risk of product/business failure - there is no guarantee that any new idea will be a commercial success, but accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success.
Forecast future trends - marketing research can not only provide information regarding the current state of the market but it can also be used to anticipate future customer needs. Firms can then make the necessary adjustments to their product portfolios and levels of output in order to remain successful.
2) Why do businesses need accurate and up-to-date information?
To undertake marketing effectively, businesses need information - information about customer wants, market demand, competition, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment, characterised by frequent:
Changes in technology - enabling new products and new production processes (e.g. the growth of digital study products like this toolkit which are reducing demand for printed textbooks)
Changes in consumer tastes - meaning that the demand for some products will decline, whilst others will grow more popular (e.g. increased demand for activity-related holidays at the expense of mass-market beach holidays)
Changes in the product ranges of competitors - the introduction of new rival products, or changes in pricing policies can greatly influence the demand for a product (e.g. the introduction of the Microsoft X-Box - which has challenged Sony's PlayStation 2)
Changes in economic conditions - an improvement or worsening of the economic climate will have an impact on incomes on a national or regional level. Different products may be affected differently e.g. luxuries v necessities etc
3) What was the purpose for doing the research?The first question that should be asked examines the reasons the research was undertaken. For studies produced by market research firms one might believe their main purpose for doing research is to generate revenue. While it is certainly true that a profit motive exists, it would be a mistake to conclude that this is the main purpose of their research. More likely, the purpose of a market research company's report is to conduct good research that people want to buy. Producing poor quality reports only leads to lower revenue as buyers become less satisfied with work produced by the market research company and refuse to purchase additional reports.Research created by non-research companies is more likely to have an ulterior motive. One sign that the quality of research is questionable is when a research report appears to paint a nearly perfect picture of an industry, company or product. In such cases it is highly likely that the main purpose for doing the research is to support promotional efforts and not to produce quality information. Research designed strictly as a promotional piece invariably leads to bias in research design. Such reports often are constructed in ways that, intentionally or unintentionally, contain elements, such as a poorly designed survey questions or a poorly chosen group of respondents, that help sway results in the favor of researcher (e.g., own company) or a group related to the researcher (e.g., members of industry association).
While by itself the answer to this first question is not automatically indicative of poor research, an issue arising here should make the answers to the following questions that much more important
Marketing research techniques come in many forms, including:
YEADS
All of these forms of marketing research can be classified as either problem-identification research or as problem-solving research.
A company collects primary research by gathering original data. Secondary research is conducted on data published previously and usually by someone else. Secondary research costs far less than primary research, but seldom comes in a form that exactly meets the needs of the researcher.
A similar distinction exists between exploratory research and conclusive research. Exploratory research provides insights into and comprehension of an issue or situation. It should draw definitive conclusions only with extreme caution. Conclusive research draws conclusions: the results of the study can be generalized to the whole population
Exploratory research is conducted to explore a problem to get some basic idea about the solution at the preliminary stages of research. It may serve as the input to conclusive research. Exploratory research information is collected by focus group interviews, reviewing literature or books, discussing with experts, etc. This is unstructured and qualitative in nature. If a secondary source of data is unable to serve the purpose, a convenience sample of small size can be collected. Conclusive research is conducted to draw some conclusion about the problem. It is essentially, structured and quantitative research, and the output of this research is the input to management information systems (MIS).
Exploratory research is also conducted to simplify the findings of the conclusive or descriptive research, if the findings are very hard to interpret for the marketing manager
Marketing research methodsMethodologically, marketing research uses the following types of research designs:[1]Based on questioning:
Market research is very useful for knowing what consumer wants ,hence you know what products you need to introduce in market which are going to be a hit and that helps in growth of your company .Market research data is also used for getting feedback for improving the product or services your company has to offer
To help producers make more money.
Market research helps producers earn more profits ~
The desire to know what consumers want.
Market research tells producers what consumers want and what they're willing to pay.Market research tells producers what consumers want and what they are willing to pay.
Market research tells producers what consumers want and what they're willing to pay. A.S.Apex XD <Methinks> LOL
a process for developing and sustaining a knowledge base of relevant products, services, and technologies.
Representatives from the following functions may normally be needed to serve on the market research team EXCEPT
With effective market research, you can determine the need for your service, target market's needs, we've put together a collection of our best market-research. cw: In the market!
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Market research is conducted to discover what people will buy. Marketing research is conducted to discover how best to sell it to them.
Guaranteeing fair business practices for everyone best describes the purpose of the National Industrial Recovery Act.
Market research helps producers earn more profits.