What is definition of marketing research?

Answer 1

Market research and marketing research are often confused. 'Market' research is simply research into a specific market. It is a very narrow concept. 'Marketing'research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the internet. Here are a couple of definitions:

"Marketing research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications."

American Marketing association - Official Definition of Marketing Research

"Marketing research is about researching the whole of a company's marketing process."

Palmer (2000).

This explanation is far more straightforward i.e. marketing research into the elements of the marketing mix, competitors, markets, and everything to do with the customers.

Today the world is defined by the term "information age." All businesses require accurate and timely information to be successful. Whether the company is large or small, the right amount of financing, equipment, materials, talent, and experience alone are not enough to succeed without a constant flow of the right business information and to find the accurate top management need a marketing research. In a word Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

Marketing managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. 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. Another factor in this mix is the complexity of consumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.

Traditionally, marketing researchers were responsible for providing the relevant information and marketing decisions were made by the managers. However, the roles are changing and marketing researchers are becoming more involved in decision making, whereas marketing managers are becoming more involved with research. The role of marketing research in managerial decision making is explained further using the framework of the "DECIDE" model:

D = Define the marketing problem

E = Enumerate the controllable and uncontrollable decision factors

C = Collect relevant information

I = Identify the best alternative

D = Develop and implement a marketing plan

E = Evaluate the decision and the decision process

Action (controllable factors) and uncertainties (uncontrollable factors) are enumerated. Then, relevant information on the alternatives and possible outcomes is collected. The next step is to select the best alternative based on chosen criteria or measures of success. Then a detailed plan to implement the alternative selected is developed and put into effect. Last, the outcome of the decision and the decision process itself are evaluated. Below are some prime situations where marketing research can be of value to the success of your business:

· Determining the viability of a new market for your company to enter.

· Estimating market size/share/adoption rate for investment or business planning.

· Identifying new product/service opportunities and value-added offerings.

· Risk management - identifying what risks pose the greatest threat to your business.

· Understanding what customers expect of you and how well you are delivering.

· Root cause analysis for lost business or customer defections.

· Identifying your most profitable customer segments and how to protect them.

· Developing the right price points/identifying bundling opportunities.

· SWOT intelligence on competitors to plan business strategies/identify M&A scenarios.

· Understanding how customers perceive your market positioning relative to competitors.

· Determining the most effective marketing/advertising channels to support your business.

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