Role Of Marketing Research
What is market research?
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services.
Marketing research is concerned specifically about marketing processes. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. Marketing research is often partitioned into two sets of categorical pairs, either by target market:
- Consumer marketing research, and
- Business-to-business (B2B) marketing research
Or, alternatively, by methodological approach:
- Qualitative marketing research, and
- Quantitative marketing research
Consumer 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.
Business to business (B2B) research is inevitably more complicated than consumer research. The researchers need to know what type of multi-faceted approach will answer the objectives, since seldom is it possible to find the answers using just one method.
There are four key factors that make B2B market research special and different to consumer markets:
- The decision making unit is far more complex in B2B markets than in consumer markets
- B2B products and their applications are more complex than consumer products
- B2B marketers address a much smaller number of customers who are very much larger in their consumption of products than is the case in consumer markets
- Personal relationships are of critical importance in B2B markets.
Quantitative research is basically an observation, test marketing and consumer surveys, etc. (Primary Research)
On the other hand, qualitative research is an individual interviews with groups. (Primary Research)
Why do business do market research?
- To find out the market trends, market demand and customer needs, etc.
- To minimize the risk factors.
- To see the visibility of the business.
- To find out the profitabilty of the business.
- Business expansion.
- To observe the competitors.
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Nicely written article, perhaps you could have given more information about the importance of marketing research. Nonetheless, an excellent effort!!