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MEANING AND DEFINITION OF MARKETING RESEARCH Marketing research is defined as the objective and formal process of systematically obtaining

analysing and interpreting data for actionable decision making in marketing. Marketing research is a systematic and objective study of problems pertaining to the marketing of goods and services .it may be emphasised that it is not restricted to any particular area of marketing but it is applicable to all its phases and aspects DEFINITION The American marketing association has defined marketing research as, marketing research is the function which 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 market as a process. NATURE OF MARKETING RESEARCH 1) It is a function of marketing management :marketing research operations helps the market executive to keep a breast with the environmental changes by providing right information on dynamic environment to help in decision making information generated through marketing research can be used to determine most appropriate marketing management. 2) It is an integrated effort: a team/group effort is needed for carrying out marketing activities in any organisation. 3) It is a systems approach: marketing research involves a number of activities i.e. collection, recording, tabulating, analysing and interpretation of information. 4) It is an inter-disciplinary process: marketing researcher collects vast amount of information in various disciplines i.e. Economics, sociology etc. Therefore marketing research is based on inter-disciplinary approach. 5) It is an imperfect science: marketing research is based on scientific method and can be termed as science but it cannot be designated as perfect like other social science, is an imperfect science. 6) Indispensable for the new product introduction: Before introducing a new product, the market research is used to find out suitable avenues and place of the new products, it reveals the various opportunities of new markets and reveals the methods to reach the markets. 7) Market orientation: The objective of marketing research is to enable the firms to produce the goods and services must reach the market easily, quickly, cheaply and profitably. The right course of action to approach and sustain the market is possible with suitable marketing research.










OBJECTIVES OF MARKETING RESEARCH 1) Discovering the new markets: the first important objective of marketing research is to discover the new market for the product .these can be discovered by advertising, market survey, effective salesmanship, etc. 2) Capturing the greater market share: The second objective of marketing research is to enable the organisation to capture greater market share .market share refers to that portion of a particular industrys total sale which a firms aims to achieve. 3) Analysing tastes and preferences of customers: An important objective of marketing research is to analyse tastes and preferences of customers. Marketing research assists in determining the likings and dislikings of the customers.

4) Anticipating the future sales volume: marketing research is aimed at studying and understanding the consumer behaviour. It facilitates in determining the probable future sales volume that can be achieved either by creating new markets or by adding new lines of production. 5) Reducing the cost of marketing: An important objective of marketing research is to reduce the cost of marketing. The cost of marketing includes selling, advertising, promotion and distribution of products. Marketing research here facilitates in determining the methods by which excessive expenditure can be reduced to minimum possible extent. 6) Improving the quality of the product: it is the quality of the product which creates loyalty among consumers for the product of the organisation. The purpose of the research is to determine customers demand and to make necessary changes. 7) Helping in formulation of suitable pricing policy: research helps in providing various information related to prices to the management which in turn helps in determining the suitable price for the product. 8) Facing cut throat competition: research helps in providing all the information related to competitors which help in facing the competition the better way. 9) Making liaison with ultimate customers: research helps the firm to be in touch with the consumer behaviour 10) Studying the external environment: important objective of research is to study the external environment on decision making by the firm.

Functions of marketing research Describing Evaluating Explaining Predicting Assisting

Objectives of research To identify dissatisfied customers. To discover customer requirements or expectations. To monitor and track service performance. To assess overall company performance compared to competition. To assess gaps between customer expectations and perceptions. To gauge effectiveness of changes in service. To appraise service performance of individuals and teams for rewards. To determine expectations for a new service. To monitor changing expectations in an industry. To forecast future expectations.

Stages in research process Stage 1: Define Problem Stage 2: Develop Measurement Strategy Stage 3: Implement Research Program Stage 4: Collect and Tabulate Data Stage 5: Interpret and Analyse Findings Stage 6: Report Findings