Marketing research

Research is creating new knowledge


What is Marketing research?

It is very important to understand at the outset that the, modern concept of marketing revolves around the customer. Satisfaction of customer is the main aim of marketing. For achieving this goal, marketing research is undertaken. In fact, marketing management is nothing but marketing research. With the expansion of business, marketing management becomes complex. It has to rely heavily on marketing research for solving problems in the field of marketing.

Objectives of Marketing Research:

Marketing research is undertaken for attaining the following objectives:

1) To Provide Basis For Proper Planning:
Marketing and sales forecast research provides sound basis for the formulation of all marketing plans, policies, programmes and procedures.

(2) To Reduce Marketing Costs:
Marketing research provides ways and means to reduce marketing costs like selling, advertisement and distribution etc.

(3) To Find Out New Markets for The Product:
Marketing research aims at exploring new markets for the product and maintaining the existing ones.

(4) To Determine Proper Price Policy:
Marketing research is considered helpful in the formulation of proper price policy with regard to the products.

(5) To Study in Detail Likes and Dislikes of the Consumers:
Marketing research tries to find out what the consumers, (the men and women who constitute the market) think and want. It keeps us in touch with the consumers, minds and to study their likes and dislikes.

(6) To Know The Market Competition:
Marketing research also aims at knowing the quantum of competition prevalent in the market about the product in question. The company may need reliable information about competitor’s moves and strategies which are of immense significance for further planning.

(7) To Study The External Forces and Their Impact:
Marketing research provides valuable information by studying the impact of external forces on the organisation. External forces may include conditions developing in foreign markets, govt, policies and regulations, consumer incomes and spending habits, new products entering in the market and their impact on the company’s products.