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.
