Marketing Research
1.Marketing research - the systematic design, collection, analysis,and reporting of data and findings relevant to a specific marketing
situation facing the company
2. 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 method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications
Marketing research can be classified as exploratory research, conclusive research, and performance-monitoring research. The stage in the decision-making process for which the information is needed determines the type of research required.
Exploratory research is appropriate for the early stages of the decision-making process. This research is usually designed to provide a preliminary
investigation of the situation with a minimum expenditure of cost and time. A variety of approaches to this research are used, including use of secondary data sources, observation, interviews
with experts, and case histories.
Conclusive research provides information that helps the manager evaluate and select a course of action. This involves clearly defined research objectives and information needs. Some approaches to this research include surveys, experiments, observations, and simulation. Performance-monitoring research provides information regarding the status of the marketing system;it signals the presence of potentialproblems or opportunities.
The marketing research process is comprised of a series of steps called the research process. To conduct a research project effectively, it is important
to anticipate all the steps and recognize their interdependence.
The steps of marketing research are the following: Need for information – Research objectives – Research design and data sources – Data collection – Sample design – Data processing and analysis – Presentation of results
⠀ American Marketing Association(n.d.). Definitions of Marketing. Retrieved from: https://www.ama.org/the-definition-of-marketing-what-is-marketing/