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Nuts and Bolts of Marketing Research
Marketing research is a collection of dynamic data about people or companies, systematically gathered to understand their needs and to channelize the obtained information productively. The acquired information is used to identify and define marketing opportunities as well as threats: refine, evaluate and generate marketing opportunities and improve revenue as well as marketing strategies through monitoring market performances.
This research involves both the quantitative as well as qualitative analysis of the raised data and identifies the impact of changing external as well as internal factors on the market. Unlike market research that focuses on the ups and downs of the prevailing market, Marketing strategies throw light on the concerned marketing processes.
Objectives of marketing research
The prime objective of Marketing research is to reduce the risks involved in marketing strategies. The gathered data serves as a repository of statistical hike and fall in the market values and the interests of potential customers which can be used for future use. The brief descriptions of the objectives of marketing research are listed below:
- Search for new marketing scopes that will enhance the market value of the goods or products.
- Estimate the budget of marketing services so that the losses don’t surpass the profit figures as marketing research provide prerequisite knowledge about marketing costs.
- Predict the capabilities of the rivals in the market. The nature and extent of competitors in the market is a major factor that influences the company’s face value in the market and knows the reputation of the company.
- To gather information about the inexorable mass of consumers. More you know your customers, more proficiently you can identify and solve the perplexing issues of the company.
- Check the response of the concerned dealers to the company’s principles and policies.
- Check the level of management in the company for implementing plans policies and assures about if the rules and regulations are followed up properly.
- Facilitate the company to hike its sales in the market and promote new products as well as improvise the sales of existing products by introducing suitable sales promotion measures.
Marketing research covers a wide array of topics as well as a diverse range of interchanging and reforming values. The objectives and declaration terms can be complicated quite often. This makes it quite difficult to write marketing research reports. Several forums provide marketing research assignment Help which can help you score brownie points in your organization of you are running out of time or incapable of understanding the complexities of marketing terms.
Nature and scope of Marketing Research
The scope of marketing research can be defined as the possible applications of marketing research in the corporate environment and to assess the impact of past marketing actions on the current market. This helps in determining the current reputation of the company in the market and estimating the profit figures.
The various scopes of Marketing Research can be listed as:
- Product Research which provides information about the desired characteristics of a product or service.
- Consumer Research is the action of gathering information about the customer’s needs and preferences regarding a particular product or service.
- Packaging Research is a peer-reviewed report on the information regarding packaging science which includes the process of design, evaluation, and production of packages.
- Media Research which refers to the survey on specific advertising medium.
- Market Research which is the systematic collection of information on existing and exponential markets.
- Sales Research which refers to the set of processes that is geared towards finding information which is required to make additional sales to the company’s existing past customers which can be used to hike the revenue that a company is earning.
- Motivation Research that attempts to explain the behavior of customers underlying the unconscious motives.
- Pricing Research is used to estimate the fluctuation in prices which will help to determine the demand of a product in the market and fix an optimal price for the product.
- International Market Research which is the global version of market research and helps improve corporate relations of a company globally.
- Distribution Research analyzes the data related to the sales of a product or service and its distribution through numerous retail channels.
- Advertising Research which aims to improve the efficiency of advertising and evaluate advertising strategies; and
- Policy Research which aims at assuring that all the company, legal and market policies are properly implemented.
The nature of marketing research can be listed as below descriptive points:
- Serves as a connecting link between the company and the consumers and helps to evaluate marketing actions and ongoing corporate performances. This brings the company closer to the public and society.
- The conclusions in marketing research are preferably uncertain as consumer science is the most debated topics of corporate history. The behavior and interests of the consumers are quite complicated, and thus due to this inherent nature, inaccurate conclusions are often drawn.
- Marketing research is a continuous, scientific process that helps in generating and evaluating data and then refining it.
- Makes use of various statistical as well as mathematical tasks and several computer software for data analysis and interpretation. In-depth knowledge of percentages, ratios, chi-square tests is inevitable as they are widely used in framing presentations and sustained financial reports.
- Intuition doesn’t work here. Marketing research involves practical decision-making methodologies. This is an essential tool for the marketing as well as the functional manager, and thus marketing research serves as the soul of the corporate sector.
- Marketing research provides the vital insights and information about products, services, management level, place, and promotional actions and thus requires a heck lot of commercial intelligence.
This insanely vast curriculum of marketing research makes research papers a headache for the individuals who need to prepare a successful marketing research paper for their assignments. For that market research, assignment help is available at different websites which serve as a quick-fix for all these messes.
Types of Marketing Research
Though there are several types of marketing research primarily there are four types of marketing research:
- Descriptive Research.
- Predictive Research.
- Exploratory Research; and
- Casual Research.
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Descriptive research:
It can be defined as a form of conclusive research that provides information about the structured data collection technique and factual data that helps in decision making. There can be various tools of Descriptive Research that include Surveys, Case studies, Documentary analysis, Job Analysis, and correlation study.
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Predictive research:
It deals with predicting all the possible outcomes and how policies are going to work. This is not based on intuition but statistics and probability. Comparing the past and present figures of the company effectively lead to a successful prediction.
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Exploratory research:
It is quite an important aspect of business strategy that involves the discovery of ideas and insights unlike collecting statistically precise data. This is the prime reason why exploratory research is best suited to initiate a marketing research plan.
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Casual research:
This is the form of research in which the individual tries to find out if the change in the independent variable affects the dependent variable. In real the marketer is experimenting, and this experiment is quite vital in the sense that if one factor influences another factor and vice versa, then there will be no stable, productive revenues.
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Process of Marketing Research
The various stages of conducting market research are listed below:
- Citation and definition of the problems.
- Stating the research objectives.
- Developing the Research Design.
- Preparing a sample.
- Collecting feasible and appropriate data.
- Analyzing the acquired data.
- Formulating a decisive conclusion.
Systematic interpretation of all these steps is of utmost importance while preparing marketing research. All these include careful planning and inexorable efforts. Proper research and strong presentable skills also play a commendable role in developing a successful marketing research report. Knowledge of statistical as well as mathematical parameters is also quite necessary as they add stars to your presentation. The project design should be extremely eye-catching and alluring to score brownie points.
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