Market research: Concept, Methods, Advantages, Objectives of market research
Market research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing.
Concept of Market Research
These four concepts are used in market research: methodology, the type of data (quantitative or qualitative), sources (primary or secondary), and sampling methods. The systematic and objective identification, collection, analysis, and dissemination of information for the purpose of considering management decision-making related to the description and solution of problems and opportunities in marketing research.
- Define the problem and objective of the project
- Conducting a situation analysis
- Conducting an informal investigation
- Planning and conducting a formal investigation
- Selectin sources of data
- Deciding methods of data collection
- Preparing forms
- Planning the samples
- Collecting the data
- Analysis and interpretation of data
- Reporting a written report for management
Objectives of market research
- To know the purchasing capacity of buyers
- To know the effectiveness of different channels of distribution and price policies
- To know the cost of marketing and profits
- To design and test appropriate packages
- To forecast sales and sales control
- To measure the effectiveness of sales promotional efforts.
- To know the potential buyers of the products
- To know the consumer's opinion and their responses toward a particular product
Methods of market research
- Analysis of Factors: An analysis of the effects of adjusting one of the marketing variables is used to predict the outcome of the other variable.
- Analysis of Clusters: You can target your customers based on their needs, beliefs, geography, and behavior, through cluster analysis.
- Analyzing Log Regressions: An analysis is used to determine the relationship between one or more independent variables and a dependent variable.
- Discrimination Analysis: Marketing segmentation uses discriminant analysis. A discriminant analysis classifies a unit based on its measurements.
Advantages of market research
- It helps in exploring brand new market
- It helps in forecasting the demand for the products of a firm
- It helps in selecting the mode of advertising - sales promotion most popular among the buyers
- It provides a factual understanding of various types of buying behaviors of users
Survey method of market research
- Personal interview method – a collection of information by asking the question
- Mail/postal survey method – in this method some questions are posted to the responder and he is asked to answer within the given time
- Telephone survey method - Information is collected by asking questions on the telephone
- Panel method - In this method group of persons is selected to collect information about the product.
Global Matrix Survey is ready to help your business.
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