Market research: Concept, Methods, Advantages, Objectives of market research

What is 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.

Various parts of market 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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