Market Research

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Market Research

Marketing research is the foundation of marketing management. Marketing research or market research provides the inputs for business strategy. Marketing management is strategy planning. Most of the strategies in business are marketing in nature. Hence, marketing research is the building block of business strategies.

It is a very important component of business strategy.The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Marketing research digs the data and information needed to strategize. It is an inquiry about certain phenomena in business. It is a systematic process, it involves some processes, procedures and methods. Two overall advantages of conducting market research online are cost savings and the ability to generate results very quickly. In addition to speed and cost savings, web-based research:

  • Marketing research keeps informing the organisatio about the changes in tastes and preferences of consumers from time to time. This is very helpful for the producers to adjust the production accordingly.
  • Marketing research is helpful in discovering new markets for the products and maintaining the existing markets.
  • Marketing research provides valuable information to the sales manager whether marketing policies of the organisation are being applied properly or not, on the basis of the research right type of Marketing policies can be initiated.
  • Marketing research is greatly helpful in the improvements of the quality of the products produced as it keeps informing the organisation about likes and dislikes of consumers. If the product is not of desired quality, improvement can be made in its quality on the basis of information revealed by marketing research.
  • Marketing research discloses invaluable information which is not only helpful for marketing or sales department but affects the working of production and purchase department also.
  • Marketing research is greatly beneficial in minimising marketing costs and removal of wastage and inefficiency.
  • Marketing research equips the organisation with the strength to face the cut-throat competition prevalent in the market by informing about the strategies and modus operendi of the competitiors.
  • Marketing research discovers the new lines of production in addition to the existing ones.
  • Marketing research acts as a sales booster as it establishes direct relation with consumers thereby knowing their requirements.

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