Meaning: - Marketing research is
a systematic approach to solve marketing problems. The American marketing
association defines marketing research “The systematic gathering, recording,
and analyzing of data about problems relating to marketing of goods and
services.”
The
nature of marketing research is briefly stated as follows
1.
Systematic process: -
Marketing Research is a systematic process to identify and to solve problems.
The process of marketing research involves the following steps: 1. Identify the marketing problems. 2. Create the research design. 3. Collection of data through primary
and secondary sources. 4. Processing
of data. 5. Analysis of data. 6. Implementation of data. 7. Finally, review or follow up of
action taken.
2.
Scope: -Marketing
Research attempts to solve problems in a wide range of areas. The problem
relates to various areas of marketing such as:
·
Product Research
·
Promotion Research
·
Pricing Research
·
Place Research
3.
Continuous in Nature: -Marketing
research is continuous in nature. As long as the firm exists, there is a need
for marketing research; to overcome certain marketing problems arise during
existence of the firm.
4.
Applied Research: -Marketing Research
is conducted to solve specific problems of commercial importance. Since,
marketing research is subject to commercial considerations, it is not a basic
or fundamental research but an applied research which is used to solve specific
problems.
5.
Bridges Company-customer Gab: -Marketing
Research bridges the gap between the producers and the consumers. The company
comes to know more about its consumers-their likes and dislikes, tastes,
preferences and buying patterns.
6.
Company Objectives: -Due
to marketing research, the company is a position to achieve its objectives.
Marketing research enables a firm to solve marketing problems. The resolving of
marketing problems enables the company to achieve its objectives in a profitable
manner.
7.
Marketing mix decisions: -Marketing
Research provides necessary information to arrive at appropriate solutions to
marketing problems. Effective marketing mix like packaging, pricing, promotion,
distribution enables the firm to achieve marketing objectives.
8.
Methods of Data collection: -Marketing
research data can be conducted with the help of various methods such as;
·
Survey/interview method
·
Observation Method
·
Experimentation method.
(R&D, product trials).
