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Marketing research is the process of gathering information about the market (potential customers) in order to sell goods or services. It is mainly done by the organization itself or sometimes by a third party who are specialized in the field of market research. For students, this concept helps the students gain a lot of knowledge regarding the condition of the market and makes them understand the tips to increase the share of profit.
For whatever academic level, market research will certainly be part of your studies in case you are a marketing student. If you however find this not an easy area, our marketing expert writers are ready to offer you the help you may require regardless of your academic level. Be it on market analysis, marketing plan, 4ps or 7Ps marketing strategy, or the pricing strategy, our marketing professional writers will offer you the help you need to ace in that marketing homework.
Marketing professionals use two different kinds of research techniques namely primary research and secondary research. Primary research involves qualitative and quantitative research. Qualitative marketing research involves collecting data through interviews and participants observations of behaviour. The data collected is descriptive and is quite hard to analyze. Quantitative marketing research involves gathering information in a numerical form and is measured in units of measurement. Data collected here can be used to make graphs of raw data. The data is examined by statistical inferences and reported by statistical analysis.
To come up with any business plan or strategy, it is important to carry out market research and two basic techniques are used. They include;
This is a technique that helps give information on market demand and supply situations. Involves a detailed analysis of social, technical and legal aspects of the market provided by market research. The market is divided on the basis of the needs and requirements of a specific segment of the market (market segmentation). Market segmentation is used widely to segment or divide the market on the basis of the differences in personality and demographics.
SWOT analysis shows the organization’s strengths, weaknesses,opportunities and threats. It helps in the evaluation of the competitors, products and customers behavior. For any organization it plays a vital role in analysis of product design.With this therefore any business can continue to prevail throughout the business life.
Steps in Marketing Research
Identify the problem faced by the organization or company which will help set the research objectives, techniques and the information to be collected.
Determine the research design which involves determining the research objectives expressed in terms of research questions, hypothesis or a statement.
Design the research study. This involves planning for collection of the required information . Involves determining the methodology, sampling and cost of the research.
Plan the sample. A sample is a representation of the whole population and this is the most important step in the whole marketing research process.
Collect the required data. This involves all the facts and information relevant to solve the problem.
Process the data collected to give solutions to the problem identified.
Finalize the report and draw conclusions.