Marketing research refers to a process in which the information related to market gathered, analyzed and interpreted. The word MARKETING RESEARCH consist of two words Market and Research, Where Market means a place where the things are buying and sells and Research means systematic and complete study of a problems by experts.
So we can say that marketing research is a process in which systematic study of solving market problems.
According to The American Marketing Association, “The systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services”
According to Richard Crisp, “The systematic objective and exhaustive research for and study of the facts relevant to any problem in the field of marketing.”
- Continuous process: Marketing research is a continuous process in which information is gathered, recorded and analysis for solving market problems.
- Wider scope: Marketing research has wider scope because it has product research, packaging research, price research, Market research, sales research, etc.
- Collect data: Marketing research is a process in which professional expert collect market information and analyses data to reduce errors.
- Analysis of data: It also helps in analysis of data related to market and analyze systematically.
- Reduction in market cost: Marketing research is a process which helps in reduction of marketing cost like selling cost, marketing cost, etc.
- Collection and analysis of data: Marketing research is a process in which professional expert collect market information and analyses data to reduce errors and it helps in analysis of data.
- Determines proper price policy: Marketing research determines proper piece policies regarding to the product and services.
- Analyses of market competition: Marketing research helps in analysis of marketing competition. Marketing research also aims at knowing the quantum of competition prevalent in the market about the product.
Importance of Marketing Research to Government
- To Decide and provides different social services: Social services are mainly those services which are directed toward the welfare of the society.
- To Allocation of limited resource: Marketing research is process which helps in allocation of scare resource and utilization of that scares resources toward welfare of society.
- To regulate market: Marketing research helps to provide information to government about production, distribution, consumption of market and regulates economic activities.
- To Estimates cost benefits: Cost benefit analysis is an analytical program which helps government to estimate costs benefits.
- To know money and capital market for fiscal policies: Money market and capital market helps government to understand various aspects in market and helps to encourage market aspects.