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Marketing Research: Meaning, Elements, Areas and Objectives

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❶Employment of market research analysts is projected to grow 23 percent from to , much faster than the average for all occupations. It attempts to provide accurate information that reflects a true state of affairs.

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There should be few activities as important as finding out what your customers want for products and services and finding out what they think of yours. Fortunately, there are a variety of practical methods that businesses can use to feedback from customers. The methods you choose and how you use them depend on what the type of feedback that you want from customers, for example, to find out their needs in products and services, what they think about your products and services, etc.

Hire summer students or part-time people for a few days every six months to do telephone surveys. Get to know the people in your local office. Offices usually have a wealth of information about localities, sources of networking, community resources to help your business, etc. The Department has offices in various regions across the country and publishes a wide range of information about industries, products and services.

They love to help people. Organizations often produce highly useful newsletters for members, along with services for networking, answering questions, etc. These have become much more useful as various trades become more specialized and their expectations are increasing for timely and useful information. Latino Marketing -- Part 1 of 2 U. To round out your knowledge of this Library topic, you may want to review some related topics, available from the link below.

Each of the related topics includes free, online resources. Also, scan the Recommended Books listed below. They have been selected for their relevance and highly practical nature.

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How to Conduct Market Research Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Uses for Market Research The following paragraphs mention some of the primary uses for market research.

Identify opportunities to serve various groups of customers. Examine the size of the market — how many people have the unmet need. Determine the best methods to meet the unmet needs of the target markets. Clarify your unique value proposition. Conclude if the product is effectively meeting the needs of the customers. Conclude if your advertising and promotions strategies are effective or not. Employees Your employees are usually the people who interact the most with your customers.

Ask them about products and services that customers are asking for. Ask employees about what the customers complain about. Comment Cards Provide brief, half-page comment cards on which they can answer basic questions such as: Were you satisfied with our services? How could we provide the perfect services? Are there any services you'd like to see that don't exist yet? Competition What is your competition selling? Ask people who shop there. Many people don't notice sales or major items in stores.

Start coaching those around you to notice what's going on with your competition. Customers One of the best ways to find out what customers want is to ask them. Talk to them when they visit your facility or you visit theirs. See Questioning and Listening. Documentation and Records Notice what customers are buying and not buying from you. If you already know what customers are buying, etc.

It should be so that you don't forget, particularly during times of stress or when trying to train personnel to help you out. Focus Groups Focus groups are usually people that you gather to get their impressions of a product or service or an idea. Surveys by Mail You might hate answering these things, but plenty of people don't -- and will fill our surveys especially if they get something in return. Promise them a discount if they return the completed form to your facility. Telephone Surveys Hire summer students or part-time people for a few days every six months to do telephone surveys.

Chamber of Commerce Get to know the people in your local office. Department of Commerce The Department has offices in various regions across the country and publishes a wide range of information about industries, products and services. This meant the Marketing Research Industry, again, needed to adapt to the rapidly changing needs of the marketplace, and to the demands of companies looking for a competitive edge.

Today, marketing research has adapted to innovations in technology and the corresponding ease with which information is available. This demand is driving marketing researchers to develop new platforms for interactive, two-way communication between their firms and consumers. Mobile devices such as Smart Phones are the best example of an emerging platform that enables businesses to connect with their customers throughout the entire buying process. As personal mobile devices become more capable and widespread, the marketing research industry will look to further capitalize on this trend.

Mobile devices present the perfect channel for research firms to retrieve immediate impressions from buyers and to provide their clients with a holistic view of the consumers within their target markets, and beyond. Now, more than ever, innovation is the key to success for Marketing Researchers. Marketing Research Clients are beginning to demand highly personalized and specifically-focused products from the marketing research firms; big data is great for identifying general market segments, but is less capable of identifying key factors of niche markets, which now defines the competitive edge companies are looking for in this mobile-digital age.

First, marketing research is systematic. Thus systematic planning is required at all the stages of the marketing research process. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance.

Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses. Experts in marketing research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis. Marketing research is objective. It attempts to provide accurate information that reflects a true state of affairs. It should be conducted impartially. While research is always influenced by the researcher's research philosophy, it should be free from the personal or political biases of the researcher or the management.

Research which is motivated by personal or political gain involves a breach of professional standards. Such research is deliberately biased so as to result in predetermined findings. The objective nature of marketing research underscores the importance of ethical considerations. Also, researchers should always be objective with regard to the selection of information to be featured in reference texts because such literature should offer a comprehensive view on marketing.

Research has shown, however, that many marketing textbooks do not feature important principles in marketing research. Organizations engage in marketing research for two reasons: This distinction serves as a basis for classifying marketing research into problem identification research and problem solving research.

Problem identification research is undertaken to help identify problems which are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future like company image, market characteristics, sales analysis, short-range forecasting, long range forecasting, and business trends research.

Research of this type provides information about the marketing environment and helps diagnose a problem. For example, the findings of problem solving research are used in making decisions which will solve specific marketing problems.

The Stanford Research Institute , on the other hand, conducts an annual survey of consumers that is used to classify persons into homogeneous groups for segmentation purposes. Standardized services are research studies conducted for different client firms but in a standard way. For example, procedures for measuring advertising effectiveness have been standardized so that the results can be compared across studies and evaluative norms can be established.

The Starch Readership Survey is the most widely used service for evaluating print advertisements; another well-known service is the Gallup and Robinson Magazine Impact Studies. These services are also sold on a syndicated basis. All of these forms of marketing research can be classified as either problem-identification research or as problem-solving research.

Primary research is conducted from scratch. It is original and collected to solve the problem in hand. Secondary research already exists since it has been collected for other purposes. It is conducted on data published previously and usually by someone else.

Secondary research costs far less than primary research, but seldom comes in a form that exactly meets the needs of the researcher. A similar distinction exists between exploratory research and conclusive research.

Exploratory research provides insights into and comprehension of an issue or situation. It should draw definitive conclusions only with extreme caution. Conclusive research draws conclusions: Exploratory research is conducted to explore a problem to get some basic idea about the solution at the preliminary stages of research.

It may serve as the input to conclusive research. Exploratory research information is collected by focus group interviews, reviewing literature or books, discussing with experts, etc. This is unstructured and qualitative in nature. If a secondary source of data is unable to serve the purpose, a convenience sample of small size can be collected.

Conclusive research is conducted to draw some conclusion about the problem. It is essentially, structured and quantitative research, and the output of this research is the input to management information systems MIS. Exploratory research is also conducted to simplify the findings of the conclusive or descriptive research, if the findings are very hard to interpret for the marketing managers.

Methodologically, marketing research uses the following types of research designs: Researchers often use more than one research design. They may start with secondary research to get background information, then conduct a focus group qualitative research design to explore the issues. Finally they might do a full nationwide survey quantitative research design in order to devise specific recommendations for the client. Business to business B2B research is inevitably more complicated than consumer research.

The researchers need to know what type of multi-faceted approach will answer the objectives, since seldom is it possible to find the answers using just one method. Finding the right respondents is crucial in B2B research since they are often busy, and may not want to participate. Last, but not least, most business research leads to strategic decisions and this means that the business researcher must have expertise in developing strategies that are strongly rooted in the research findings and acceptable to the client.

There are four key factors that make B2B market research special and different from consumer markets: Marketing research does not only occur in huge corporations with many employees and a large budget. Marketing information can be derived by observing the environment of their location and the competitions location.

Small scale surveys and focus groups are low cost ways to gather information from potential and existing customers.

Most secondary data statistics, demographics, etc. International Marketing Research follows the same path as domestic research, but there are a few more problems that may arise. Customers in international markets may have very different customs, cultures, and expectations from the same company. In this case, Marketing Research relies more on primary data rather than secondary information. Gathering the primary data can be hindered by language, literacy and access to technology.

Basic Cultural and Market intelligence information will be needed to maximize the research effectiveness. Some of the steps that would help overcoming barriers include:. Market research techniques resemble those used in political polling and social science research.

Meta-analysis also called the Schmidt-Hunter technique refers to a statistical method of combining data from multiple studies or from several types of studies. Conceptualization means the process of converting vague mental images into definable concepts. Operationalization is the process of converting concepts into specific observable behaviors that a researcher can measure. Precision refers to the exactness of any given measure.

Reliability refers to the likelihood that a given operationalized construct will yield the same results if re-measured. Validity refers to the extent to which a measure provides data that captures the meaning of the operationalized construct as defined in the study. The most common entry-level position in marketing research for people with bachelor's degrees e. These people are responsible for supervising a well-defined set of operations, including field work, data editing, and coding, and may be involved in programming and data analysis.

Another entry-level position for BBAs is assistant project manager. An assistant project manager will learn and assist in questionnaire design, review field instructions, and monitor timing and costs of studies. In the marketing research industry, however, there is a growing preference for people with master's degrees.

Those with MBA or equivalent degrees are likely to be employed as project managers. An MMR typically prepares students for a wide range of research methodologies and focuses on learning both in the classroom and the field. The junior analyst and the research analyst learn about the particular industry and receive training from a senior staff member, usually the marketing research manager.

The junior analyst position includes a training program to prepare individuals for the responsibilities of a research analyst, including coordinating with the marketing department and sales force to develop goals for product exposure. The research analyst responsibilities include checking all data for accuracy, comparing and contrasting new research with established norms, and analyzing primary and secondary data for the purpose of market forecasting.

As these job titles indicate, people with a variety of backgrounds and skills are needed in marketing research. Technical specialists such as statisticians obviously need strong backgrounds in statistics and data analysis. Other positions, such as research director, call for managing the work of others and require more general skills.

To prepare for a career in marketing research, students usually:. From Wikipedia, the free encyclopedia. This article contains too many or too-lengthy quotations for an encyclopedic entry. Please help improve the article by presenting facts as a neutrally-worded summary with appropriate citations. Consider transferring direct quotations to Wikiquote.

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Research on consumer affect and motivations explores how consumers’ feelings and goals in an about a particular consumption situation impact their judgments and decision-making, including their choices, persuasion, health-regulation, self-control, and creativity.

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Scope of marketing research refers to the areas covered or the aspects studied under marketing research. In other words, it implies where or on which areas marketing research can be applied. In fact, marketing research concerns with almost each and every activity of marketing management. Marketing Research is the systematic gathering, recording and analysing of data about problems connected with the market place, i.e., problems relating to products, price, promotion and distribution of the 4 Ps of the marketing mix.

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The Market Research Grid shows the two types of data sources and the three areas of research that are important to any business. You need to gather information from and about your customers to focus your marketing efforts, maintain and improve your customer service, and to guide your efforts in developing new products and/or services. Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process.