Marketing Research

Definition Scientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification of a specific market and measurement of its size and other characteristics. (2) roduct research: identification of a need or !ant and the characteristic of the good or service that !ill satisfy it. (") #onsumer research: identification of the preferences$ motivations$ and %uying %ehavior of the targeted customer. Information for marketing research is collected from direct o%servation of the consumers (such as in retail stores)$ mail surveys$ telephone or face&to&face intervie!s$ and from pu%lished sources (such as demographic data). 'he main o%(ective is to find a real need and fulfill it in a most cost effective and timely manner. )lso called market research.

Marketing Research Process

Definition
) set of defined stages through !hich marketing information is collected. 'ypical steps include: 1) Identifying and defining the need or pro%lem* 2) +eveloping an approach to serving the need or solving the pro%lem* ") +esigning the research frame!ork* ,) #onducting data collection (called -field !ork-)* .) reparing the data for analysis* and /) reporting the analysis.

1. Define your research objective

'he first step in the market research process is to define your research o%(ectives. In other !ords$ !hat is the key information that you !ould like your research to uncover0 1or e2ample$ you might !ant to decide !hether to launch a ne! product or service. 3our research process !ould then %e to assess !hether the market !ill accept your ne! product or service.