Marketing Research

By Abdulla Israr & Simran Rani

MARKETING RESEARCH

Introduction

·       Marketing Research is the systematic process of collecting, analyzing, and interpreting data related to marketing problems and opportunities.

·       It helps organizations understand customer needs, evaluate marketing actions, and improve decision-making.

·       According to the American Marketing Association (AMA), "Marketing research is the function that links the consumer, customer, and public to the marketer through information."

·       It involves data collection about markets, competition, customer preferences, and the effectiveness of marketing strategies.

Importance of Marketing Research

a) Informed Decision-Making

b) Understanding Consumer Behavior

c) Market Opportunity Identification

d) Reducing Risk

e) Improving Marketing Strategies

Types of Marketing Research

  1. Primary Research
    • Original data collected for the first time for a specific purpose.
    • Methods: Surveys, interviews, focus groups, observations.
    • Advantage: Relevant and current data.
    • Limitation: Time-consuming and costly.
  2. Secondary Research
    • Data collected earlier for other purposes but used for current analysis.
    • Sources: Government reports, market reports, internal company data, internet.
    • Advantage: Quick and cost-effective.
    • Limitation: May be outdated or irrelevant.

Techniques of Marketing Research

A. Qualitative Research Techniques

  1. Focus Groups
    • Small group discussions moderated by a researcher.
    • Ideal for exploring perceptions, new ideas, or ad testing.
  2. In-depth Interviews
    • One-on-one, open-ended interviews to explore detailed opinions.
  3. Observation
    • Watching consumer behavior in real settings (e.g., in stores).
  4. Projective Techniques
    • Indirect methods like word association, sentence completion to uncover subconscious feelings.

B. Quantitative Research Techniques

  1. Surveys & Questionnaires
    • Structured instruments with closed-ended or scaled questions.
    • Can be online, in-person, by phone, or via mail.
  2. Experiments/Test Marketing
    • Manipulating variables to study outcomes (e.g., A/B testing for ads).
  3. Panels
    • Longitudinal data collected from the same respondents over time.
  4. Statistical Analysis
    • Techniques like regression, correlation, and cluster analysis to interpret numeric data.

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