What is Marketing Research?
Marketing research is a methodical, unbiased examination of issues related to the promotion of products and services. Any aspect of marketing can use it. An organization’s only available instrument for staying in touch with its external operational environment is research.
The goal of marketing management is to meet customer needs. To do this, marketing research is helpful. A methodical and logical strategy to evaluate how to meet client wants is through marketing research.
It begins by outlining the problem that needs to be looked into, outlining the information needed to solve the issue, describing where and how to obtain it, defining the methodology for analysing the research findings, summarising the research findings, and finally suggesting the best course of action for marketing decision-making.
In simple words, it is the methodical gathering and examination of data, which is then applied to the development of particular marketing judgements.
Marketing Research Methods
- Qualitative Marketing Research: This method is used to do exploratory study. The qualitative data gathered focuses on consumers’ perceptions and attitudes towards a good or service.
Because there were typically few respondents, the results cannot be applied to the entire population. In general, no statistical techniques are used.
For example: Projective techniques, in-depth interviews, and focus groups - Quantitative Marketing Research: It is typically utilised to reach findings about a certain issue. It use procedures for random sampling to test a specific hypothesis and extrapolate population data from the sample. Statistics are used to conduct the analysis, which involves a sizable number of respondents.
For example: Questionnaires and surveys - Observational Methods: The researcher watches social processes in their natural environment and makes inferences from what they see. Cross-sectional measurements are obtained all at once, while longitudinal observations are made across a number of time periods.
For Example: Computer cookie tracing and product use analysis - Experimental Techniques: Applying quasi-artificial environments to try to regulate erroneous aspects, the researcher then manipulates at least one of the variables to try to get an answer to a research question.
For Example: Purchase laboratories and test marketing
Marketing Research Process
- Define the research problem: In marketing, defining the research problem is the first stage. Well-defined problems are only half-solved. A solid research design cannot be created if a problem is not well stated.
- Determine the research design: The research design outlines the process and steps for carrying out a specific study. The study designs can be categorised into one of three types: Exploratory, descriptive, and causal research are all types of study.
- Determine types of data and sources: The following step is to decide on the data sources that will be used. The researcher must choose between using primary and secondary data. Both approaches are occasionally used in tandem.
- Design data collection forms: After deciding to collect primary data, a method of collecting must be chosen. There are two techniques for gathering data:
- Observational techniques
- Polling techniques
- Determine sampling design and size: A sampling plan is a crucial step in the research process. It is up to the marketing researcher to choose between a sample survey and a census. Certainly, a sample survey has advantages over a larger sample.
- Data collection: After describing the study process, the following stage is to gather the data. It is important to look into interviewing and fieldwork supervision. Conducting interviews for marketing research is one of the most challenging activities.
- Data Analysis: Raw data is used to create the correct format. It is first updated so that mistakes can be fixed or removed. The information is subsequently coded, a process that turns the raw, modified data into numbers or symbols. The coding of the data is documented in a codebook. The information is then tallied to determine how many samples fit into each category.
- Get the research report ready: It is necessary to combine all of the research findings into a report before presenting it to the organisation. Depending on the requirements of the organisation, the format of the marketing research report changes. The following sections are frequently included in the report:
- Authorization letter for the research
- Table of Contents
- List of illustrations
- Executive summary
- Research objectives
- Methodology
- Results
- Limitations
- Conclusions and recommendations
- Appendices
Limitations of Marketing Research
- All corporate issues cannot be resolved by marketing research. By using samples and numerous statistical tools, marketing research will assist marketers in giving correct information. The information user must ensure that errors brought on by statistical tools are removed in order to achieve the best results.
- It may take a lot of time, money, and procedures for the researcher to find the solutions to complex problems. Only if the researcher has the necessary training to conduct the research will the results be accurate.
- Despite using a variety of scientific approaches, marketing research is not an exact science, hence the findings reached are frequently incorrect. Additionally, research is conducted on people who might not be able to accurately articulate their views, opinions, perceptions, motivations, etc., such as customers, suppliers, vendors, etc. The outcomes or judgements drawn may not be entirely accurate. This is due to the fact that it deals with the study of human behaviour, which is never easy to predict.
- The marketing research department and the chief research executives frequently do not contact much in company companies. Therefore, when there is a division of the research department, research may not be effective.
- The ability of the researcher to conduct the study will have a significant impact on the effectiveness of the marketing research. People with solid knowledge of statistical techniques, data processing, operational research, etc. may carry it out efficiently and profitably. However, it’s not uncommon for such qualified and experienced employees to be hard to find.
- Marketing research does not offer ready-made answers to marketing issues; it just offers suggestions. It is a tool that will support decision-making for marketing managers. The expertise, discernment, and aptitude of the marketing decision-maker will determine how well marketing research performs.
- Marketing research is an expensive, time-consuming, and laborious endeavour. Since it needs hiring professionals with the appropriate expertise, knowledge, maturity, and skill in the fields of economics, management, statistics, computers, etc., marketing research is expensive.
- The results of marketing research can only speculate on potential future trends, so they may not be completely reliable. Marketing analysis simply aids in estimating potential future circumstances. As a result, the study’s conclusions could not be exhaustive, ideal, or accurate because they are based on projections of unpredictable future events.
Wrap Up
In order to help with decision-making, marketing research assists by supplying information. However, it is important to keep in mind that marketing research by itself cannot assist in making marketing decisions.
Additionally, conducting marketing research does not ensure that the company or manufacturer will be successful in promoting their goods and services. However, if researchers do the study in a methodical, analytical, and impartial way
