What is marketing Research.

 

Marketing research is defined as, “The systematic, objective and exhaustive search for the study of the facts relevant to any problem in the field of marketing.” Marketing research may be described as a method of getting facts to be used by the executive in formulating policies and plans. It can also be defined as the systematic gathering, recording and analyzing of data about problems relating to marketing of goods and services.

The market research is an important element of the process of marketing research. Marketing research includes the complete analysis of the market. Information regarding the nature, size, organisation profitability of different markets, changes in markets and various factors- economic, social and political-affecting those changes are studied vigorously. The main purpose of market research is to know about the consumers and the markets of its products or services.

It is a systematic search for information. It involves data collection, analysis and interpretation. Research cannot draw decisions, but it helps the marketers in the task of decision making. A successful executive will never depend upon guess work. He looks for more accurate information through research.

The main idea of marketing research is to know more about the consumers, dealers, and the products. As the business grows, the distance between the manufacturer and consumers also widens. The management depends upon the marketing research as a tool in solving the marketing problems. It helps in taking a fruitful and efficient decision as to the flow of goods and services in the hands of the customers.