Marketing Research is the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the field of marketing.
AMA-American Marketing Association) redefines MR:
“Marketing Research is the function which links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance and improve understanding of marketing as a process”.
Uses of MR undertaken by companies:
*To measure market potentials, characteristics of the market and market share.
*To obtain information to make short range and long range forecasts.
*To evaluate new-product opportunities and acceptance, and to test existing products relative to competitors product.
*To help companies make better advertising decisions.
Other applications of MR
*Product optimization or product design studies.
*Tracking studies to measure brand acceptance or usage.
*Basic marketing strategy studies
*Advertising campaign testing.
Advertising pre-testing or copy testing.
Why do we need MR?
*We don’t know enough about the consumer/potential customers.
*MR is to get to know them-their buying behavior, their attitudes, their tastes, their habits etc.
*Budget for advertising/ product development is tremendous.
*Branding effort is long-term.
AMA-American Marketing Association) redefines MR:
“Marketing Research is the function which links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance and improve understanding of marketing as a process”.
Uses of MR undertaken by companies:
*To measure market potentials, characteristics of the market and market share.
*To obtain information to make short range and long range forecasts.
*To evaluate new-product opportunities and acceptance, and to test existing products relative to competitors product.
*To help companies make better advertising decisions.
Other applications of MR
*Product optimization or product design studies.
*Tracking studies to measure brand acceptance or usage.
*Basic marketing strategy studies
*Advertising campaign testing.
Advertising pre-testing or copy testing.
Why do we need MR?
*We don’t know enough about the consumer/potential customers.
*MR is to get to know them-their buying behavior, their attitudes, their tastes, their habits etc.
*Budget for advertising/ product development is tremendous.
*Branding effort is long-term.