Marketing research is a systematic and logical way of assessing ways of satisfying customer needs. In this article let’s discuss the Scope of marketing research.
Role of marketing research:
- To conduct studies to determine what consumers want before any decisions regarding marketing strategies are taken.
- To supply the marketing manager with the necessary information.
- To determine how the client’s needs can be ultimately satisfied.
- To analyze the collected information and find previously unnoticed opportunities or problem areas.
What is a Marketing Research & its Aim
The aim of marketing management is to satisfy the needs of the consumer. Marketing research helps in achieving this. Research starts by stating the problem or the issue to be investigated; indicate what kind of information is required to resolve the problem; identify where and how to get it; specify the methodology for analyzing the research findings; sum up the research findings and then suggest the best solution for marketing decision making
Scope of Marketing Research
The following are various Scope of Marketing research. Marketing research can be used in:
- One of the major scope of marketing research is to manage the current products and also new products. In product management Marketing Research is helpful in
- Competitive Intelligence – To understand the competitive product stretegy.
- Prelaunch strategy for new products
- Test Marketing – To monitor the performance of the brand by launching in a select area and then taking it across the country. In other words it is a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market.
- Concept testing – to test the acceptance of a concept by target consumers.
- Marketing research is used to study the sales trend and also make suitable strategies when required. It is used to Assess market potential
- Estimation of demand for a product
- Market share estimation
- Study seasonal variation for a product
- Market segmentation studies
- Estimate size of the market
- Need analysis to find out where the product fits in
- Marketing Research is used to analyse the corporate effectiveness. Some examples are:
- Assessing the image of the company
- Knowledge of the company activities
- Advertising is an arena in which Marketing Research is extensively used. Some scope are:
- Readership feedbacks – Mainly carried out for newspapers and also magazines
- Advertising Recall – To assess the recall of telivision or other advertising and thereby assess its effectiveness.
- This is compiled by agencies on a regular basis and sold to organisations on subscription basis.
- All of these forms of marketing research can be classified as either problem identification research or as problem-solving research.
- A similar distinction exists between exploratory research and also conclusive research.
Exploratory research provides insights into and also comprehension of an issue or situation. It should draw definitive conclusions only with extreme caution.
Conclusive research draws conclusions: the results of the study can be generalized to the whole population.
Research can also be:
Primary Marketing Research: It is research conducted by an organisation for its own purpose which addresses its requirements. It is generally expensive but is specific and objective to the organisation‘s requirement.
Secondary Marketing Research: This is used if the organisation is considering extending its business into new markets or adding new services or product lines. This type of research is based on information obtained from studies previously performed by government agencies, chambers of commerce, trade associations and other organizations. This also includes Census Bureau information.
Difference between Market Research and Marketing Research
Generally Market Research and Marketing Research are confused to be the same. But there is a clear distinction between the both.
Market Research: Market Research involves researching a specific industry or market.
For example : Researching the automobile industry to discover the number of competitors and their market share.
Marketing Research: Marketing Research analyses a given marketing opportunity or problem, defines the research and also data collection methods required to deal with the problem or take advantage of the opportunity, through to the implementation of the project.
Application of Marketing Research
- Problem identification or opportunities are undertaken to help identify problems which may not be visible on the surface but are there and will most likely arise in the future.
- Problem solving research is undertaken to arrive at a solution. The findings of problem-solving research are used in making decisions, which will solve specific marketing problems
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