The process in which collecting data, analysis and interpreting information about a particular product or service in a particular market to offering for sales purpose or sustain in that market.
Marketing research can be differ from different markets or on the basis of some factors which are mostly affecting and consider such as – potential customers, spending habits, location, population, standard of living, competitors in the market and performance of that particular product or service etc. there are two types of data collect primary data in which first time collecting or fresh and secondary data in which data already exist.
Organization makes a market research for mainly two purposes that are as follows
To identify problems –
Some problems are in the market or may arise in the future which will affect on sales or profit growth rate of the organization as like : Company brand image, market characteristics, sales analysis etc
To select a best alternative solution–
On the basis of problems which are generated for solving those create some related alternative solutions and select a best suitable solution among all available various alternatives through expertise or experienced persons helps can be taken.
There are some drawbacks which are uncontrollable environmental factors such as social and cultural, economic conditions, technological changes, public policies and laws, political environment, competitors, raw material suppliers etc. This marketing research helps to marketing managers on marketing environment and consumer behavior. Also, helps to remove or reduces some of the uncertainties by the research information about the macro environment and consumer behavior. On the basis of these information helps to effectiveness and efficiently for decision making by the marketing managers easily and achieve organizational predetermined specific goals.
In the market when launching a new particular product or service before that marketing manager should be study on SWOT (strength, weaknesses, opportunities and threats) analysis of the market. There are some internal and external factors affect on organizational activities hence, for internal analysis of organizations through strength and weaknesses and for external factors study about opportunities and threats. Make marketing research it is very important activity in which study of marketing mix that are 4 P’s in details of product, price, place and promotion etc.
Products or service – About products size, packaging, color, smell, weight, shape, warranty, guaranty etc. and about services duration, type of service, either service provide after purchasing or before purchasing etc.
Price – It is a one of the most important part of the organization which through generate profit or income therefore study on major factors such as, cost of production, profit margin, offers and discounts, competitors price strategy etc.
Place – Where to distribute product or service in the market, segment, sources of distribution channel whether available or not, convenient dealer place etc.
Promotion – Through promotion and advertisement activities to create an awareness among customers in the market and how it is different features from others. Marketing manager should select a suitable source of promotion or advertisement for launch a new product or service or reminding customers purpose for offering to sell.
Market research also helps to already existing product or services in the market for sustain and increase sales purpose study about product life cycle (PLC). Through PLC how compete to others in the market and which marketing strategy will be implement at right time these are known to marketing manager. Therefore, now a day’s marketing research it is very important activity of the organization.