Table of Contents
What is Market Research?
Market research is the systematic search, gathering, analysis, and performance of data and information related to a company’s specific market situation.
Market research can also be defined as the systematic collection, recording, and analysis of data on marketing and marketing issues to improve the quality of decision-making procedures and control in the marketing environment.
Objectives of Market Research
- Search objective: collect information for the preliminary evaluation of the problem and its structuring.
- Causal objective: to test the theory of some causal association.
- Objectives of the tests: a collection of good choices or appraisal of the precision of the decisions made.
- Predictive goals: forecasting the state of an object in the future.
The main characteristic of market research that distinguishes it from the collection and analysis of current internal and also, external information is its focus on resolving a particular set of marketing problems.
Each company independently determines the topic and scope of market research based on its existing capabilities and needs for marketing information, so different companies’ types of market research may be different.
Types of Market Research
Earlier it was emphasized that marketing research is a scientific analysis of all the factors that influence the marketing of goods and services. The field of application of this function is practically unlimited, so only those types of investigations that are most frequently found in practice are considered.
All though, essentially, market research aims to get answers to five main questions: who? What? When? Where? and how? An implied question is: why? expanding the education to interaction the field of social mind and is sometimes distinguished as a separate area, known as motivational analysis (motivation research), that is, the study of the motives of consumer behavior. (Unfortunately, this term has acquired a specific undesirable connotation due to the questionable activities of some psychotherapists.) In practice, market research is reduced to research to solve a limit number of recurring problems.
These studies are often carry out systematically and also, can be classifie as follows:
- The willpower of the size and also, countryside of the bazaar (characteristics of consumers by age, sex, income, profession and social status).
- Determination of the physical site of potential consumers.
- Determination of the share of the main competitors’ products in the total sales volume in a given market. Research the structure, composition and organization of the sales network serving this market.
- Analysis of general economic trends and also, other external trends that affect the market structure.
- Determination of differences in sales volume by specific regions.
- I am changing the efficiency of sellers. Establishment and also, revision of the limits of the sales area. Scheduling visits to customers by vendors.
- Evaluation of business methods and also, sales promotion. Analysis of the efficiency of the distribution network in the number of costs – benefits. Stock inventory of the retail network.
- Analysis of the strengths and weaknesses of the competition’s products (that is, the products not only of your company but also those of your competitors).
- I am looking for new ways to use manufactured products. Analysis of ideas for new products. Testing of new products with the participation of consumers. Research in the field of packaging. Study of the possibilities of simplifying the range of products.
- Analysis of the effectiveness of advertisements.
- Analysis of the efficiency of publicity media.
- The effectiveness of advertising work.
- Cost-production analysis.
- Short and long term forecast based on trend analysis.
- Price-benefit analysis.