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What is Market Research? – Objectives, Types, and More

What is Market Research_ – Objectives, Types, and More

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:

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:

Market Research

Sales Research

Product Research

Advertising Research

Economic Research

Also Read: What is Graphic Design and What is it for

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