The concept of Marketing Research is explained in simple way

1. Marketing Research
Mr. Basavaraj M. Naik M.Com, UGC NET, KSET
Teaching Assistant
Department of Studies in Commerce
Rani Channamma University Belagavi,
Post-Graduate Centre, Jamkhandi

2. Introduction:
• Marketing research is a useful and necessary tool for helping
marketers and an organization’s executive leadership make wise
decisions. Carrying out marketing research can involve highly
specialized skills that go deeper than the information outlined in
this module. However, it’s important for any marketer to be
familiar with the basic procedures and techniques of marketing
research.
•

3. • It’s very likely that at some point a marketing professional will
need to supervise an internal marketing research activity or to
work with an outside marketing research firm to conduct a
research project. Managers who understand the research function
can do a better job of framing the problem and critically
appraising the proposals made by research specialists. They are
also in a better position to evaluate their findings and
recommendations.

4. What is Marketing Research
• Market research is defined as the process of evaluating the
feasibility of a new product or service, through research
conducted directly with potential consumers. This method allows
organizations or businesses to discover their target market, collect
and document opinions and make informed decisions.

5. Three key objectives of market research
• Administrative: Help a company or business development, through
proper planning, organization, and both human and material resources
control, and thus satisfy all specific needs within the market, at the
right time.
• Social: Satisfy customer’s specific needs through a required product or
service. The product or service should comply with the requirements and
preferences of a customer when it’s consumed.
• Economical: Determine the economical degree of success or failure a
company can have while being new to the market, or otherwise
introducing new products or services, and thus providing certainty to all
actions to be implemented.

6. The Benefits of the Market Research
• Excellent market research and quality decision making based on
the facts received from marketing research will ensure the sure
survival of your company on the market.
• With quality market research, you can identify opportunities for
your company and at the same time will prevent threats that will
come from the market.

7. • You will always know and constantly will learn about your
customers, your competitors, and your marketing efforts.
• You can easily succeed in lowering risks about new products or
services that you plan to introduce on a specific market because
these products and services will be arranged especially for the
real market demand.

8. • This process will give you all the basic marketing benchmarks that
you must complete. In such a way, you can evaluate your
marketing efforts and constantly improve the overall marketing
strategy for your company.
•

9. Other benefits:
• Make well-informed decisions
• Gain accurate information
• Determine the market size
• Choose an appropriate sales system
• Learn about customer preferences
• Analyze customer communication methods
• Productive business investment

10. Market Research Process
• The basic process of market research can be explained with six
different stages:
• The first stage: identify the research purpose;
• The second stage: collect data from the market;
• Third stage: evaluate already collected data;
• Fourth stage: analyze already collected and evaluated data;
• The fifth stage: interpret already analyzed data;
• Sixth stage: disseminate the final product from market research to
all decision-makers in your company.

12. Sources of Information for Market Research
• 1. Current customers:
Collecting data from the current customers will depend on your own
creativity. You can collect data simply asking for customer’s
feedback. Also, you can collect this data from your sales team,
which is in continuous contact with the customers. Information
received directly from your customers is one of the most valuable
information for you.

13. • 2. Business magazines
• Business magazines are valuable sources of business information
that can be useful for the purpose of your market research.
In magazines, you can find already finished analysis that can be
valuable for your business. You can find information about your
customers, competitors, or different marketing campaigns in the
industry

14. • 3. Surveys
• Surveys also can be used to collect information about individuals
and their opinions about the different products on the market.
This is very valuable information for every business. You can use
customer surveys, random interviews, feedback sheets, phone
surveys, web-form survey, a survey in email campaigns, and so on.

15. • 4. Government agencies
• Government agencies collect the most important statistical
information about markets. Also, they give some type of
forecasting related to the specific markets. Contact these type of
agencies and ask for information about your target market.
•

16. • 5. Internet
• The internet is an unlimited source of information. Google is a
good starting point to see what an internet user search for. You
can also use Google’s trends that can give you valuable
information about trends in the search engine.