Nature of Marketing Research

Nature of Marketing Research

Marketing research is one of the principal tools for answering questions because it:

* Links the consumer, customer, and public to the market through information used to identify and define marketing

* Generates, refines, and evaluates marketing actions

* Monitors marketing performance

* Underlines the understanding of marketing as a process

Scope Of Marketing Research

Marketing Research plays a very significant role in identifying the needs of customers and meeting them in best possible way. The main task of Marketing Research is systematic gathering and analysis of information.

Marketing Research is essential for strategic market planning and decision making. It helps a firm in identifying what are the market opportunities and constraints, in developing and implementing market strategies, and in evaluating the effectiveness of marketing plans.

Marketing Research is a growing and widely used business activity as the sellers need to know more about their final consumers but are generally widely separated from those consumers. Marketing Research is a necessary link between marketing decision makers and the markets in which they operate.

Marketing Research includes various important principles for generating information which is useful to managers. These principles relate to the timeliness and importance of data, the significance of defining objectives cautiously and clearly, and the need to avoid conducting research to support decisions already made.

Marketing Research is of use to the following:-

1. Producers

a. To know about his product potential in the market vis-à-vis the total product;

b. New Products;

c. Various brands;

d. Pricing;

e. Market Structures and selection of product strategy, etc.

2. Business and Government

Marketing Research helps businesses and government in focusing attention on the complex nature of problems faced by them. For example:

f....