Benefits Of Market Research

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A research is a methodology study of the given problem which is considered as a prominent tool because it is the first step of the marketing process. Market research is defined as a research that pertains to market. Market research is where one will dig into things like market players, market trends, target market attributes, customer wants and needs According to (Malhotra & Birks, 2007) Marketing research on the other hand involves research related to marketing. Marketing research aims at gathering information on all aspects of marketing. Information collected is used to identify and define marketing opportunities and problem; to generate, refine and evaluate marketing actions; and to improve the understanding of marketing as a process and…show more content…
It answers the questions; what to sell, where to sell, when to sell, how to sell. Market research also sells forecasting. It estimates the demands for new products, fixes territories and sales quotas. Marketing research on the other hand, collects and analyses data for solving marketing problems. Marketing research aids in taking marketing decisions, facilitates in controlling the marketing activities. It is very systematic, scientific and objectives (Malhotra & Birks, 2007). 1.3.1 Objectives: The main objective of market research is to study the entire market and fix territories and sales quotas while that of marketing research is to solve marketing problems, find out present and future marketing opportunities. 1.3.2 Scope: The scope of market research is limited, only studies the market while that of the marketing research is very wide which covers all areas of marketing. Such areas include the product research, packaging research, pricing research, marketing research and sales research. 1.3.3…show more content…
Scope: marketing research attempts to solve problems in a wide range of areas. Continuous in nature: marketing research is continuous in nature. There is need for marketing research to overcome certain marketing problems arising during the existence of the firm. Applied research: marketing research is conducted to solve problems of commercial importance. Bridges company-customer gap: marketing research bridges the gap between the producer and the consumer. The company gets to know more about their customers or consumers. Company objectives: due to marketing research, the company is in a position to achieve its objectives. Marketing research enables the firm to solve marketing problems; thus enabling the company to achieve its objectives in profitable way. Marketing mix decisions: marketing research provides the necessary information to arrive at appropriate solutions to marketing problems. Methods of data collection: in marketing research, data can be conducted with the help of various methods such as; observation, interviews and
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