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Objectives Of Market Research In Marketing

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Marketing research is a key part for developing the marketing strategy. It involves collecting informations to give an insight into customers’ mind so that we understand what they want, how they gather information and where they come from. Market research also gives better idea of market trends and what is happening in an industry sector.
These informations gathered and analyzed build the foundation for good business decisions. It provides ideas regarding the decision for what product or service the company might offer, where the business should be located, how to distribute the products or how to communicate with consumers.
The businessman conducts market research for various reasons. Such as:
• Identifying potential customers
• Understanding …show more content…

In other words, it is concerned with areas of the market that are to do with size and measurement, such as the size of market segments, brand shares or purchase frequencies. An example of quantitative research could be measuring the mode age of consumers who purchase a particular product.
The main objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. It provides the fundamental connection between empirical observation and mathematical expression of quantitative relationships. Quantitative data is any data that is in numerical form such as statistics, percentages, etc. The researcher asks a specific question and collects a sample of numerical data from observable phenomena or from the study of the participants to answer the question. The researcher analyzes the data with the help of …show more content…

The transcriptions form the data which is then analyzed by the moderator. Groups can also be video-recorded and can also be observed in real-time at venues specially designed for that purpose.. In this approach the data collection pattern can be interviews, uninterrupted observation, chat session, bulletin, boards and ethnographic participation/observation. It is more focused on quality rather than the number of output. Qualitative market research methods are taken as a "market survey" method because they offer a way to measure the market, again, in terms of depth and range of buyer perceptions and needs rather than quantity. Often market researchers and clients succumb to the temptation to inappropriately impute quantitative implications and projections based on this type of market survey. Participants get highly involved in the study and unforeseen relationship can be

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