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TYBMSProf. Hemant Kombrabail
MEANING OF MARKETING RESEARCH
The term
"Marketing Research"
is composed of two words -
"Marketing"
and
"Research".Marketing
Marketing basically consists of spotting the needs of customers and meeting them in the best possible manner through appropriate production and distribution activities.The term marketing refers to buying and selling activities. Exchange/transfer of ownership is theessence of marketing.
Research
Research means detailed/systematic/comprehensive study of a problem. .Research is a process involving a series of steps to collect and analyze the information needed for decision-making in the desired / specific field of inquiry. The term research can be applied to anyfield of human activity.Research means “studious enquiry" or "thorough, honest and impartial study conducted by trainedmen using scientific methods". It means detailed study relating to a particular subject.The term MR is used extensively in modern marketing management. It acts as a tool for accuratedecision making in marketing of goods and services. It is also useful for studying and solvingdifferent marketing problems faced by business units. . Here, the details (information and data) of the marketing problem are collected and studied, conclusions are drawn andsuggestions/recommendations are made to solve the problem quickly, correctly andsystematically. In MR/ marketing problem is studied in depth by collecting and analyzing allrelevant information and solutions are suggested to solve the problem relating to consumers, product, market competition, sales promotion and so on.MR is a special branch of marketing management. It is comparatively of recent in origin. MR actsas an investigative arm of a marketing manager. It suggests possible solutions on marketing problems for the consideration and selection by a marketing manager. It also acts as an importanttool to study buyer behavior, changes in consumer life-styles and consumption patterns, brandloyalty and forecast market changes.MR techniques are used by manufacturers/exporters/distributors and service organizations tocollect information on various aspects of marketing. The information collected is analyzed andused for decision-making in the marketing management. MR facilitates accurate marketingdecisions for consumer satisfaction on the one hand and sales promotion on the other hand. It isrightly treated as the SOUL of modern marketing management. MR suggests possible solutions onmarketing problems to marketing manager for his consideration and final selection/decision. It isrightly said that the beginning and end of marketing management
is marketing research. Decisionson each element of the marketing mix-product, price, distribution and promotion-need marketingresearch support. Marketing research is primarily used to provide information needed to guidemarketing decision viz., market mix. It acts as a support system to marketing management.1
TYBMSProf. Hemant Kombrabail
DEFINITIONS OF MARKETING RESEARCH:
Let us now, consider some definitions of MR:(1)The most widely accepted definition of marketing research is given by American MarketingAssociation (AMA). The AMA has defined marketing research as
"the systematic gathering,recording and analyzing of data about problems relating to the marketing of goods and services”
(2) According to Richard D. Crisp:
"Marketing research is the systematic, objective and exhaustive search for and study of the facts relevant to any problem in the field of marketing."
(3) According to Philip Kotler:
"Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-making and control in themarketing of goods and services."
(4) Luck, Wales and Taylor have defined marketing research as
"the application of scientificmethod to the solution of marketing problems"
(5)
Green and Tull have defined marketing research as
"the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the field of marketing."
(6) British Institute of Management: In 1962, the British Institute of Management definedmarketing research as/
"The objective gathering, recording and analyzing of all facts about problems relating to the transfer and sales of goods and services from producer to consumer."
FEATURES OF MARKETING RESEARCH:
(a)
Marketing research is concerned with systematic gathering, recording and analyzing of information:
In MR, information that is relevant to the marketing problem is collected in asystematic manner from all available sources. Thereafter, the same is tabulated and recorded for systematic scrutiny. Such scrutiny will offer certain specific conclusions useful for solving themarketing problem.(b)
In MR, information is to be collected objectively and accurately:
This feature of MR suggests that the required information needs to be collected objectively. In brief, the informationcollected should be accurate, precise, relevant and properly verified. The conclusions drawn andthe remedial measures introduced will be ineffective if the information collected is not reliable.(c)
Marketing research is a tool for solving marketing problems:
MR is a means and not the endin itself. It is a tool in the hands of management
for identifying and analyzing marketing problems. The purpose is to solve them correctly.
CHARACTERISTICS OF MARKETING RESEARCH:
(1)
Systematic and continuous process:
MR is a continuous process. This is natural as newmarketing problems are bound to come from time to time in the course of marketing of goods and services. One type of research is not adequate to resolve all marketing problems. Similarly, new research projects will have to be undertaken to solve new2
TYBMSProf. Hemant Kombrabailmarketing problems and challenges. A marketing company faces new marketing problemsfrom time to time. For facing these problems marketing research activities need to beconducted on a regular basis. A marketing company has to conduct MR regularly for itssurvival & growth in the present dynamic marketing environment.(2)
Wide/comprehensive in scope and application:
MR is wide in scope as it deals with allaspects of marketing of goods and services. It is more than just collecting data onmarketing. Introduction of new products, identification of potential markets, selection of appropriate selling techniques, study of market competition and consumer preferences,introduction of suitable advertising strategy and sales promotion measures, are some areascovered by MR. It plays a role in all the three phases of the management process inmarketing: planning, implementation and evaluation.(3)
Emphasizes on accurate data collection and critical analysis:
In MR
,
required datashould be collected objectively and accurately. The data collected must be reliable. Itshould be analyzed in a systematic manner. This will provide comprehensive picture of thesituation and possible solutions.(4)
Offers benefits to sponsoring company and consumers:
MR is useful to the sponsoringcompany. It raises the turnover and profit of the company. It also raises the competitivecapacity and creates goodwill in the market. It enables a company to introduce consumer-oriented marketing policies. Consumers also get agreeable goods and more satisfactiondue
to
MR activities.(5)
Commercial equivalent of military intelligence:
MR is the commercial intelligenceactivity. It is similar to military intelligence where systematic study is made before takingany military action. MR acts as the intelligence tool of marketing management.(6)
Tool for managerial decisions:
MR acts as a tool in the hands of management for identifying and analyzing marketing problems and finding out solutions to them. It is anaid to decision-making. It suggests possible solutions for the consideration and selection by managers. MR is an aid to judgment and
never a substitute for it.(7)
Applied type of research:
MR is applied knowledge. It is also called 'decisional researchas it provides specific alternative solutions to deal with a specific marketing problem. Itstudies specific marketing problem and suggests alternative solutions and possibleoutcome of each alternative. In addition, it
is both science and an art. MR is also becominghighly professional activity.(8)
Reduces
the gap between the producers and consumers:
MR is an essential supplementof modern competitive marketing. It is useful for understanding the needs andexpectations of consumers. It reduces the gap between producers and consumers andadjusts the marketing activities to suit the needs of consumers.(9)
Not an exact
science:
MR is both science and an art. It collects information and studiesmarketing problem in a scientific manner. The information collected is also applied to reallire problem. However, MR is not an exact science. It only suggests possible solutions andnot the exact solution to marketing manager for consideration and selection. At present,MR is treated as a professional activity. We have professional agencies (MR agencies or advertising agencies) dealing with the marketing problems of their clients on commission basis.(10)
Use of different
methods:
MR can be conducted by using different methods. Data can becollected through survey or by other methods like observation method or experimentation3
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