NAME- PRATIVA KUMARI SUBUDHI

REGISTRATION NO. - 2061301158

Marketing Research
What is Marketing Research?
Marketing Research is the systematic design, collection, analysis and reporting of data and
finding the solution to the problem facing the company and it’s a job of a marketing
researcher to produce the right information of the customers need, want and demand, also
their attitude and buying behaviour.
These types of research conducted by the company itself or through a specialist (third parties
companies). Research can be done through Product testing or through surveys.

Objectives of Marketing Research:

(1) To Provide Basis For Proper Planning
(2) To Reduce Marketing Costs
(3) To Find Out New Markets for The Product
(4) To Determine Proper Price Policy
(5) To Study in Detail Likes and Dislikes of the Consumers
(6)  To Know The Market Competition
(7) To Study The External Forces and Their Impact

Marketing Research Process:

Marketing research is the most useful tool for the Company to identify the best marketing
strategies and helpful in taking the right decisions for a business using Information. 
There are 6 important steps in the marketing research process are as follow:-

1. Define the Problem and Research Objective.

If you want to start research for any problem, then the first step is to define your problem.
Defining the problem should not be either too broadly or too narrow, because a very
broad answer for your problem leads to excessive wastage of resources and too narrow an
answer for your problem is not properly explained. In these conditions (Too broad and
Too narrow), the researcher cannot perform its task in an effective manner.
So it’s very important to define your problem in a direct and point-to-point manner.
 2. Develop The Research Plan.
After defining your problem, you need to prepare a proper plan for how you can perform
a research part.
The researcher can use primary data or secondary data according to the problem. Primary
data means the data which is fresh and new data collected for a specific purpose or for a
specific project. And secondary data means the data which already exists in the market or
somewhere.
Now we will about how you can collect the data:-
Primary Data- These data can be collected through Exploratory & Specific Research:
Primary data include Surveys, through experiments, Focus groups and through
Questionnaires.
Secondary Data – It is the data which is already present in the market. The researcher
can use it for their research. It includes reports, market statistics, trade association or other
business in your industries.
Secondary data can be collected through:
a) Public Sources
b) Commercial Source
c) Educational Institution

3. Collect The Information.

This is one of the most expensive methods of marketing research. At this stage, the
researcher has to adopt the methods to collect the information; he may find it difficult
to gather the correct information because of the respondent’s biasedness,
unwillingness to give answers or not at home.
4. Analyse the information.
Once the information is collected the next step is to organize it in such a way that
some analysis can be obtained. The researchers apply several statistical techniques to
perform the analysis, such as they compute averages and measures of dispersion.
Also, some advanced decision models are used to analyze the data.
5. Present the findings
 Finally, all the findings and the research are shown to the top management level viz.
Managing director, CEO, or board of directors to make the marketing decisions in line
with the research.
6. Make the Decision
This is the last step of the marketing research, once the findings are presented to the
top level management it is up to them either to rely on the findings and take decisions
or discard the findings as unsuitable.
SWOT ANALYSIS ON A RESTAURANTS
Strength:
 Good Food Quality
 Optimal Location
 Affordable Price
 Friendly Environment
Weakness:
 Small Location
 Huge Competition
 New Opening
 New Website
Opportunities:
 Many Office & Universities in near by
Threats:
 Competitive Prices of Other Local Restaurant

Conclusion:
Marketing Research can be very beneficial for companies. If you think you know your
potential customer well and even if you know how to solve the problem by yourself, the
marketing research can uncover the detailed information about your potential customers and
also solve your every major problem. 
Yes, it is costly because of gathering the data from other sources, and it requires a huge
amount of time and money and the research has to be done on time-to-time because the
information and data can’t be the same all time, but once you’ll do marketing research you
will know your companies problems and other things in a more detailed manner.