Marketing Research System Meaning & Definition

Marketing research relates to information and data collection methods which provide a coherent
representation of a need and its potential solutions. The system may be used for ongoing
monitoring of the marketplace or on a step by step evaluation of a product concept.

According to American Marketing Association (AMA), “Marketing Research relates to the

systematic collection, recording and carefully analyzing the data about problems related to the
marketing of goods and services.” According to Philip Kotler, “Marketing research is a
systematic problem analysis, model building and fact finding for the purpose of improved
decision-making and control in the marketing of goods and services.”

Features of Marketing Research

• Wide and comprehensive scope - Marketing research has a very wide scope. It includes product
research, pricing research, market research, packaging research, sales research, etc. It is used to
solve marketing problems and to take marketing decisions. It is used to make marketing policies.
It is also used to introduce new products in the market and to identify new markets. Marketing
research is used to identify channels of distribution and select them, in advertising strategy as in
for sales promotion measures.

• Systematic and scientific - Marketing research follows a step-by-step process. It is conducted in

an ordered manner. Therefore, it is systematic. Marketing research uses scientific methods.
Hence, it is also scientific.

• Science and art: A Science collects knowledge (data) while an Art uses this knowledge for
solving problems. Marketing research first collects data. It then uses this data for solving
marketing problems. Therefore, it is both, a Science and an Art.

• Collects and analyzes data - Marketing research gathers data accurately and objectively. It first
collects reliable data and then analyses it systematically and critically.

• Continuous and dynamic process - The Company faces marketing problems throughout the
year. So, marketing research is conducted continuously. It continuously collects up-to-date data
for solving the marketing problems. Therefore, marketing research is a continuous process. It is a
dynamic process because it goes on changing according to market related information. It does
not remain static (the same). It uses new methods and techniques for collecting, recording and
analyzing the data.

• Tool for decision-making - The marketing manager has to take many decisions. For this, he
requires a lot of data. Marketing research provides correct and up-to-date data to the marketing
manager. This helps him to take quick and correct decisions. Therefore, marketing research is an
important tool for decision-making.

Functions of marketing research

The various functions of marketing research are as follows -

Hence, this concludes the definition of Marketing Research System along with its overview.