Marketing Research

By
Zakir ullah
BY555882
 Definition
• Market research is the process of determining
the viability of a new service or product
through research conducted directly with
potential customers. Market research allows a
company to discover the target market and
get opinions and other feedback from
consumers about their interest in the product
or service.
 Types of Marketing Research
• 4 common market research methods.
Four common types of market research
techniques include
Surveys,
Interviews,
Focus groups, and
Customer observation.
 Stages
7 Stages or Steps Involved in Marketing Research Process
• Identification and Defining the Problem: ...
• Statement of Research Objectives: ...
• Planning the Research Design or Designing the Research
Study: ...
• Planning the Sample: ...
• Data Collection: ...
• Data Processing and Analysis: ...
• Formulating Conclusion, Preparing and Presenting the
Report:
 Process
The marketing research process involves six
steps: 1: problem definition,
2: development of an approach to the problem,
3: research design formulation,
4: data collection,
5: data preparation and analysis, and
6: report preparation and presentation.
 Scope
• The scope of marketing research stretches
from the identification of consumer wants and
needs to the evaluation of consumer
satisfaction. It comprises of research relating
to consumers, products, sales, distribution,
advertising, pricing and sales forecasting.
 Stretegy
• Market research strategy refers to the strategy
used to carry out market research. ... Market
research is very important, as the knowledge
gained from the research can lead to clients
gaining an edge over their competition in a
particular market.
 Conclusion
• Market research provides information that
reduces risk and uncertainty and increases
your chance of business success. The final
conclusions should meet your initial
objectives; consider what options you have
discovered in your analysis to best meet your
larger business objectives.