Marketing research

Introduction

Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior.

History

The history of marketing research goes back to the late 19th century, with the inception of the first marketing research process. The process was developed by Daniel Starch in the 1920s, who asserted that advertising had to be seen, read, believed, remembered, and acted upon to be considered effective.

Types of Marketing Research

There are several types of marketing research that companies can utilize to gather information. These include:

Primary research: This is research that a company conducts itself. It includes things like surveys, interviews, and direct observations. This type of research can be tailored to meet the company's specific needs.

Secondary research: This involves the use of data that already exists. This can include population demographic information, industry statistics, and sales data from competitors.

Qualitative research: This type of research is more subjective and focuses on why people behave the way they do. It involves things like focus groups, in-depth interviews, and literature reviews.

Quantitative research: This type of research is more objective and focuses on gathering numerical data that can be analyzed statistically. It involves things like online surveys, phone surveys, and market segmentation surveys.

A team of professionals conducting a marketing research meeting.

Marketing Research Process

The marketing research process involves several key steps:

1. Define the problem: The first step in the marketing research process is to define the problem. This involves identifying the area of concern or issue that needs to be addressed.

2. Develop the research plan: The next step is to develop a research plan. This involves identifying what data is needed, how it will be collected, and what methods will be used to analyze it.

3. Collect the data: The third step is to collect the data. This can involve conducting surveys, interviews, or focus groups, or collecting data from existing sources.

4. Analyze the data: The fourth step is to analyze the data. This involves interpreting the data and drawing conclusions from it.

5. Present the findings: The final step is to present the findings. This involves preparing a report that presents the results of the research in a way that can be understood and used by the company.

Applications of Marketing Research

Marketing research can be applied in several areas, including:

Product development: Marketing research can help companies understand what types of products or services consumers want.

Pricing: Marketing research can help determine what price consumers are willing to pay for a product or service.

Promotion: Marketing research can help identify what types of advertising would be most effective.

Distribution: Marketing research can help companies determine what distribution channels are most effective for delivering their products or services to consumers.

Challenges in Marketing Research

Despite its benefits, marketing research can also present several challenges. These include:

Sampling errors: These occur when the sample of people being studied is not representative of the target market.

Response bias: This occurs when respondents do not provide truthful or accurate responses.

Data analysis: Interpreting and making sense of the data collected can be challenging, particularly when dealing with complex statistical techniques.

Costs: Conducting marketing research can be expensive, particularly if the research involves large samples or complex data analysis techniques.