Marketing research can be understood as the systematic and objective seeking and analysis of (data and) information relevant to the identification and resolution of any problem in the marketing field: Notice the use of a “systematic” wound that emphasizes the need for careful planning of research at all stages. This requires a clear and concise statement of the exercise, the techniques used, the information needed, and the analytical technique that will be used. The word “objective” emphasizes the need for impartiality, which is a fact of seeking without color because of already held views and options. Marketing research is based on gathering and analyzing the information needed to make marketing decisions.
HOW INFORMATION CAN BE SUCCESSFUL
The two main areas in which information is sought are the following: markets (existing and potential), while tactics and marketing methods. The first is oriented towards what is happening outside the company, and that is in the market. Second, it is oriented towards which the company reacts infernally to its customers, present and future.
WHAT CAN BE TAKEN IN MARKET RESEARCH:
It simply means that the estimate of the nature and level of demand for products and services must be accurate if economic resources cannot be misused. The purpose of market research is to firmly determine, as far as possible, existing and future market requirements. Market research means discovering who the buyer is and what he or she will buy. Ideally, market research should provide information that will allow the product to be designed in accordance with customers’ preferences, to produce it in quantities that can be sold, in order to be adequately packaged, making appropriate arrangements for effective advertising and distribution. In this ideal case, there will be no overproduction and losses when tying up unsold inventory.
The absolute importance of market research
The absolute importance of companies in conducting an appropriate and ongoing market research can be illustrated by the medical parallel. A company that ignores the need to conduct market research is like a doctor prescribing treatment without undertaking any patient diagnosis and refusing to consider the consequences. Marketing research activities aim to answer some of the following questions:
-Who and where are the customers, and what do they like to buy?
-Who are non-buyers and why are they buying?
-How is the market coming together?
-How is the market divided into separate sections or “segment”?
-What are the patterns of the labor market and why is it emerging?
-What are the patterns of market demand?
-What products and services are required and in what quantities and quality?