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Market&Marketing Research

Updated:2018-1-2 11:10:38    Source:www.tannet-group.comViews:1435

Research is an important tool which helps organizations to discover what is happening in their marketing environment. There are many examples of organizations failing because they did not respond to changes in their marketing environment. Organizations need to be proactive and change in line with their marketing environment. There are two types of research, market research and marketing research.

Market Research
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research is one of the key factors used in maintaining competitiveness over competitors and awareness of customer needs otherwise known as the changing basis of competition.

Market research provides important information to identify and analyze the market need, market size and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.

Marketing Research
Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications."

Marketing research is often partitioned into two sets of categorical pairs, either by target market:
a. Consumer marketing research, and
b. Business-to-business (B2B) marketing research.

The purpose of marketing research is to provide management with relevant, accurate, reliable, valid, and up to date market information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

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