If you study business or economics, you are very likely to ask a question like, “What is marketing research”. This question is also of great importance to business administrators and entrepreneurs who want to learn more about their customers or competitors.
On the whole, marketing research can be defined as the collection and analysis of information about products, services, or customers’ behavior. To better understand this notion, one should first look at the objectives of this research.
What Is Marketing Research? Its Major Goals
The research methods that companies adopt strongly depend on the goals of these organizations. Overall, marketing research can achieve various goals, such as:
- Determine the reasons why customers choose one specific product over others. A survey and unstructured interview can be quite suitable for this task.
- Examine the expectations that clients set for a product. In this case, a focus group interview can be very useful.
- Evaluate the effectiveness of advertising strategies. Again, the method of focus groups can be very effective.
- Estimate the demand for a particular product in the future. Under such circumstances, quantitative research methods can come in handy.
So, a person, who wants to get a better idea about marketing research, should first see how and why companies use it. Simply by defining this notion, one can hardly understand it.
What is Marketing Research? Common Misconceptions
Sometimes students confuse such terms as marketing and market research. On the face of it, they look very similar, but there is a significant difference between them. Market research is aimed at examining the tendencies within an entire industry, for example, IT developers or car producers. By contrast, marketing researchfocuses on a particular product, company or a group of people, such as teenagers or adults. These notions are not quite interchangeable and students, who write their papers on this topic, should avoid this mistake.
What Is Marketing Research and How to Make the First Steps?
If you are an MBA student or a manager who wants to conduct a marketing research, you should consider several important issues such as:
- The type of data that you will have to collect;
- The people whom you will survey;
- The methods of recruiting participants;
- The duration of the research.
The preliminary steps are very important for every person who undertakes such research. On the whole, there are thousands of books and articles that explain what marketing research is. If you want to know more about this issue, you certainly need to read them. Some of these sources can be quite useful, but you need to remember that practice is the key to understanding marketing research.