Marketing Research: Meaning

Marketing research
MEANING
Marketing research is the systematic gathering, recording, and

analysis of 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. The term is commonly interchanged with market
research; however, expert practitioners may wish to draw a
distinction, in that market research is concerned specifically with
markets, while marketing research is concerned specifically about
marketing processes.
Marketing research is often partitioned into two sets of

categorical pairs, either by target market:
• Consumer marketing research, and

• Business-to-business (B2B) marketing research
Or, alternatively, by methodological approach:
• Qualitative marketing research, and

• Quantitative marketing research
Thus, marketing research may also be described as the

systematic and objective identification, collection, analysis, and
dissemination of information for the purpose of assisting
management in decision making related to the identification and
solution of problems and opportunities in marketing
TYPES OF MARKETING RESEARCH
Market research is the process of finding information about your

competitors, current market trends or your customers. Most
companies invest in market research when they release a new
product, improve on an existing product or if they plan on
introducing a particular product in a new market.
Market research can also prove helpful if you want to explore
business opportunities in new markets. Market research can be
conducted by two methods, primary research or secondary
research.
PRIMARY RESEARCH
Primary research refers to information that is directly collected

from the source. Another simple method of primary research
would be to directly talk to your customers and get their
feedback. Primary research can be both qualitative and
quantitative.
1. Qualitative primary research

Qualitative primary research involves gathering information from
interviews or focus groups.
• Open-ended interviews include questions that cannot be
answered with a yes or no. You can get a lot of information from
such interviews and also find out about the dislikes, likes,
requirements, trends and emotional motivators of your primary
market
• A focus group should ideally be led by experienced
professionals who can lead a group of 6 or more people and ask
them both general and specific questions. Since trained
professionals are required to handle focus groups, they are very
expensive
2. Quantitative primary research

Quantitative primary research involves the collection of numerical
information from surveys. This information is then analyzed.
• Surveys can provide you with the information you require if
the survey has meaningful questions. More people would be
willing to take a survey as it takes less time. The cheapest and
easiest way of conducting a survey is through the telephone and
on the place where your product is being sold.
SECONDARY RESEARCH
There are a large number of resources from which secondary

research information can be obtained. Some of these sources are:
1. Trade associations
From the reports available with trade associations you can get
information on the industries served, the standards that they
observe and the leaders in their field. You can also get
information on the latest trends, issues and competitors.
2. The marketing departments of local colleges

The marketing department of any college can give you access to
special research projects and reports prepared by students.
3. Chamber of commerce
The local chamber of commerce in your area can give you
information on your local community and local businesses. You
can also get access to the maps of the area.
4. Insurance companies, banks and real estate companies

You can information on the statistics of the communities to whom
they provide services.
5. Wholesalers and manufacturers

From manufactures and wholesalers you can get information on
customers, problems if any, costs, industry standards etc
6. Libraries and other public information centers

In the reference sections of libraries and information centers you
can find a lot of resource materials and data.
7. Books and publications
There are several books that can give you information on a
particular type of industry or market. Trade journals are another
excellent source for information. You can also get information
from government publications.
8. Magazines and newspapers

You can get a lot of information from news events and get the
latest information on politics, economic indicators etc. The
archives of leading newspapers and magazines can provide you
with a wealth of information. Industry journals are another source
of information.
9. Media representatives
Media representatives who work with print, audio or audio-visual
media mostly collect information on the markets that their
viewers, readers and listeners are interested in.
10. Competitors
By researching on the price, products/services, brochures and
reports of your competitors you can get a greater insight on how
to move forward in your business.
11. Business information centers

Such centers usually have a large collection of videos, books,
CDs, publications and other information that are helpful for small
businesses.
12. Federal government resources

You can get in-depth demographic data related to the economy,
market or population.
13. Regional planning organizations

If you are looking for data on a community’s past or current
growth trend, you can look up the resources of regional planning
organizations.
14. Discussion groups
Discussion groups are commonly known as Newsgroups. You can
get a lot of information on a variety of topics from such groups.
Data collection
Data collection is a term used to describe a process of
preparing and collecting data - for example as part of a process
improvement or similar project. The purpose of data collection is
to obtain information to keep on record, to make decisions about
important issues, to pass information on to others. Primarily, data
is collected to provide information regarding a specific topic.
Data collection usually takes place early on in an improvement

project, and is often formalized through a data collection plan
which often contains the following activity.
1. Pre collection activity – Agree goals, target data, definitions,

methods
2. Collection – data collection
3. Present Findings – usually involves some form of sorting
analysis and/or presentation.
Prior to any data collection, pre-collection activity is one of the

most crucial steps in the process. It is often discovered too late
that the value of their interview information is discounted as a
consequence of poor sampling of both questions and informants
and poor elicitation techniques.[4] After pre-collection activity is
fully completed, data collection in the field, whether by
interviewing or other methods, can be carried out in a structured,
systematic and scientific way.
A formal data collection process is necessary as it ensures that

data gathered is both defined and accurate and that subsequent
decisions based on arguments embodied in the findings are valid.
[5]
The process provides both a baseline from which to measure
from and in certain cases a target on what to improve.
Types of data collection
• 1-By mail questionnaires

• 2-By personal interview.
Other main types of collection include census, sample survey, and

administrative by-product and each with their respective
advantages and disadvantages. A census refers to data collection
about everyone or everything in a group or population and has
advantages, such as accuracy and detail and disadvantages, such
as cost and time. A sample survey is a data collection method
that includes only part of the total population and has
advantages, such as cost and time and disadvantages, such as
accuracy and detail. Administrative by-product data is collected
as a byproduct of an organization’s day-to-day operations and has
advantages, such as accuracy, time simplicity and disadvantages,
such as no flexibility and lack of control.

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Marketing research

Marketing research is the systematic gathering, recording, and

Marketing research is often partitioned into two sets of

• Consumer marketing research, and

Or, alternatively, by methodological approach:

• Qualitative marketing research, and

Thus, marketing research may also be described as the

TYPES OF MARKETING RESEARCH

Market research is the process of finding information about your

Primary research refers to information that is directly collected

1. Qualitative primary research

2. Quantitative primary research

There are a large number of resources from which secondary

2. The marketing departments of local colleges

4. Insurance companies, banks and real estate companies

5. Wholesalers and manufacturers

6. Libraries and other public information centers

8. Magazines and newspapers

11. Business information centers

12. Federal government resources

13. Regional planning organizations

Data collection usually takes place early on in an improvement

1. Pre collection activity – Agree goals, target data, definitions,

Prior to any data collection, pre-collection activity is one of the

A formal data collection process is necessary as it ensures that

Types of data collection

• 1-By mail questionnaires

Other main types of collection include census, sample survey, and

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