The very topic of marketing research is the result of consumer-oriented marketing. These days, it has become vital to systematically study the diverse aspects relating to the marketing process about fulfilling the expectations and needs of the consumer (i.e. the right product or service, at the right time and at the right place).
A Linkage Between The Business And Its Marketing Environment
To put in simple words, marketing research is related to all the factors which have a direct influence on the marketing of products or services. It is a link between the business and its marketing environment.
Marketing research involves gathering, analyzing, processing and interpreting the information to help the management understand the marketing environment, identify the problems and opportunities and further develop the courses of action to achieve the marketing objectives.
According to Still and Cundiff:
“Marketing research is the systematic gathering, recording, and analysis of the data about marketing problems towards the end of providing information useful in marketing decision-making.”
Marketing research is directly concerned with offering sound alternatives to all marketing problems related to the exchange of goods and services from marketer to the buyer.
Philip Kotler said:
“Marketing research is the systematic problem analysis, model building and fact finding for the purpose of improved decision making and control in the marketing of goods and services.”
Marketing Research Is Needed In The Following Circumstances
- Knowing the consumer’s taste and preferences for the new products or services.
- Fast-tracking the demand of the present product and finding out the reasons of low sales.
- Finding out the quantum of sales, trends, and reasons for them.
- Knowing about the pricing policy.
- Finding out the public interest, habits, and changes in them.
- Finding out the effect of packaging on the mindset of the customers.
Research should be a top priority in the modern global market. It is just not helpful, but indispensable for success. Consider outsourcing marketing research to experts like us. iSN Global Solutions is a market research company that provides you with the optimum data related to your business needs.