Marketing research is the mechanism. That helps in linking the customers. Producers and several other end users. To the marketer and help in finding and reporting. It is the system that leads to collection of data. Analysis of data and then interprets the required information. For the users. Marketing research plays an important role. To studying consumer behavior and taking adjustments. According to the change in the various elements of marketing mix viz. promotion, place, price, and product.
It is an efficient tool for marketers. To understand the trends of the market. That consists of information. Relating to new product launch in the market. Trends in consumer demand. Pricing strategy of the competitor. Available close substitutes of the product. These all information acquired through this process. Enables the smooth functioning of the marketing process.
Marketing research process
The first and foremost step in the marketing research process. The identification of problems. For which the research is to be conducted. Unless and until the problem is recognized clearly. No clear cut plan can be formed leading to wastage of resources.
Reasearch plan formulation
It consists of strategies. That is to be followed. for solving the problem and achieving the required objectives goals. It involves various data sources. From which data is to be collected. Various research approaches, contacting ways and sampling methods.
Acuiring and gathering Information
It is one of the important step in this process. Its focus is on a collection of all required information. Using various data sources. So that the result will come true and fair.
Interpretation of information
The successful collection of all required information. A systematic and proper study is to be done. To conduct a successful analysis of all collected information. To get details in accordance with the research plan.
In this step, all the findings of the process are presented. In front top management team. For the researcher to take efficient decision-making.
This is the ending of the marketing research process. Once the research results are presented to the management team. They use this research information in their decision-making.