Marketing research may be defined as the mechanism which helps in linking the customers, producers and several other end users to the marketer and help in finding and communication of all required information. It is the system that leads to collection of data, analysis of data and then interprets the required information to the users. Marketing research plays an important role in 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 a very efficient tool for the marketers to understand the trends of market that mainly consists of information relating to new product launch in the market, trends in consumer demand, pricing strategy of the competitor and available close substitutes of the product. These all information acquired through this process enables in smooth functioning of the marketing process.
Marketing research process
The first and foremost step in the marketing research process is 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 are to be followed for solving the problem and achieving the required objectives goals. It basically 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 main focus is on a collection of all required information pertaining to the research and holding it at one place for proper and systematic study.
Interpretation of information
After the successful collection of all required information, a systematic and a proper study is done on this to conduct a successful analysis of all collected information to get details in accordance with the research plan.
Now, in this step all the findings of the process are presented to the top management team by the researcher for efficient decision making.
This is the ending of the marketing research process. Once the research results are presented to the management team is up to them whether they use these research information in there decision making or not.