Marketing Management Basics

Methods of Marketing Research

Marketing research is a systematic and objective study of problems pertaining to the marketing of goods and services. It is applicable to any area of marketing. Research is the only tool an organization has to keep in contact with its external operating environment. In order to be proactive and change with the environment simple questions need to be asked:

  • What are the customer needs and how are they changing? How to meet these changing needs? What do the customers think about existing products or services? What more are they looking at?
  • What are the competitors doing to retain customers in this environment?
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Abey Francis

Marketing Research – Definition, Importance and Process

Definition of Marketing Research

Marketing research is a key to the evolution of successful marketing strategies and programmes. It is an important tool to study buyer behavior, changes in consumer lifestyles and consumption patterns, brand loyalty and forecast market changes. Research is also used to study competition and analyze the competitor product’s positioning and how to gain competitive advantage. Recently, marketing research is being used to help create and enhance brand equity.

According to Philip Kotler, Marketing research is systematic problem analysis, model building and fact finding for the purposes of important decision making and control in the marketing of goods and services.… Read the rest

Abey Francis

Importance of Marketing Research in Marketing Process

Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a  social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.

Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace.… Read the rest

Abey Francis