Marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situations.
Marketing research is "the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define Marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
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.
Marketing Research Process:
Define the problem and marketing research objectives
Developing the research plan
Analyzing the data
Interpreting the findings
Formulating decisions1. Define the problem and market research objectivesThe problem of the marketing research should be clearly defined. It helps to clarify the research process byi. What is to be researched?ii. Why ?iii. How to ?The problem definition gives good flow alternatives available for the marketing research process.2. Develop the research planThis phase of marketing research process provides the plan to conduct the marketing research.The research plan identifies the availability of data, suitable approach for the marketing research process.RESEARCH DATAThe research data required for the marketing research should be collected by two types:i. Primary data.ii. Secondary data.Primary Data:Primary data is the data collected directly from the users, it is the data collected originally from the source.Secondary Data:Secondary data are data that are collected for another purpose, secondary data are the previously collected data which serves as the primary data for the research.Examples of data collection for marketing research are:SurveyQuestionnairesInterviews - Personal. OnlineFocus group3. Data collectionThe data collection part of marketing research process deal with identifying and collecting the data.The data collection phase is most important phase to drive the marketing research.4. Analyzing the dataThe data analyzing involves using the various statistical, analytical models to find the answers for the research problems.This phase deals with various test assumptions and hypothesis to evaluate the findings from the research.5. Interpreting the findingsThe findings from the research is detailed and organized in this section. Findings gives the valuable options and decisions alternatives to solve the problems.It can be marked with major findings and minor findings.The major findings reason out the cause and action effect, and minor findings gives suitable suggestions related to the problem.6. Formulating decisions from alternativesThis phase identifies most suitable solution for the research from the alternatives.Based on the solutions the decisions are taken by the authorities.