Marketing Research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. Systematic gathering, recording and analysis of data relating to marketing of goods and services.
Marketing research is used to find out the best possible solution for a marketing problem. Used to eliminate possible risk of a specific problem. Based on data, facts and information. Specific procedure is followed to conduct marketing research Managerial purpose. Solution oriented. Characteristics
Importance Consumer oriented marketing Reduces risk Effective managerial decisions Identification of opportunities Stimulates sales Assessment of real image of the company Reduction of marketing cost More profitability