WHAT IS THE MEANING OF MARKETA market at any place where the sellers of aparticular goods or services can meet withthe buyers of that goods and services wherethere is a potential for a transaction to takeplace. The buyers must have something theycan offer in exchange for there to be a potential transaction..
WHAT IS THE MEANING OF RESEARCHResearch is the process of gatheringinformation from varying sources usually inrelation to a specific topic and for a specific purpose.
MEANING OF MARKET RESEARCHIt is the scientifically & systematically collecting &analyzing all those information from which thepresent & prospective problems, related to themarketing could be ascertain & for solving them, italso help in taking several decision making.
DEFINITION OF MARKET RESEARCH Professors P. E. Green & D. S. Tull :- MarketResearch is "the systematic and objective search forand analysis of information relevant to theidentification and solution of any problem in thefield of marketing”.
FEATURES OF MARKET RESEARCH1. It is a systematic study - There is a definite way or procedurein which research is conducted. It stands for a series of step orsequence of operations with the logical arrangement.2. It is a scientific study - The main aim of Market Research is tosupply relevant information to the marketing manager to enablehim to make sound and timely decisions. Scientific information isthe data which is evaluated ,objective ,clear, reliable and lawful.3. It is a tool of management - Market Research is an effectivetool in the kit of management team to take several decision.Management todays faced with countless problems which areto be solved within minimum time and cost.
OBJECTIVE OF MARKET RESEARCHIn the opinion of Mr. Rexon ,the object of market research to obtainthe best possible response to some of the significant business queries.These are the main objective of market research-(i)To known ,What should be produced, When and How muchproduced and What price be charged? = =(iii)Knowledge of the consumers reaction about the product.(ii)Knowing the reasons for the product not being sold.
SIGNIFICANCE OF MARKETRESEARCH 1. New Product. 2. Production & sales planning.(Production in accordance with the demand) 3. Reducing Risk.
3. Helpful in facing the competition.5.Knowlege with regards to the customers.(who are thecustomers ,where do they live and what is their income)
SCOPE OF MARKETING RESAECH 1.Related to the market.(discover the new market,knowing about the customer, pre-estimation of demand of new thing and income ) 2.Related to the product.(studying the need of the consumers, their taste and likes) 3.Related to the distribution and sales.(cost analysis and means adopted for sales
LIMITATION OF MARKETING RESEARCH1. Limitation of change in thecollection data.2. Limitation of time limit.
3.Limitation of efficiency. 4.Limitation of money
CLASSSIFICATION & KINDS OF MARKET RESEARCH 1.Sales Research.(is discovered whether the presentdemand of the product in the present market can be met by the exiting supply or not) 2.Advertising Research.(various media of advertisement )
3.Product Research.(whether the product fulfill the desires of the customers and meet their taste or not) 4.Consumer Research.(studied the existing ,past and prospective needs of the consumers )
TECHNIQUE OF MARKET RESEARCH 1. Panel Technique. 2.Product Testing Technique. 3.Observation Technique.