Market research involves systematically gathering and analyzing data about a market and consumer behavior to help businesses make more informed decisions. It provides necessary data on consumer behavior, demand, supply and competition. The results of market research, usually in a report, can then be used to determine the best promotional strategies, select appropriate media, furnish market information, and keep a check on marketing performance. The marketing research process involves establishing needs and objectives, designing and conducting research, analyzing data, and reporting findings. Market research covers various areas including products, markets, sales, advertising, pricing, distribution, and the business environment.

1. MARKETING
RESEARCH
By-Vaibhav Dixit

2. What is Market Research?
■ Market research consists of systematically gathering
data about people or companies – a market – and
then analyzing it to better understand what that
group of people needs.The results of market
research, which are usually summarized in a report,
are then used to help business owners make more
informed decisions about the company’s strategies,
operations, and potential customer base.

3. Importance of Market Research
■ Provides Data: Market research provides necessary data about consumer behavior,
demand & supply and competition which is essential in decision making.
■ Studies Consumer Behavior: Market research gives the businesses idea about likes,
dislikes, income, age group, etc. of the its customers.
■ Importance of Market Research Helps in DecidingThe Best Promotional Strategy:The
research helps businesses in coming up with a promotional strategy which suits their
budget, target audience, geographical coverage etc.
■ Selection of Media Market research helps in selecting the right media to be used for
advertising. It also helps in outlining the budget required for sales promotion
techniques and advertising.

4. ■ Furnishes Market Information Data regarding market situation is supplied with the
help of market research.This data helps in estimating:
1) Demand and supply situation of present and future.
2)Level of competition.
3) Reasons for fall and rise in level of sales.
4) Opportunities for marketing.
■ Keeps A Check on Marketing Performance :
1)Market research helps in evaluating and checking performance of a business against
its competition.
2)Research helps in estimating the effectiveness of potential strategies.
3)It helps business to understand consumer reactions both positive and negative to its
previous products or those of its competitors.
4) Market research is helpful in finding out effectiveness of package, price, brand name,
etc. on sales
5) Helps in creating pricing and inventory policies.

5. Steps in the Marketing Research Process
■ Establish the need for the marketing research.
■ Define the problem.
■ Establish research objectives.
■ Determine the research design.
■ Identify information types and sources.
■ Determine the methods of accessing data.
■ Design data collection forms.
■ Determine sample plan and size.
■ Collect data.
■ Analyze data.
■ Prepare and present the final research report.

6. The Scope of Marketing Research
■ Research on Products
■ Research on Market
■ Research on Sales Methods and Policies
■ Research onAdvertising
■ Research on Pricing
■ Research on Distribution
■ Research on Business Environment and Corporate Responsibility