what is marketing research and its areas
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Marketing research involves studying various areas to understand customer needs and market dynamics. This includes consumer research to understand who buys products and why, sales research to measure promotional effectiveness, and product research to test features and packaging. Other areas examined are pricing to set optimal prices, advertising to craft effective campaigns, and market research to analyze trends, competition and demand. The goal is to help companies make better marketing decisions, develop successful strategies, and design products that satisfy customers.
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This document provides an overview of market research, including definitions, importance, objectives, scope, process, and procedures. It defines market research as the investigation of marketing possibilities for a product in a given region. The importance outlined includes solving marketing problems, increasing market efficiency, facilitating sales forecasting, and making authentic decisions. The objectives are to determine what, when, where, and how to sell. The scope covers product, consumer, sales, advertising, and competition research. The process involves defining the problem, analyzing the situation, informal investigation, planning final investigation, collecting and analyzing data, interpreting conclusions, preparing a report, and implementing recommendations.
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The document discusses the nature and scope of marketing research. It defines market research as the acquisition of primary data about customers and demand for products, while marketing research is the broader systematic process of generating information to aid marketing decisions. Marketing research covers areas like market research, new product testing, advertising effectiveness, and research on competitors. It is used by organizations to better understand customers, identify opportunities, evaluate marketing actions, and monitor performance.
Marketing research
Marketing research is the systematic process of designing, collecting, analyzing, and reporting information to solve specific marketing problems. This group will conduct marketing research to help a company make effective decisions. They will systematically collect and analyze objective information, then make recommendations based on their findings. The research will help managers by providing helpful insights into customer needs, reducing risks, and forecasting trends.
Marketing Research Introduction
Marketing research is defined as the process of systematically gathering, recording, and analyzing qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify how elements of the marketing mix impact customer behavior. The objectives of marketing research include providing a basis for proper planning, reducing marketing costs, finding new markets, determining proper pricing, understanding customer likes and dislikes, knowing market competition, and studying external forces. Some applications of marketing research are concept testing, pricing research, market segmentation, advertising research, positioning research, customer satisfaction research, branding research, brand equity research, and sales analysis.
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Market research notes
This document provides an overview of market research, including definitions, features, objectives, functions, scope, and process. Some key points:
1. Market research is defined as the systematic gathering, recording and analysis of data about problems relating to marketing goods and services. It helps solve marketing problems and aid decision-making.
2. It is a systematic process that collects, records, analyzes data to solve marketing problems. It provides information to marketing managers to make decisions.
3. The scope of market research includes researching products, consumers, packaging, pricing, advertising, sales, distribution, policies, international markets, and motivation.
4. The market research process involves defining objectives, designing the research,
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2. Common persuasive strategies in confectionary ads associate products with fun and happiness rather than factual product information.
3. The effectiveness of celebrity endorsements in advertisements can vary depending on the product category and how closely audiences relate the celebrity to the product.
4. Studies have found that advertisements can impact consumers' brand perceptions and choices, though the magnitude of impact depends on the specific ad and product category.
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what is marketing research and its areas
- 2. WHAT IS MARKETING RESEARCH?
- 4. The firm or company are eager to know about the persons who have the ability to buy and who have the willingness to pay for their product. Marketing is to do with people, product and its process. This knowledge pertains (relates) to buyer variables ( likely to change )such as number of buyers – frequency ( capacity ) of buying – regional location and so on. Such useful information will help us to find out the growth rate of the firm .
- 5. In modern days company may follows different strategies (long-term plan, aim) to promote a product. Promotion-mix ( all the efforts of the seller who sells the goods to the consumer) consisting of three major elements namely advertising , personal selling & sales-promotion. Every element has sub elements. Though some strategies are successful but some are total flop. Research in these areas will help the researcher to know the strength and weakness of the firm To measure the impact of promotional efforts
- 6. To know the consumer response oStudy of consumer response can also called as market- product testing . oIts very important to know the consumer response for all their efforts on delivering the product . It is to know the satisfaction or dissatisfaction of the product among consumer. It helps in sound product planning (good or perfect plan) and improved product development to satisfy the needs of the consumer.
- 7. Marketing cost is an input employed by a the company to execute its marketing program Research relating to marketing cost will help in indicating their marketing policies and procedures . The research has the objective of cost control and reduction so that the consumers are given reduction in prices and a rise in profit. To know the market cost and profit
- 8. To master the external forces Research in these areas is must to survive successfully in the market The external forces are foreign markets , governmental policies , technological changes, consumer income, consumer spending and so on. These forces keep on changing according to the process or growth of a firm. Research makes the firm innovative (creative).
- 9. Marketing control is the final job in the marketing management. It is the task of monitoring and giving the feed back of the marketing performance . Plan have no meaning unless they are materialized (happen or done ) . Marketing planning leads to development of marketing control process. To design & implement marketing control
- 10. The following are the areas of marketing research •Consumer research, •Sales research, •Product research. •Packaging research, •Pricing research, •Advertising research •Market research.
- 14. * Product means the goods and services which are sold to the consumers. * It includes the consumer product and industrial product. EXAMPLE: milk milk products. * Product research studies the individual product. * It studies the making and marketing of the product. * Its studies the colour, shape, size, quality, brand name, packaging and price. * It also deals with the product modification, product innovation (improvement, advance) product life cycle, etc. * The product is modified (changed) as per the needs and wants of the consumer.
- 15. PACKAGING RESEARCH * Packaging research is a part of the product research. * It studies the packaging of the product. * It improves the quality of the packaging. * It makes the package more attractive and convenient for the consumer. * It reduces the cost of the packaging and it also selects the suitable packaging material.
- 16. * Pricing research studies the pricing of the product. * It fixes the price of the product. * It compares the companies’ price with the competitor’s price. * It also fixes the discount and commission which are given to the middle man. PRICING RESEARCH
- 17. ADVERTISING RESEARCH * Advertising research studies the advertising the product. * It decides about the advertising message, layout, slogan, etc. * It selects a suitable media for advertising. * It also evaluates the effectiveness of advertising.
- 18. MARKET RESEARCH : * Market research is a study of a market, market competition, market trends, etc. * It also does the sales forecasting (predicting). * It estimates (guesses) the demand for the new product.