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Market research process

            
            
            
            
            
            
             Market research defined : the planning, collection and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management.
             Key marketing terms :.
             o Marketing concept.
             o Consumer orientation.
             o Systems orientation.
             o Marketing mix.
             THE ROLE OF MARKETING RESEARCH IN DECISION MAKING .
             Marketing research plays 2 key roles in marketing decision making :.
            
             • It is part of the marketing intelligence feedback process. It provides decision makers with data on the effectiveness of the current marketing mix and provides insights for changes.
            
             • It is the primary tool for exploring new opportunities in the marketplace.
             THE IMPORTANCE OF MARKETING RESEARCH MANAGEMENT.
             Marketing research plays 3 functional roles :.
            
             • Descriptive.
             The gathering and presentation of statements of fact.
            
             • Diagnostic.
             The explanation of data or actions.
            
             • Predictive.
             Specification of how to use the descriptive and diagnostic research to predict the results of a planned marketing decision.
             TRENDS INFLUENCING THE IMPORTANCEOF MARKET RESEARCH.
            
             • The unrelenting drive for quality and customer satisfaction.
            
             • The paramount importance of keeping existing customers.
            
             • The need for manager tounderstand the ever-changing marketplace.
             APPLIED RESEARCH Vs. BASIC RESEARCH.
            
             • Applied Research :.
             Research aimed at solving a specific, pragmatic problem - often focused on trying to better understand the marketplace or why a strategy failed.
            
             • Basic Research :.
             Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem.
             SITUATIONS THAT PRECLUDE THE EFFECTIVE USE OF MARKETING RESEARCH :.
             Deciding whether to conduct market research.
            
             • A lack of resources.
            
             • Research results would not be useful.
            
             • Poor timing in the marketplace.
            
             • The decison has already been made.


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