Characteristics Of Marketing Research

Characteristics Of Marketing Research:

(1)   Systematic and continuous process: MR is a continuous process. This is natural as new marketing problems are bound to come from time to time in the course of marketing of goods and services. One type of research is not adequate to resolve all marketing problems. Similarly, new research projects will have to be undertaken to solve new marketing problems and challenges. A marketing company faces new marketing problems from time to time. For facing these problems marketing research activities need to be conducted on a regular basis. A marketing company has to conduct MR regularly for its survival & growth in the present dynamic marketing environment.

(2)   Wide/comprehensive in scope and application: MR is wide in scope as it deals with all aspects of marketing of goods and services. It is more than just collecting data on marketing. Introduction of new products, identification of potential markets, selection of appropriate selling techniques, study of market competition and consumer preferences, introduction of suitable advertising strategy and sales promotion measures, are some areas covered by MR. It plays a role in all the three phases of the management process in marketing: planning, implementation and evaluation.

(3)   Emphasizes on accurate data collection and critical analysis: In MR, required data should be collected objectively and accurately. The data collected must be reliable. It should be analyzed in a systematic manner. This will provide comprehensive picture of the situation and possible solutions.

(4)   Offers benefits to sponsoring company and consumers: MR is useful to the sponsoring company. It raises the turnover and profit of the company. It also raises the competitive capacity and creates goodwill in the market. It enables a company to introduce consumer-oriented marketing policies. Consumers also get agreeable goods and more satisfaction due to MR activities.

(5)   Commercial equivalent of military intelligence: MR is the commercial intelligenceactivity. It is similar to military intelligence where systematic study is made before taking any military action. MR acts as the intelligence tool of marketing management.

(6)   Tool for managerial decisions: MR acts as a tool in the hands of management for identifying and analyzing marketing problems and finding out solutions to them. It is an aid to decision-making. It suggests possible solutions for the consideration and selection by managers. MR is an aid to judgment andnever a substitute for it.

(7)   Applied type of research: MR is applied knowledge. It is also called ‘decisional research as it provides specific alternative solutions to deal with a specific marketing problem. It studies specific marketing problem and suggests alternative solutions and possible outcome of each alternative. In addition, itis both science and an art. MR is also becoming highly professional activity.

(8)   Reduces the gap between the producers and consumers: MR is an essential supplement of modern competitive marketing. It is useful for understanding the needs and expectations of consumers. It reduces the gap between producers and consumers and adjusts the marketing activities to suit the needs of consumers.

(9)   Not an exact science: MR is both science and an art. It collects information and studies marketing problem in a scientific manner. The information collected is also applied to real lire problem. However, MR is not an exact science. It only suggests possible solutions and not the exact solution to marketing manager for consideration and selection. At present, MR is treated as a professional activity. We have professional agencies (MR agencies or advertising agencies) dealing with the marketing problems of their clients on commission basis.

(10)     Use of different methods: MR can be conducted by using different methods. Data can be collected through survey or by other methods like observation method or experimentation method. Even computers and internet are used for data collection. The researcher has to decide the method that is suitable for the conduct of research project. This selection is important as the use of unsuitable methods affect the quality of research work.

(11)     Dynamic character: MR is dynamic in nature. Its scope is fast expanding along with the new developments in the field of marketing. This is natural as MR is essentially for dealing with new problems and challenges in the field of marketing. In addition, developments in other subjects such as economics, statistics, computer science, sociology, psychology, cultural anthropology and behavioral sciences also bring corresponding changes in the field of MR. New methods, new techniques, etc., are used while conducting the research activities. This suggests that MR is a dynamic and progressive subject with new developments taking place regularly.

(12)     Closely connected with marketing information system: Both the concepts are interrelated. In fact, MR is one component of MIS. Both are useful for solving marketing problems and for accurate and quick decision-making in the field of marketing.

(13)     Phenomenal growth: MR has made a phenomenal growth since its inception. It has become an important tool in the hands of management (to solve marketing problems) along with the advent of consumer-oriented philosophy in modern business. The increasing research budgets of companies are the indicators of its tremendous growth in recent years.