Meaning Of Marketing Research

The term “Marketing Research” is composed of two words –“Marketing” and “Research”.

Marketing

Marketing basically consists of spotting the needs of customers and meeting them in the best possible manner through appropriate production and distribution activities.

The term marketing refers to buying and selling activities. Exchange/transfer of ownership is the essence of marketing.

Research

Research means detailed/systematic/comprehensive study of a problem. .

Research is a process involving a series of steps to collect and analyze the information needed for decision-making in the desired / specific field of inquiry. The term research can be applied to any field of human activity.

Research means “studious enquiry” or “thorough, honest and impartial study conducted by trained men using scientific methods”. It means detailed study relating to a particular subject.

The term MR is used extensively in modern marketing management. It acts as a tool for accurate decision making in marketing of goods and services. It is also useful for studying and solving different marketing problems faced by business units. . Here, the details (information and data) of the marketing problem are collected and studied, conclusions are drawn and suggestions/recommendations are made to solve the problem quickly, correctly and systematically. In MR/ marketing problem is studied in depth by collecting and analyzing all relevant information and solutions are suggested to solve the problem relating to consumers, product, market competition, sales promotion and so on.

MR is a special branch of marketing management. It is comparatively of recent in origin. MR acts as an investigative arm of a marketing manager. It suggests possible solutions on marketing problems for the consideration and selection by a marketing manager. It also acts as an important tool to study buyer behavior, changes in consumer life-styles and consumption patterns, brand loyalty and forecast market changes.

MR techniques are used by manufacturers/exporters/distributors and service organizations to collect information on various aspects of marketing. The information collected is analyzed and used for decision-making in the marketing management. MR facilitates accurate marketing decisions for consumer satisfaction on the one hand and sales promotion on the other hand. It is rightly treated as the SOUL of modern marketing management. MR suggests possible solutions on marketing problems to marketing manager for his consideration and final selection/decision. It is rightly said that the beginning and end of marketing managementis marketing research. Decisions on each element of the marketing mix-product, price, distribution and promotion-need marketing research support. Marketing research is primarily used to provide information needed to guide marketing decision viz., market mix. It acts as a support system to marketing management.