Marketing is a composite plan by which the demand structure for economic goods and services is wisely estimated and accomplished through innovation, publicity, exchange and physical distribution of such goods and services that can fulfill desires, demands, wants of customers or users in the market place.
Marketing can be defined as, “The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.”
Marketing program begins with the idea of the products and does not end until the demands of the customers are satisfied in an adequate manner. Customer is the pivot around which the whole marketing process rotates. Gathering additional data about clients and traders and about marketing mix normally is the heart of marketing research program.
As a business firm expands larger and management becomes more remote from the market place, marketing management has to trust deeply on marketing research as a managerial tool in solving any problem in the marketing field. Marketing research is an invaluable tool in the process of decision-makings that is based on scientific investigation and analysis of a marketing system.
Market research has much wider scope and directly connected with the whole business process. It is the methodical collection, recording and examining of information about problem connected with market place, i.e., problems relating to product, price, promotion and physical distribution (4p’s of the marketing mix). Marketing research is concerned with all those factors, which have a direct impact upon the marketing.
It is also a vital technique for planning, and also involved in evaluating the earlier marketing efforts. The exclusive characteristic of marketing research is that it is typically project-oriented, and it tries to respond particular questions or to solve problems related with marketing mix.
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Submitted by admin on Sun, 2007-01-28 06:25.