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Market research entails the application of the business approach to the task of accumulation, directing, examining and representing desired marketing information. This means that each and every step in the research process must be cautiously designed, efficiently organized, so that the whole process is properly incorporated and accomplished at the right time and in the desired order.
Each part or segment of the research plays a crucial role in the efforts of the research team to accomplish the said objectives. The market research process involves three operations: -
Market Research Process = Input - Process - Output
Marketing researcher is directly connected with all three operations. Input means data, i.e., detailed information and standards. In data processing, the market researchers processed the accumulated information and then categorize and scrutinize it to get output in the form of desired results. Output or results in the form of data is crucial for successful marketing functioning. The main characteristics of effective yield include: -
- It should be appropriate.
- It should be current.
- It should be precise.
- It should be consistent.
- It should be adequate.
- It should be cheap.
- It should be clear.
- It should be utilizable without making extra modifications.
Market research process provides high-quality information, which becomes an integral part of information system for planning and controlling the marketing functions. Market research is all about raising your understanding about market conditions, clients’ needs and the reasons behind their dissatisfaction. It is basically a methodical approach for accumulating customer response and assuring that the reaction is as independent and unbiased as possible. The main objective behind market research is to remind workforce that the whole things that they perform should be in proper manner of the ‘typical customer’.
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Submitted by admin on Thu, 2007-02-01 04:56.