What is Marketing Research?
Marketing research links marketers and organisations with their consumers through information related to marketing opportunities and problems.
Marketing research is often used as a synonym for market research which is not correct. The different between market research and marketing research is hidden in their name itself. Market research deals with only a particular “target” market where as marketing research only deals with research related to marketing activity We can safely say marketing research is a sub-set of market research.
Marketing research is a process of gathering, analysing and interpreting raw data about consumers to derive usable business information which can facilitate marketers in decision making.
Marketing research is used to find answers to questions like:
- Who are consumers of my products or services?
- What’s the best way to communicate my marketing message to them?
- What’s the performance of my advertising campaigns?
- Do I need to run a special promotion to drive sales?
- How my product or service is faring against competition?
- What’s my competition doing to attract consumers?
- How’s the market environment?
- What’s my brands health?
These are just a small set of questions which are answered using marketing research techniques.