What is Market Research?

Primary information is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research.This type of information generally falls into two categories: Exploratory research is a less structured option and functions via more open-ended questions, and it results in questions or issues being presented that the company may need to address.

Market information: Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation.

Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.

Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use.

Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation.

A company that was considering going into business might conduct market research to test the viability of its product or service .If the market research confirms consumer interest, the business can proceed confidently with the business plan. If not, the company should use the results of the market research to make adjustments to the product to bring it in line with customer desires.

Market research was first put into place in the United States in the 1920s, and originated during the advertising boom during the Golden Age of Radio. Companies that advertised on the radio began to understand the demographics that were revealed by how different radio shows were sponsored.

It has been added to by the growth factor of emerging global markets, such as China, Indonesia and Russia, which is significantly exceeding that of the established and more advanced B2B e-commerce markets.

Market research creates not only this understanding, but is the process of data analysis regarding which products and services are in demand.

This application is a highly effective vehicle for market research, which combined with E-commerce, is now regarded as a separate, extremely profitable field of global business.

In addition, they provide comprehensive and competitive strategies with market research tools, designed to promote worldwide business opportunities for entrepreneurs and established providers.

General access, to accurate and supported market research facilities, is a critical aspect of business development and success today.

The Marketing Research Association was founded in 1957 and is recognized as one of the leading and prominent associations in the opinion and marketing research profession.

The retail industry aspect of online market research, is being transformed worldwide by M-Commerce with its mobile audience, rapidly increasing as the volume and varieties of products purchased on the mobile medium, increases.

It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.

The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.

Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.

The goal of market research is to obtain and provide management with viable information about the market (e.g. competitors), consumers, the product/service itself etc.

The purpose of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and up to date market information.

Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution.

Marketing research helps the marketing manager link the marketing variables with the environment and the consumers.

Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.

Traditionally, marketing researchers were responsible for providing the relevant information and marketing decisions were made by the managers.