Marketing Research Industry Overview

Organizations performing marketing research for their own needs. They employ dedicated departments or individuals to conduct studies internally.

Companies that conduct market research for other businesses, providing specialized services and expertise.

An internal approach where companies utilize readily available resources and tools to gather information.

Marketing research firms that offer the complete range of services, from project design to data analysis.

Firms that specialize in specific marketing research areas like data analysis or survey design, offering targeted expertise.

Charles Coolidge Parlin is widely recognized as the pioneer of marketing research. He initiated the first continuous marketing research in the early 1900s for Curtis Publishing Company.

The widespread adoption of marketing research began in the 1930s as markets expanded geographically and universities started offering marketing research courses. Statistical sampling and focus groups were introduced in the 1940s, paving the way for more sophisticated research methods.

Marketing research has played a crucial role in tracking consumption patterns since the 1960s. The availability of computers in the 1950s significantly enhanced data analysis, and automation of data analysis further revolutionized the field in the 1970s.

The introduction of personal computers in the 1980s improved data analysis capabilities. Globalization in the 1990s led to significant changes in the industry, including mergers and acquisitions. The 2000s saw a surge in innovative research techniques driven by the rise of mobile devices and other new technologies.

Marketing research firms can be categorized into three main types: full-service firms, specialized service firms, and syndicated service firms.

The marketing research industry is characterized by several key elements, including the suppliers (firms), consumers (companies that use marketing research), and competitors (other research firms). It is also influenced by factors like industry regulation, professional associations, and technology.

The marketing research industry faces challenges such as increasing competition, changing consumer behavior, and data privacy concerns. In response to these challenges, researchers are constantly seeking innovative solutions and adapting their methods.

The marketing research industry has taken steps to improve its professionalism and ethical standards through initiatives like the Marketing Research Association's Code of Ethics and the development of industry standards. These efforts ensure the integrity and credibility of research methodologies.

Marketing research services that analyze trends and consumer behavior within an industry and sell the information to many companies.

Marketing research services that use specific proprietary methods to conduct research, such as test marketing or measuring satisfaction.

Marketing research services that specialize in collecting and analyzing data about online consumer behavior.

Marketing research services that are customized to meet the specific needs of individual clients.

Marketing research services that focus on a particular industry or market segment.

A qualitative research method that uses focus groups, interviews, and observations to gather rich insights about consumer behavior.

A research technique that uses mobile devices like smartphones or tablets to collect data.

Using various sampling methods to select a representative group of people for research.

A marketing research technique that uses brain imaging technologies to observe consumer responses to products, packaging, advertising, and other marketing stimuli. It aims to understand subconscious reactions and preferences.

A process of identifying and analyzing different consumer groups based on factors like demographics, psychographics, and behaviors, to develop tailored marketing strategies for each group.

Tracking and analyzing online conversations, social media posts, and mentions related to brands, products, or industries to understand public sentiment, trends, and potential opportunities or threats.

A broad category of marketing research methods that involve collecting data through various direct interactions with consumers, including telephone surveys, online questionnaires, in-person interviews, and mall intercepts.

A comprehensive field of research that involves designing, conducting, and analyzing data to solve marketing problems and inform strategic decisions.

Online platforms that provide a forum for consumers to engage in discussions, share feedback, and participate in research studies related to specific products, brands, or industries.

A global industry estimated to generate over $44 billion in revenue, with the top 25 firms accounting for a significant portion of it.

The marketing research industry faces challenges in incorporating innovative data sources and methodologies, effectively communicating research findings, and attracting and retaining skilled professionals.