14 Questions
According to the Marketing Research Association, how is marketing research defined?
It is the function which links the consumer, customer, and public to the marketer through information
What is the goal of marketing research?
To identify and assess how changing elements of the marketing mix impacts customer behavior
What are the three wide areas covered by marketing research?
Market analysis, product research, and consumer research
In marketing research, what does product research yield information about?
Characteristics and desires for the product
What does marketing research aim to do with the gathered information?
Refine and evaluate marketing actions
What is included in the definition of marketing research according to the Marketing Research Association?
Information used to identify and define marketing opportunities and problems
What is the main purpose of marketing research?
To determine the extent and location of the market for a product or service
What is a key feature of marketing research according to the text?
Planned procedure of investigation and analysis
What is the significance of accuracy in marketing research?
To ensure exactness in calculation, observation, and reporting
How does marketing research help in minimizing costs?
By identifying consumers' needs and ensuring their satisfaction
What does marketing management aim to achieve through marketing research?
Achieve the most profitable allocation of company resources to market opportunities
What is the primary focus of marketing research according to the text?
Selling, promotion, advertising, and distribution
Why is accuracy strictly ensured in marketing research?
To ensure exactness in reporting and decision-making
What does marketing research help in achieving according to the text?
Selling the right product through right channels of distribution to right consumers at right places and at right price
Study Notes
Marketing Research Definition
- Marketing research is defined as the systematic gathering, recording, and analyzing of data about a particular market, competitors, or consumers to provide insights that guide business decisions.
Goals and Objectives
- The primary goal of marketing research is to provide accurate and relevant information to help businesses make informed decisions.
- The main purpose of marketing research is to identify and solve marketing problems.
Areas Covered
- Marketing research covers three broad areas: product, market, and consumer research.
- Product research yields information about product features, pricing, and packaging.
- Market research provides insights into market size, competition, and trends.
- Consumer research helps understand consumer behavior, preferences, and needs.
Features and Significance
- A key feature of marketing research is its systematic approach to gathering and analyzing data.
- Accuracy is crucial in marketing research to ensure reliable and actionable insights.
- Marketing research helps minimize costs by identifying areas of inefficiency and optimizing resource allocation.
Role in Marketing Management
- Marketing management aims to achieve a competitive advantage through marketing research.
- The primary focus of marketing research is to provide insights that drive business decisions and strategy.
Benefits and Achievements
- Marketing research helps businesses achieve a better understanding of their target market and customers.
- By ensuring accuracy, marketing research helps businesses avoid costly mistakes and minimize risks.
Test your understanding of the meaning and definition of marketing research, which involves the systematic gathering, recording, and analysis of qualitative and quantitative data about marketing products and services, to identify and assess their impact on customer behavior.
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