Importance Of Marketing Research

FACULTY IN-CHARGE: PROF. HARISH MENON

Manav Nair R703 PGDM B

SCOPE

The scope of the term paper is to find out how useful is Marketing Research for companies. Marketing Research links producers, customers through information which will identify and define marketing opportunities. Marketing Research is important as it is concerned with all the major functions of marketing since it covers the

Marketing Research is categorised into two parts: Target Market and Methodological Approach. Under Target Market:

1. Consumer marketing research

2. Business-to-Business marketing research

Under Methodological Approach:

1. Qualitative marketing research

2. Quantitative marketing research

Consumer marketing research concentrates on behaviours, attitudes and preferences of the consumers in a market.

There are other forms of research such as Market research, Product research and Advertising Research.

Now, we will see in detail how useful marketing research is for the companies.

INCREASED SALES

There are many cases where companies enter into a market and introduce the product and make enormous sales in the beginning but at the beginning of the maturity period, the sales of that company begin to mature thereby making sales at a slow paced as opposed to making huge sales during the initial

This has helped in boosting the growth of international markets. Marketing Research is very useful for companies in conducting market survey for exports. Companies use Marketing Research to find out about the various market conditions prevalent in the country that they would like to invest in. It collects information on the marketing environment which is present in a country. After collecting information about the consumer behaviour in that particular country, companies can use the data to decide on various strategies in order to introduce their product or service in the market of that particular