Marketing research is a systematic approach to solve marketing problems. The American marketing association define marketing research. The systematic gathering, recording and analysis of data about problem relating to marketing of goods and services.


Feature


1.  systematic process
Marketing research is a systematic process to identify and to solve marketing problems. The process of marketing research involves the following step.
  •        Identify the marketing problem
  •        Create the research design (plan) to conduct research.
  •        Collection of data through primary and secondary sources
  •        Processing of data
  •        Analysis and interpretation of data
  •        Preparation of research report
  •        Implementation of research findings
  •        Review or follow-up of action taken.


2.  Specific in nature
Marketing a research is specific in nature. It is undertaken to solve specific problem. The marketing manager collect and analyzes the data relevant to the specific problem.


For instance, if marketing research is undertaken to fix the right price for a new product or to modify the price of an existing product, the marketing manager
will collect relevant data regarding pricing of competitors product, demand for the product in the market, nature of customers and other factor.



3.  scope
Marketing research attempts to solve problem in a wide range of areas. The problem relate to various areas of marketing such as.


  •      Product research relating to features and packaging
  •      Promotion research covering element of promotion-mix as publicity,             advertising and sale promotion.
  •      Pricing research to find out the appropriateness of pricing depending upon certain factor, as nature of customer, competition, cost, corporate image, credit policy, etc.
  •      Places research covering area of channels of distribution, compensation to intermediaries, etc.



4.  applied research

Marketing research is conducted to solve specific problem of commercial importance. Marketing research is subject to commercial consideration, it Is not a fundamental research but an applied research as it is used to solve specific marketing problems. The marketing problem may be in respect of product design, pricing, promotion, distribution, etc.


6.  continuous in nature
Marketing research is continuous in nature. As long as the firm exists, there is a need for marketing research. Marketing problem arise on a continuous basis due to changes in environment, such as changes in customer expectation change in competitors strategies, changes in government policy etc. there is a continuous need to collect relevant marketing data to overcome marketing problem.



7.  company objective

Due to marketing research, the company is a position to achieve its objectives. Marketing research enables firm to solve marketing problem. The resolving of marketing problem enables a firm to achieve its objective as higher sales and higher profits because of cost effective decision.


8.  cost – effective

Marketing research must be cost effective. Marketing research must ensure proper availability of data to make effective marketing decision. The money spent on marketing research must generate enough return to the firm.
9.    professional approach

Marketing research require professional approach in respect of the following activity.
  •        Selection of marketing research staff.
  •        Training to the research staff
  •        Collection of data
  •        Analysis of data etc.
  •        Bias on the part of the research staff
  •        Inconsistent or incomplete responses of the respondents
  •        Limitation of time and fund
  •        Limitation of data collection and data analysis technique