marketing research
the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization- marketers often need formal studies that provide customer and market insights for specific marketing situations and decisions
Marketing research is the process of gathering and analyzing information about a company’s target market, customers, competitors, and other factors that could impact a company’s marketing efforts. The goal of marketing research is to help companies make informed decisions about their marketing strategies, including product development, pricing, promotion, and distribution.
Marketing research can be conducted through both primary and secondary research. Primary research involves gathering new data directly from customers, while secondary research involves analyzing existing data that has already been collected by other businesses or organizations.
The different methods of primary research include surveys, focus groups, interviews, and observation. Surveys involve gathering data by asking customers questions through online or paper-based surveys. Focus groups involve gathering a small group of customers together to discuss a product or service. Interviews are one-on-one discussions with customers, while observation involves simply watching how customers behave in a particular environment.
Once the data has been collected, it needs to be analyzed to identify patterns and trends. This requires statistical analysis and data visualization tools to help make sense of the data. Once the analysis is complete, the researchers will present their findings to the company and make recommendations based on their research.
Overall, marketing research plays a critical role in helping companies make informed decisions about their marketing efforts. By gathering and analyzing data, companies can tailor their marketing strategies to meet the needs and preferences of their target customers.
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