Marketing Research

MD AZIZUR RAHMANEMAIL-azizurmlis@gmail.com

Marketing ResearchScientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification of a specific market and measurement of its size

and other characteristics. (2) Product research: identification of a need or want and the characteristic of the

good or service that will satisfy it. (3) Consumer research: identification of the preferences, motivations, and buying

behavior of the targeted customer. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data).

The main objective is to find a real need and fulfill it in a most cost effective and timely manner.

Also called market research. www.businessdictionary.com/

Marketing Research

• Systematic collection of information on an existing or potential markets, for analysis and subsequent action.

So..why do research?

• Minimize risk• Focus efforts• Maximizes returns

What is Marketing Research?

• To indentify customers needs and wants• Understand competitor • Analysis the market dynamics

Types of Data

• Primary and• Secondary

Market Research

Primary

Qualitative

GroupInterview

Quantitative

Survey

Secondary

Internal Source

Internal Sales data

ExternalSource

Agency Research

Primary and Secondary research

Primary

• First hand data• Tailored to company

needs• Up to dates• Time consuming to

collect data• Expensive to collect

Secondary

• Data is already present

• Not specific to the company needs

• May be out of date• Quick to collect• Cheaper to collect