through research. Research is all about fact gathering, relating facts with a focus idea, analysis, drawing conclusion and lastly acting and implementing. Over time, with technology emerging new avenues have been developed to collect data; each and every method of research is suited to particular requirements and factors and is used as per the benefit cost analysis of the situation.
The quantitative market research, obtained through methods such as surveys and polls, can provide useful objective information, hard numerical data about customer buying behaviors. Qualitative market research collects more subjective data through impromptu interviews, focus groups, and mystery shopping, offering deep insight into complex market issues such as behavioral loyalty. These methods are normally used synergistically and not alone. Market segmentation research is done by marketers to check of their market, factors influencing brand loyalty, and how both current and potential customers interact with your business, your brand.
The growing need of marketing concept towards customer orientation is requiring more and more companies to understand and uncover customer needs first and thus there is pressure on firms to coordinate all their activities to satisfy their customers' needs and requirements. For, this even the understanding of the competitive environment is important; managers need to know what their competitors are up to which will help them make strategies and plan ahead of their competitors and also to identify any opportunities or threats that are likely to emerge in the future.
Marketing research can help in the new product development process by facilitating firms in determining the nature of their products, ways to promote the product, prices that they can charge to their customers and also determine the distribution using which they are likely to make sales to their prospective customers; hence, they can determine all four Ps of marketing.
Marketing research is also used to link the customers and consumers to the marketer, as having this knowledge base is important for the customer. Thus, marketing research requires initially determining and specifying the issue or the underlying problem; important thing for the researcher is to correctly evaluate what method of data collection is to be used. Analysis of the result and the implication of the result is the basis of future decision making.
Many types of marketing research used by firms are for ad tracking, advertising research, brand equity research, brand name testing, commercial eye tracking research, concept testing, consumer decision making research, copy testing, demand estimation, mystery shopping, positioning research, segmentation research, test marketing etc.
Some of the commonest of the research methods used are as follows:
1. Historical Research
2. Focus groups
5. Experimental research
6. Correlational research
7. Causal-Comparative research
8. Pilot study
Some aspects of the past are studied either by perusing documents of the period or by