Marketing research is a process of gathering information about ideal customers and target market conducted by the organization. This process takes place in order to design or modify the organizational strategy. The scope of this research is data related to current and former customers, consumers, as well as competitors’ marketing activities.
Conducting this research is a basic need for businesses to make sure that the provision of goods and services on their part is done in a favorable way. This research should not be done periodically, but continuously and purposefully; Because in this case and over time, the business will be sure of its ability to meet the needs of the changing market.
By relying on marketing research, we strive to gain a proper understanding of the market and customers. Things that are included in the scope of this understanding include identifying opportunities, examining obstacles and problems, finding sales solutions and evaluating the marketing process.
Difference Between Market Research and Marketing Research
The border between these two concepts is so narrow that sometimes there is no difference between them and they are used interchangeably. In modern and today’s marketing, there is no clear difference between these two concepts. It is said that market research includes surveys and researches that are conducted to understand market needs, market size and existing competition. However, sometimes the questions for which we are looking for a suitable answer include both the fields of market research and marketing research.
In more precise terms, it can be said that these two fields overlap with each other and there is no precise border. In the end, we can conclude that exploring the difference between these two concepts is futile; Because their common goals allow them to answer questions at the same time.In addition, the methods used in them are also common.
Stages of Marketing Research
This process consists of 5 steps. The result of these 5 steps should be consistent with each other, valid and reliable.
1. Define the Problem
First of all, we need to define the problem and determine the objectives of the research. In the definition of the problem, we briefly state the problem and make the subject smaller. At this stage, we are looking for an answer to a specific question. This stage directs our research in the right direction.
When we get the correct definition of the problem, hypotheses will be formed. The explanation and development of each hypothesis usually leads to the presentation of a new hypothesis. However, we should have some hypotheses that are closer to reality.
3. Design and Research
At this stage, we are faced with two parts:
A) Determining the Type of Research
After determining the research topic, we will get a correct understanding of the situation, conditions and type of research. When we reach a precise definition of the subject, we use exploratory research. In this regard, we use a set of primary research to create hypotheses.
In this regard, we are faced with descriptive research that is done after exploratory research. This is because the researcher must first understand the problem in order to be able to explain it in detail.
In causal research, we are faced with a factor that caused certain effects in the market. For example, in this type of research, the effect of price reduction on the sales level of products is investigated.
B) Determining Sources of Information
In research, we usually use two types of data. Primary data and secondary data. Secondary data are data that have already been collected and the purpose of their collection was to implement other research projects. The use of these data is related to the time when a research should be done quickly and at low cost. The remarkable thing about these data is that they are not necessarily related to our research project. On the other hand, primary data are data that are directly related to our topic and are collected for this topic. It is not possible for competitors to access such data. But getting these data is usually expensive, time-consuming and difficult.
4. Data Collection
Data collection is done in 3 ways
A) Observation Method
This method is preferred by marketers. Because they directly observe the behavior or event, as it was and is. This process helps them to pay attention to the customer’s behavior as it is. Only in this way, they can be sure how customers behave in any situation.
In this method, we collect the required information through a questionnaire and communicate directly with the customer. To do this, we can send a letter, call, or meet in person. The use of this method depends on time, accuracy, budget and needs.
In the last stage of analysis, we have the obtained information. At this stage, the researcher or marketer is faced with a significant amount of data and information, which must be confirmed or rejected according to the assumptions he has. This data is converted into useful information in the form of tables and summary preparation. After that, the managers rely on the statistics and the results of the analysis and compare the data with each other and interpret them, they decide on their business and actions.
Up To Sum
Starting a business without doing the marketing research process is very risky. The threats and risks that exist in this way may jeopardize the future and profitability of the business. Marketing research is a factor that reduces the risk and pressure of these risks; Provided that it is done accurately and principled.