Marketing Research Literature Review

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Marketing research

I have chosen the market research because it is the very first step of most economical process. Philip Kotler (1994) define the marketing research as

“function that links the consumer, customer, and public to the marketer through information-information used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications..”

Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:

Primary marketing research is collected for the first time if the company has enough money to finance it, but in most case it is the second more accurate one. It is original and collected for a specific purpose, or to solve a specific problem. Primary research delivers more specific results than secondary research, more expensive and time consuming, which are an especially important consideration when the company is launching a new product or service. There are many ways to conduct primary research. By customizing tried-and-true approaches, focus groups, surveys, field tests, interviews or observation, you can gain information about your target market. Primary research is generally based on sampling techniques and requires statistical methodologies. The sample size could be as small as 1 percent of the market and thus the information and results gathered are highly accurate.

Secondary marketing research or desk research is generally used when a company considering, extending a business into new markets or adding new services or product lines, because it already exist in one form or another.

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