Marketing research is the process or set of processes that links the producers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications
Types of Market Research
If you are wondering, what exactly market research is, and what types of businesses require market research, then here is your answer. Market research consists of two types of research, primary and secondary and almost every type of business requires market research in order to be successful.
- Primary Researchmonitors the effectiveness of sales, existing business practices, the quality of services, and the tools used for communication. Additionally, it also assesses the current market competition by evaluating the business plans of your competitors.
- Secondary Researchis the collection of already published data to create a company database that helps in situation analysis. It devises strategies for benchmarking, and helps in determining the market segments that a company should target.