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Market research is all about making firm research about the current situation and trends of the Market. This includes to focus on what is going to be your target market, is there any leading product in the market already or not, what is the need of the customers, what is the paying capacity of the targeted customers.
Now let’s discuss on What is Market Research and their Objectives
There are many definitions have been given by many scholars.
“The systematic gathering, recording, and analysis of data about problems relating to the marketing of goods and services” — The American Marketing Association
“Marketing research is the inclusive term which embraces all research activities carried on for the management of marketing work, the gathering, recording and analyzing of all facts about problems relating to the transfer and sale of goods and services from producer to consumer.” — Harry Hapner
“The systematic objective and exhaustive research for and study of the facts relevant to any problem in the field of marketing.” — Richard Crisp.
Objectives of market research:-
Now we will discuss the Market Research and their Objectives.
1. It provides the basis for planning:-
Market research and sales forecasts provide a proper basis for planning and formulating companies’ policies, strategies, programs and it helps in defining a procedure to move further.
2. It helps in reducing cost:-
Market research helps in reducing the cost of selling, advertising, and distribution of products to its customers.
3. To explore new market:-
Market research helps in exploring the new target market and it also helps in maintaining the existing one effectively and efficiently.
4. Helps in formulating price policy:-
One has to do market research before making any price policy of their product and through market research, it is easy to do it.
5. To know about customers preference:-
To know about the need and requirements of the customers it is very important to do market research one then we can know about the likes and dislikes of the customers and then we can serve them accordingly.
6. To know about the market competition:-
For any firm or organization, it is very important to know about the current market competition and they need to have proper knowledge and information about their competitor’s strategy. On the basis of the information collected firms have to make sure that they must do above their competitors to lead in the market.
Major Steps for conducting Market Research
- Make the Research Report
- Make Decisions
- Analyze the results
- Carry out data collection
- Define the Sample
- Define the Problem
We can say that before launching products to the market one have to do market research to know about the current scenario of the market, current need, and demand of the consumers, competitors and after doing all the relevant research it becomes easy for the organization to form company’s policies.