Marketing Research & Elements of Marketing Research

Marketing research is the process of systematically gathering, recording, and analyzing data related to problems in the marketing of goods and services. Essentially, it involves collecting information that can help businesses make informed decisions regarding their marketing strategies.

Market research, on the other hand, is only one part of marketing research. It focuses on certain aspects of marketing, like market size, demographics, and geographic distribution. While market research is an important function, it does not cover all the elements of marketing research.

There are many different elements involved in marketing research, including:

  1. Market Research: This aspect covers the size and nature of the market, including factors like consumer demographics, income, and economic aspects.
  2. Sales Research: This includes analyzing regional differences in sales, determining the effectiveness of sales methods and incentives, and evaluating sales territories.
  3. Product Research: This involves looking at the strengths and weaknesses of existing products, testing issues related to diversification and simplification, and making decisions about product lines.
  4. Packaging Research: While packaging research is a subset of product research, it has become increasingly important in recent years due to its impact on advertising. This involves studying the aspects of packaging and how it affects consumer behavior.
  5. Advertising Research: This encompasses many different areas, including copy research (preparation of advertisement copy), media research (determination of media channels), and measurement of advertising effectiveness.
  6. Business Economic Research: This type of research focuses on issues related to input/output analysis, forecasting, and price and profit analysis.
  7. Export Marketing Research: This research is specifically designed to study the export potential of a product. Often, it requires conducting one or more of the types of research mentioned above.

By conducting marketing research and understanding the different elements involved, businesses can make informed decisions that help them succeed in their respective markets.

Leave a Reply