Marketing Research Flashcards, test questions and answers

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What is Marketing Research?

Marketing research is the systematic gathering, recording, and analyzing of data about issues related to marketing products and services. The goal of marketing research is to identify and analyze the needs of a company’s customers and the characteristics of a product or service that will meet those needs. Marketers use primary research methods such as surveys and focus groups, as well as secondary research methods such as reviewing existing literature on customer preferences. Through this process, marketers gain valuable insights into their target audience’s wants and needs which can be used to inform strategic decisions in regards to pricing policies, promotional activities, distribution strategies etc.The first step in the process of conducting marketing research is defining a clear objective for what information you are hoping to collect from your study. This could range from wanting to better understand consumer attitudes towards a certain brand or product category all the way up through assessing potential opportunities for introducing new products in foreign markets. From there you must decide how best to go about collecting data; whether it be through surveys distributed online or by mail, interviews with industry experts/leaders or observation studies conducted at retail locations. Once collected each piece of data must then be accurately analyzed so that trends may be observed that can be used when creating marketing plans going forward. This analysis typically involves performing statistical calculations like frequency distributions and regression analyses which help draw out meaningful patterns within large datasets containing hundreds if not thousands of variables. Finally it is important to take action on what was learned during the course of market research.