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marketing researchthe systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem. Marketing research can be ad hoc and specific or continuous and general.
Ad hoc (or one-off) marketing research sets out to obtain specific information which is needed for a particular purpose, for example a study of consumer attitudes and perceptions about an existing product. This information could then be used to modify the product or change the MARKETING MIX used to promote it. See CONJOINT ANALYSIS.
Continuous (or on-going) marketing research involves monitoring of the firm's market environment on a regular basis. Such research provides intelligence about competitors and their pricing and marketing policies, effects of proposed legislation on company brands, the potential impact of economic changes such as total consumer spending and social trends such as environmental awareness.
Marketing research uses a variety of techniques such as in-depth interviews and group surveys which can be used primarily for MOTIVATIONAL RESEARCH; in addition, field studies can be undertaken using QUESTIONNAIRES and interviews, and desk research of records and data, these being used primarily for MARKETING INTELLIGENCE. Finally, techniques such as consumer panels, market experiments and observation may be used to gain information about existing products.
Businesses carry out marketing research to enable them to identify market trends; to find out about market characteristics; to forecast market potential; to analyse MARKET SHARE; to find a MARKET SEGMENT; and to test consumer acceptance of new or existing products. See CONSUMER ORIENTATION, NEW-PRODUCT DEVELOPMENT.
marketing researchthe systematic collection, assimilation and analysis of data about BUYERS and MARKETS as a means of identifying market opportunities for a firm's existing or potential goods and/or services.
See TEST MARKET.