Marketing Research
Marketing research, or market research, is a type of business research. It generally has two categories: consumer market research and business-to-business (B2B) market research, which is formerly known as industrial marketing research. Consumer marketing research tackles the buying behaviours of the market. B2B market research, on the other hand, is an in-depth study of the markets for products or services traded among businesses. Firms conduct marketing research to fully understand their customers or markets and to understand the effects of marketing strategies. Marketing research is a systematic, scientific and objective activity involving identification, collection, analysis and dissemination of information.
Market research
It is intended to assist management in making decisions and identifying marketing solutions and opportunities. It aims to identify and assess how changes in the marketing mix affects customer behaviour. It is patterned after the D.E.C.I.D.E. model: D — Define the problem; E — Enumerate the controllable/uncontrollable factors; C — Collect relevant information; I — Identify the best alternative; D — Develop and implement a plan; and E — Evaluate the decision process.
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