What is marketing research? Definition and examples
Marketing Research involves systematically collecting data about consumers, rivals, and other entities. That data is analyzed to gain a better understanding of consumers’ needs and other features of the market. Marketing people then summarize the data and conclusions in a report. The report helps senior managers and business owners make informed decisions regarding future plans and strategies.
Effective marketing research also aids in identifying potential new markets or customer segments, allowing companies to expand their reach and diversify their customer base.
Moreover, marketing research continuously evolves to adapt to emerging trends and technologies, ensuring that businesses stay competitive in rapidly changing markets.
“Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.”
Three main types of marketing research
Marketing research generally consists of three main types of research: 1. Market research. 2. Product research. 3. Consumer research.
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Market research
Market research is a study of the market, specifically who purchase a product, why they buy it, how competitors behave, and how something is sold.
It is an organized effort to gather and analyze data about target markets. The following quote comes from our article that defines market research:
“We often use the term with the same meaning as marketing research. However, marketing research concentrates on the marketing processes, while market research is about the market in general.”
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Product research
Product research involves identifying a need or want and the characteristics of the product or service that will satisfy it. In other words, if consumers have a desire or want, what features or benefits of your product satisfies them and to what extent.
This type of research helps companies determine what consumers really want or need. They can then tailor their goods or services to match those consumer wants and needs.
According to mnbaskool.com:
“Product research is the marketing research that provides information on the desired characteristics of a product or service. Product research helps companies to understand what the customers really want, so that the product can be tailored to match the needs of the customer. This research can help to refine new product ideas.”
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Consumer research
Consumer research is all about identifying consumer preferences, motivations, and purchasing behaviors. Specifically, the consumers that the company is focusing on; in other words, the target consumer.
Many marketing experts say that consumer research is part of market research. Marketers gather information through published sources, direct observation, face-to-face interviews, and mail surveys. Telephone interviews are also popular.
Who performs this type of research?
Some companies perform the research themselves while others hire third-party experts or consultants.
Hiring a consulting firm has both advantages and disadvantages. The main advantage is that consultants are marketing research experts. They probably have more experience and training than employees within the company.
The main disadvantage is that they may not understand some the products or services as well as company employees do. The same may also apply to customers and potential customers.
Compound phrases with ‘marketing research’
A compound phrase consists of two or more words. In business and marketing English, there are many compound phrases with the term ‘marketing research’ in them. Let’s have a look at the give most common ones:
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Marketing Research Techniques
Refers to the specific methods and tools used in conducting marketing research. As in:
“The company employed various marketing research techniques, such as surveys and focus groups, to understand consumer preferences.”
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Marketing Research Analysis
The process of examining and interpreting data collected through marketing research. For example:
“After conducting surveys, the marketing research analysis revealed a growing demand for eco-friendly products among consumers.”
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Marketing Research Ethics
Principles and standards guiding the conduct of marketing research to ensure honesty, fairness, and responsibility. For instance:
“Adhering to marketing research ethics, the firm ensured all participant data was kept confidential and used solely for research purposes.”
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Global Marketing Research
Research conducted to understand marketing dynamics, consumer behavior, and trends in international markets. As in:
“In their global marketing research, the company discovered significant cultural differences in consumer behavior across different regions, impacting their product strategy.”
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Digital Marketing Research
Involves collecting and analyzing data related to digital marketing efforts, such as online consumer behavior, social media trends, and digital advertising effectiveness. For example:
“The digital marketing research showed that the company’s target audience predominantly engaged with their brand through social media platforms, leading to an increased focus on social media advertising.”
Vide – What is Marketing Research?
This video presentation, from our YouTube partner channel – Marketing Business Network, explains what a ‘Marketing Research’ is using simple and easy-to-understand language and examples.