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Marketing research helps to collect the information for a specific objective which a marketer want to introduce in future on the basis of current and past data analysis of the market as per the situations and current scenario.
Above Definition present the importance of the Information in Market research. A reliable and real data provide real picture about the objective of the Research. Marketing research provides all the valuable information data which create path, blueprint or future framework strategy, tactics, area which needs improvement and core strength of the business. So we can say that marketing research is one kind of tracking systematic process which gives all the information to me by which I can develop my business plan.
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Marketing research helps the researcher in understanding the minds of the consumer and it also helps a marketer to understand the satisfaction criteria, the needs and wants of the customer as well the level of happiness which they will get from the company and from the goods or products. Needs of the customer is the state of mind that customers have about a company when their expectations have been met or exceeded over the lifetime of the product or service. The achievement of customer satisfaction leads to company loyalty and product repurchase. There are some important implications of this definition:
Because needs of the customer is a subjective, non quantitative state, measurement won’t be exact and will sampling and statistical analysis. Its measures must be undertaken with an understanding of the gap between customer expectations and attribute performance perceptions.
The basic stage of marketing research is to gather all the necessary items. It helps in identifying and defining the market Opportunities and Problems which is very much helpful in the research point of view. The main point is to first identify and analyze what is the requirement and what is the need as well the opportunities also matters.
Generate, refine, and evaluate marketing performance: After an identification process a marketer needs to generate those needs by all resources with the help of people and different means. The marketing performance thus gets determined and a good marketer able to research it with a viewpoint of market requirements.
Monitor marketing performance: After identifying the process generating the requirements after the completion of the process a good marketer monitors the performance of the market as per the good research has been done by him.
Improve understanding of marketing as a process:
Marketing research is the systematic and objective to identification, collection, analysis, dissemination and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing. It is the function that functions that links the customer consumer and public to the marketer through information. It depends on the honesty, loyalty and as well how we are representing our self to the person so is helpful for a consumer or people to make the perception accordingly.
The process of marketing research specifies the information necessary to address these issues. It helps in Managing and implementing the data collection process or a procedure. It is helpful in analyzing the results by which it also communicates the findings and their implications through this process which is the step of making someone reliable but these steps are necessary to fulfill and to complete the job of research work. The process depends on certain factor that becomes helpful for future aspects when they proceed further.
Marketing research is helpful for the organization and it is very much useful and needed in the organization for their future terms.
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