Question

What is marketing research?

Define ‘Marketing Research’.

Answer 1

Marketing research is collecting, analysing, and interpreting data and information about a target market, including customers, competitors, and industry trends. It enables organisations to make more informed decisions by giving information about market conditions, customer preferences, and the efficiency of marketing efforts. Market research uses various techniques to generate significant insights that guide corporate decisions, including surveys, interviews, focus groups, and data analysis.

Answer 2

Marketing Research may be defined as systematic gathering, recording and analysing data regarding any problem of marketing so as to facilitate marketing decision making. It helps in knowing and understanding the needs and preferences of customers, in estimating demand and in choosing distribution channels advertising methods, etc.