What are the features of marketing research?
Various Features of Marketing Research are:
(1) Marketing Research is a Continuous Process:
Marketing Research is a continuous process as markets are complex and dynamic; and new problems keep on confronting the managers. The advantage of marketing research will be available to marketer as well as consumer when problem are kept under study in continuous manner.
(2) It has Vast Scope:
The scope of marketing research is very vast. It encompasses various aspects of marketing viz. introduction of new product, exploring new markets, analysing competitors’ position, evaluation of consumer preference, evaluating buyer behaviour, selection of channels, choice of selling techniques, formulating advertising strategy, sales promotion measures, etc. Thus, it can be said that the scope of marketing research is wide and comprehensive.
(3) It is Scientific in Nature:
Marketing research is conducted in a scientific manner. Various marketing problems are studied in a systematic manner. First appropriate data is collected objectively, further the collected data is suitably analysed and finally interpretations are drawn which provides comprehensive picture of the situation and related solutions.
(4) It Act as a Tool for Managerial Decision Making:
Marketing research is a part of marketing information system. It helps in managing all areas of management in general and marketing in particular. Marketing research provides valuable guidelines for managerial decisions. Management understands the marketing problem through the information provided by the marketing research. It also suggests suitable solutions to the problems.
(5) It is Beneficial to Both the Business Units and Consumers:
Marketing research provides benefits both to the firms and consumers. Business units utilize marketing research as a tool for solving their various problems. This helps them in smooth functioning, which raises their capability to effectively serve the market.
This further increases their profit performance and goodwill in the market. Consumers are benefited as they get the goods and services as per their requirements. This is because the firm producers goods only after extensive research of the market conditions and the needs and wants of the buyer.
