What do you mean by the term marketing research?
The term marketing research relates to the methodology of gathering, reporting, and analysing facts concerning any phase of the marketing activity. It is a very wide term in its concept and application, and includes different aspects such as product, consumer, market, dealer, price, etc.
The term may be defined as the systematic attempt to get the information which is useful in solving marketing problems (making marketing decisions). Philip Kotler defines marketing research as a systematic problem analysis, model building, and fact finding for the purpose of improved decision-making and control in the marketing of goods and services.
It is, thus, a kind of exhaustive research for the study of all facts relevant to any problem in the field of marketing.
It embraces all research activities associated with the management of marketing function such as:
- Research en products and services,
- Research on markets,
- Research on sales methods and policies, and
- Research on advertising, business economics, exports and other ancillary activities.
