Market research “The systematic collection, recording and analysis of data on problems related to the marketing of goods and services.”
Market research, on the other hand, is just one part of market research that covers some of the aspects of marketing. It is just a sub-function of market research: some companies use “market research” to describe market research, the size of the geographic distribution of income, and so on. However, it does not cover the idea of research on the effects of marketing efforts on markets, for which the term market research is correct. Elements of market research.
1. Market research. It covers aspects related to the size and nature of the market, including export markets, which divide consumers in terms of age, gender, income (market segmentation), economics of marketing, etc.
2. Sales research. This is related to the problem of regional variations in sales by setting sales territories, measuring seller effectiveness, evaluating sales methods and incentives, etc.
3. Product research. This relates to the analysis of the strengths and / or weaknesses of existing product testing problems related to diversification, simplification, up and down trade (all product line decisions), etc.
4. Investigation of containers. In essence, it is part of product research. But the recent development of packaging and its contribution to advertising made it occupy an independent position. This requires a separate study on the aspects of the package to know its impact and response in the market.
5. Advertising research. It carries out a study related to the preparation of advertising copies (copy research), the means to be used (media research) and the measurement of the effectiveness of advertising.
6. Business economic research. Issues related to input and output analysis, forecasting, price and profit analysis, and preparation of equilibrium charts are the main research fields.
7. Export market research. This research aims to study the export possibilities of the product. In such cases, any or all of the types of research mentioned above become necessary.