What is Market Research? Meaning, Definitions and Types

These days, whether you are a small businessman or a large one, it is crucial to collect data to find out whether your product and services will gratify your customers’ needs and desires. With the help of efficient market research, you and your company might get handy information regarding other competitors, their companies, and where your company and competitors are standing in the marketing world. Also, they will inform you about the flourishing market trends on the marketing planet.

market segments

What is Market Research?

When it comes to advertising or promoting a product or service to customers or clients with the help of the internet, it is known as online market research. Every data provided to a customer or a marketer is given by market analyses based on online market trends and strategies. This data helps us evaluate where our company, its products, and services stand in online marketing. So, do you want to experience higher revenues for your company? If yes, trust me, this is an incredible tool you can use in digital marketing.

Through online marketing research, one can quickly reach the targeted audience. It measures your customer’s behavior, telling you accurate statistics about regular and contemporary customers. It also helps you find answers to questions related to your business and marketing strategies.

Definitions of Market Research

1. Marketing Research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. – by the American Marketing Association

2. Marketing research is 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. – by Philip Kotler

3. Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing. – by Paul E. Green and Donald Tull

4. Marketing Research is the application of scientific methods in the solution of marketing problems. – by David Luck, Donald Taylor, and Hugh Wales

Types of Market Research

Depending on what sort of purpose you have for yourself and your company, Market Research falls into three categories:

1. Exploratory Research

This type of research is for those who are okay with doing business but don’t know- how to promote products and services online. In that case, exploratory research is for those with less knowledge or understanding. For instance, social media marketing is crucial for online marketing. Almost every marketer knows how to utilize Twitter, LinkedIn, Instagram, and Facebook. But, if he doesn’t learn the techniques, he may be behind among other competitors. Through this research, you remain up-to-date with competitor’s products/services by watching insight pages.

2. Descriptive Research

When researching online products by finding answers to the questions, we only need descriptive research. This research is pre-planned and designed in such a way that the information collected should be indirectly based on population as per statistics. This type of research is mainly done to define the outlook, stance, or performance of customers and viewers. There are a few common questions you just need to click, and you will get your deserving answers like- who are using my products and services? Who are my regular customers, and who are my visitors? Who are the people competing with me? And so on.

Through this, one can get an explanation, monitoring, and a suggestion from other marketers and competitors who flourished in marketing. Thus, it is considered inflexible, well-arranged, and well-designed research with a quantitative system like data analysis, opinion polls, and pre-planned interviews.

3. Casual Research

Casual research is done effectively to get the best results and determine the causes and effects of your services and products on others. It is quantitative and has two main objectives: to understand the difference between variables, which are causes and effects, and to verify the nature of the causes and impact of the relationship.

use of casual researchFor example, if you change your product’s packaging, design, or advertising mode, casual research is a way of seeing which action will have what kind of reaction to their business in the future.

In a nutshell, if you need to improve your business in all aspects—sales, image, services, and reach—all you need to do is pursue the above three types of market research. Inculcate them in your business and get the most out of it!

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