What is Market Research? Meaning, Definitions and Types

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These days no matter you are a small businessman or large, it is very crucial to collect data to find out whether your product and services will gratify your customer’s needs and desires or not. With the help of efficient market research, you and your company might get handy information regarding other competitors, their company, where your company and competitors are standing in the marketing world. Also, they let you know the flourishing market trends in the marketing planet.

market segments

What is Market Research?

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

Through online marketing research, one can quickly grab the targeted audience. It measures your customer’s behavior telling you the accurate statistics of regular and contemporary customers. It helps you in finding the answers to questions related to your business and marketing strategies as well.

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. Well, in that case, exploratory research is for them who have less knowledge or understanding. For instance, for online marketing, social media marketing is very crucial. This almost every marketer knows how to utilize Twitter, LinkedIn, Facebook, and much more. But, if he doesn’t know the techniques, then he may lack 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 it comes to researching online products by finding answers to the questions, all we need is to do descriptive research. This research is pre-planned and designed in such a way so 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 few common questions where 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 visitors? Who are the people competing with me? And so on.

Through this, one can get an explanation, monitoring, and a suggestion made by other marketers and competitors flourished in the realm of marketing. Thus, it is considered as inflexible, well arranged, and well-designed research with a quantitative system like analysis of data, opinion poll, pre-planned interviews.

3. Casual Research

Casual research is done effectively to get the best results to dig up 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 that which of them are causes and effects and to verify the nature of the causes and impact the relationship.

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

In a nutshell, if you need to improve your business in all aspects of- sale, image, services, reach- all you need is to chase the above three types of market research. Inculcate them in your business and get the best out of it!

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