Market Research Essay

825 Words4 Pages
Marketing Research Marketing research is defined as “the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area” (McDaniel & Gates, 2006, p. 3). The decisions made by Marketing are supported by the collection and analysis of the information, as well as the presentation of the analysis to management. This definition may perhaps represent that the only time marketing research is conducted is when there is at least a potential for a decision to be made as a result of the research. Market research objectives can be divided into four types: exploratory, descriptive, diagnostic and predictive. Exploratory research is conducted to establish the structure for research to be conducted at a later time and provide whoever is doing the research with initial information about the topic of research. With the advancement of technology, this type of research is often conducted through a "web-based" process. Description research is conducted to communicate existing facts but not necessarily explain what is or has caused them. Researchers use this type of research to improve the understanding of the existing market for a product or service. Diagnostic research is conducted to clarify (or find a cause) for an identified problem-causing variable with a current product or service and then track the effects. Predictive research is conducted to determine what the effects of changes to a specific variable will be. This type of research is usually geared towards finding new opportunities. Three of the research objectives – descriptive, diagnostic and predictive – focus on customers. Customers can be actual or potential and are normally in large quantities. Exploratory research normally focuses on competitors with the same market. Various research methodologies

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