The nature of marketing research

The Nature of Marketing ResearchMarketing researchDefinition:gathering, processing, interpreting, and reporting of market information. It is a function that links consumers, customers, and the public to the marketer through information.

2Steps in Market ResearchIdentifying the information need1st stepResearch can be designed to concentrate on those specific needs

Searching for secondary dataInformation that has already been compliedMuch less expensive than gathering primary dataInternet is rich source of secondary dataDisadvantages:May be outdatedUnits of measurements may not fit the current problemCredibility is always presentAdvisable to compare several different sourcesCollecting primary dataIf secondary data is insufficient, search for new primary dataObservational methods -Questioning techniques interaction with respondents ex. Surveys, interview

Interpreting the Data Gathered Data gathered is transformed into useable informationUsing tables, charts and other graphics