Marketing research is a process of obtaining important facts, data and
information related to the marketing of products and services. It helps to
analyze the current market situation, and identify the problems and guides the
marketing managers to tackle those problems wisely. It helps to understand the
nature of buyers, evaluates the efficiency of promotional activities,
identifies business opportunities etc.
Objectives Of Marketing Research
The main importance or objectives of marketing research can be highlighted as
follows:
1. To Identify The Consumers Needs
One of the major objectives of marketing research is to understand consumers
needs and expectations. It helps to know the consumers taste, preference,
purchasing power etc. So, it is important to evaluate buyers behavior and
response to the product.
2. To Explore New Market
Facts, data and information gathered by marketing research helps the company
to identify new market. So, it helps to expand the market share.
3. To Minimize Marketing Cost
Marketing research helps to choose suitable distribution channel to supply
products in the market. It also helps to select most suitable promotional
technique and advertising methods. So, it lowers the marketing costs.
4. To Diagnose The Opportunities And Threats
Another objective of marketing research is to identify the business
opportunities and threats in the market. Managers can take appropriate steps
to grab the opportunity and to cope with threats.
5. To Improve The Quality
It helps the firms to change or improve the quality of their products as per
the expectations, needs and taste of customers. It helps to increase customer
satisfaction.
6. To Set Fair Price
As we know that marketing research gathers data regarding customers' ability
to pay, demand elasticity, price of competitors' products etc. it helps the
managers to set effective price for the companies products.
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7. To Avoid Product Failure
Marketing research helps the company to understand customers' expectation,
helps in fair pricing, and develops proper marketing mix that lowers the
possibility of product failure.
8. To Forecast Sales
It helps to forecast future sales that facilitates the management to design
marketing budget and make marketing plans and policies.
