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Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
The marketing research process is a six-step process involving the definition of the problem being studied upon, determining what approach to take, formulation of research design, field work entailed, data preparation and analysis, and the generation of reports, how to present these reports, and overall, how the task can be accomplished.
Segmentation includes a lot of market research, since a lot of market knowledge is required to segment the market. Market research about market structures and processes must be done to define the “relevant market”. The relevant market is an integral part of the whole market, on which the company focuses its activities.
Quantitative marketing research is the application of quantitative research techniques to the field of marketing research.It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion.
Qualitative marketing research involves a natural or observational examination of the philosophies that govern consumer behavior.The direction and framework of the research is often revised as new information is gained, allowing the researcher to evaluate issues and subjects in an in-depth manner.
Reid and Bojanic(2010) claimed that, " The term market research informs relatively narrowly than Marketing Information System(MkIS) which is altered from the term management information systemization. Market research indicates that information is collected for a specific reason or project; the major objective is a one-time use. "[2]
The market research approach, Mind Genomics (MG), is an application of Conjoint Analysis (CA). CA is carried out to evaluate consumer acceptance, presenting them with a set of product attributes and assessing their preferences for different attribute combinations by estimating the utility scores for different attribute levels.