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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.
Although the market potential is rather fictitious, it offers good values of orientation. The relation of market volume to market potential provides information about the chances of market growth. [6] [7] The following are examples of information sources for determining market size: Government data; Trade association data; Financial data from ...
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.
Such data and information can be gathered from external sources, such as other organisations and their market strategies, research institutes and business reports. [ 3 ] Internal factors can include looking into current strategy processes and personal customer trends. [ 3 ]
A marketing information system (MIS) is a management information system (MIS) designed to support marketing decision making. Jobber (2007) defines it as a "system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis." In addition, the online ...
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