PRESENTATION ON- MARKETING RESEARCH

TOPIC-PURPOSE AND OBJECTIVE OF MARKET RESEARCH

MBA-MM 2ND SEM (SEC-B)
 Meaning:
It is very important to understand at the outset that the, modern

concept of marketing revolves around the customer. Satisfaction

of customer is the main aim of marketing. For achieving this
goal, marketing research is undertaken.
In fact, marketing management is nothing but marketing

research. With the expansion of business, marketing

management becomes complex. It has to rely heavily on
marketing research for solving problems in the field of
marketing.
Definition

“The systematic gathering, recording and analysis of

data about problems relating to the marketing of goods

and services”

—The American Marketing

Association.
 Objectives:-

  To Provide Basis For Proper Planning

 To Reduce Marketing Costs

To Find Out New Markets for The Product

To Determine Proper Price Policy

To Study in Detail Likes and Dislikes of the

Consumers
 Purpose of market research

The Purpose of Market Research is to Verify Market Need

Markets come in all shapes and sizes. To correctly 

position itself in any one industry, a company must understand who needs a

product and why they need it. It must understand when and where people buy

certain things and how they use them. The size and diversity of a consumer

base will necessarily dictate the ways in which a company attempts to meet its

demand. Thus, companies must conduct market research, asking questions so

that the answers can shed light on the direction they need to go.
The Purpose of Market Research is to Identify Competitors

Of course, competition is always a concern in any market. Market

research helps businesses identify other players in the game (as well

as those who might be waiting on the sidelines). Knowing who

you’re playing against is vital to planning a strategy for defeat in any

situation. In a business one, it helps companies position themselves;

they can copy the practices that work for others and disregard the

ones that don’t.

The Purpose of Market Research is to Improve Company Offerings

Market research also helps businesses create offerings that either fill a void or provide better

value than those already available. Potential products and services can be evaluated against

current market offerings, as well as tested before a full-scale market launch. This helps

companies manage their valuable resources, saving their time and money for only those

offerings best suited to favorable outcomes.

The Purpose of Market Research is to Satisfy Customers

In essence, it could be argued that customer satisfaction is the ultimate goal of market research.

Satisfied customers are happy ones because their needs have been met. If a business’s number

one goal is to maintain a profit and/or improve lives, then a happy customer is a good indication

that it’s doing that job well. Surveying customers provides the feedback companies need to

maintain or adjust their practices in ways that satisfy the people they serve and build brand

loyalty.
 Advantages
 Easy Detection Of Market Problems And Opportunities

The first and primary advantage of marketing research is that it give complete

information about the market.

Understanding Of Customer Needs

 Marketing research play a very effective role in collecting the information regarding

the customer wants which help in designing the product accordingly so that the

customer need and wants can be satisfied easily.

Helps In Evaluating The Export Potential

Marketing research helps in evaluating the export potential of the company product. It

aims at collecting information from customers from different countries which helps in

predicting export potential.

 Disadvantages
Market Research Takes Time
Market research takes time to analysis the new trends
and fashion. Sometimes market research fails to
analysis trends which gives negative response to the
company.
Research Is Expensive
Market research is an expensive process, it takes time
and huge money to analysis new trends of the industry.
Inaccurate Information
Modern time is changing time, fashion and trends
change over the night. So, market research fails to
understand fashion and trends of the industry
Thank-you