Meaning of Market Research

  • Research to an entrepreneur is a systematic and scientific investigation of data for taking decisions. It involves accumulating data, tabulating and controlling it and drawing inferences.
  • Marketing research is the process of collecting data to determine whether a particular product/service will satisfy the needs of the customers. The entrepreneur can gain valuable information about the customers. The entrepreneur can gain valuable information about the competition, demographics, market trends and spending patterns of consumers.
  • Prof. Giles has righty pointed out that, “The basic objective of marketing research is to supply management with information which will lead to fuller understanding of the distribution habits and attitudes of present and potential buyers and users and their reactions to products, packaging, selling and advertising methods”.

 Definition of Market Research 

According to Philip Kotler, “Marketing Research is systematic problem analysis, model building and fact finding for the purpose of improved decision making and control in the marketing of goods and services” .



Objectives of Market Research 

1. To evaluate the demand for the product. 

2. To study the profile of the customer. 

3. To analyze the nature of competition and the number of competitors. 

4. To find out effectiveness of the promotion policy. 

5. To study the pricing and distribution policies for the same product. 

6. To test a new product before launching it in the market. 

7. To estimate the market share and to explore the demand in a particular geographical location. 

8. To assess the sales representatives efficiency.