Marketing research is the systematic and objective research for analysis of information relevant to the identification and solution of any problem in the field of marketing.
It involves the following:
Evaluating the target population in terms of its capacity to pay.
Making quantitative and qualitative analysis of consumer needs.
Identification of customer choices.
Locating the potential customer population.
Assessing the need for a new or improved product.
Collecting relevant information about competing products, suitable location of sale outlets, price of the product and profitability
Marketing research provides the right information at the right time in the right place and to the right person which is vital in decision-making process of any organisation whether it is large, medium or a small firm, non-profit institution or a government organisation.
Marketing research is rated as a highly useful tool that is used by companies in formulating rational responses to specific problems of marketing, identified scientifically. The major users of the market research information are:
· Market intermediaries
· Business firms
· Marketing agencies (Rural and Commercial)
Some of leading management institutes like Symbiosis Institute of Management, pune, XLRI offers short term courses in market research.