Marketing research “The systematic gathering, recording and analyzing data about problems relating to the marketing of goods and services”.
Market research on the other hand, is only a part of marketing research that covers a few of aspects of marketing. It is only the sub function of marketing research ‘some companies use “market research” for describing research into markets the size geographical distribution incomes, and so on. However it fails to cover the idea of research into the effects of marketing efforts on markets, for which the term marketing research is the accurate. Elements of marketing research.
1. Market Research. It covers the aspects regarding size and nature of the market including export markets dividing the consumers in terms, of their age, sex, income (market segmentation), economic aspects of marketing etc.
2. Sales Research. This relates to the problem regional variations in sales fixing sales territories, measurement of the effectiveness of salesman, evaluation of sales methods and incentives, etc.
3. Product Research. This relates to the analysis of strengths and or weakness of existing product testing problems relating to diversification, simplification, trading up and trading down (all product line decisions), etc.
4. Packaging Research. In essence, it is a part of product research. But the recent development in packaging and its contribution in the advertising made it to occupy an independent position. This necessitates a separate study concerning the aspects of package to know its impact and response in the market.
5. Advertising Research. It undertakes a study relating to the preparation of advertisement copy (copy research), media to be used (media research) and measurement of advertising effectiveness.
6. Business Economic Research. Problems relating to input output analysis, forecasting, price and profit analysis, and preparation of break -even charts are the main fields of the research.
7. Export Marketing Research. This research is intended to study the export potentials of the product. In such cases any or all kinds of research mentioned above become necessary.