What is Marketing Research? Wk 1
Marketing research is the gathering of data or raw facts to organize and transform into information a person can use to make a decision or sometimes educated guess. It is the formal communication link between the organization and the external environment. Marketing research allows an organization to develop, implement and monitor its marketing plan.
Who does Marketing Research? Producers of goods and services, advertising agencies and marketing research companies.
Why is marketing research important? Everyone in business needs to know how to find relevant and reputable data, facts and figures. They need to know what is an opinion and what is a reputable source. Whether you are in marketing, graphic design, sales or management you need information to make decisions and you need to know how to find it. You need to know it is reliable and accurate.
What is the Marketing Research Process? It all starts with a problem, a need for information or a challenge. From there we start with Secondary Data – what can we find out from existing information sources and then we fill in the holes with Primary Data. Using all of the data, we compile a research report summarizing our findings so the decision-maker can determine how they wish to proceed.