Market research exists in order to guide your business decisions by giving you insight into your market, your competitors, your products, your marketing and your customers. By enabling you to make informed choices, market research will help you to develop a successful marketing strategy.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix (product, price, promotion,placement) impacts customer behavior. The term is commonly interchanged with market research; however, there is a distinction. Market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes. Market research is broader in scope and examines all aspects of a business environment. It asks questions about competitors, market structure, government regulations, economic trends, technological advances, and numerous other factors that make up the business environment.
Marketing research is often divided into: qualitative marketing research (case studies, in-depth interviews, focus group) and quantitative marketing research (questionnaires – surveys, market studies).
Marketing research techniques come in many forms, including: Customer satisfaction research, Brand equity research, Advertising Research, Commercial eye tracking research, Marketing effectiveness and analytics,Mystery consumer or mystery shopping , Positioning research, Viral Marketing Research.
Sometimes, mistakes in business are caused by the lack of relevant information and decision making based on assumptions. Green Roua believes that this risk could be limited by using research methods.