Marketing Research: Definition

Some of the definitions of Research are:

1. Redman and Mory define research as a “systematized effort to gain new knowledge”.
2. Some people consider research as a movement, a movement from known to unknown. It is actually a voyage to discovery.

Research refers to the systematic method consisting of

• Enunciating the problem,
• Formulating a hypothesis,
• Collecting the fact or data,
• Analyzing the facts, and
• Reaching certain conclusions either in the form of solutions towards the concerned problem or in certain generals for some theoretical formulation.

Marketing research is a critical part of such a Market intelligence system; it helps to improve management decision making by providing relevant, accurate, & timely information.

Thus, we can say that marketing research is the function that links the

• Consumer,
• Customer, and
• The public to the marketer through information

In the nutshell we see that marketing research specifies

• The information required to address these issues,
• Designs the method for collecting information,
• Manages and implements the data collection process, analyses,
• Communicates the findings and their implications Intelligent use of Research Tools is the key to business achievement

Characteristics of Good Research

1. Systematic Approach
2. Objectivity
3. Reproducibility
4. Relevancy
5. Control

Research is a thorough, orderly, organized, efficient and logical investigation of an area of knowledge or of a problem. In the broadest sense of the word, the definition of research includes any gathering of data, information and facts for the advancement of knowledge