Question

Explain your understanding of Marketing Research and what are its uses, processes, and relevance to the company's marketing effort.

Answer 1

Marketing research refers to obtaining information related to the market in which the company operates. This type of information helps a company in understanding their target consumers and also helps in designing the products and services to answer the needs of the consumers. This helps in streamlining the efforts of companies to attract more consumers.

Such information is either obtained by primary data which is collected specifically to find out information about the company's consumers. These can be done by conducting interviews, surveys and a general study of the demographic factors of the consumers.

Secondary data sources are those sources that have already obtained the data required but it is not specifically for any particular company. Such data can be customized to suit the requirements of the company understanding their target market.

Marketing research's relevance cannot be emphasized enough for the marketing efforts of any company. It helps in customizing the promotional campaigns to attract the right consumers at the right time and the right price.