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Marketing Research

It is a systematic design, collection, analysis and reporting of data and finding relevant to specific marketing situation facing by company.

Situations where Information is Needed

  • Business opportunity
  • Market growth
  • Competition

Why Marketing Research

  1. To identify problem
  2. To evaluate segment attractiveness
  3. To evaluate a business opportunity
  4. Market survey for customer's preference
  5. Product preference test
  6. Sales forecasting
  7. Integrated marketing communication strategies evaluation
  8. Evaluation competition
  9. Product and market expansion
  10. Price change

Marketing Research Process

  1. Define the problem and opportunity
  2. Define the objectives of marketing research
  3. Develop a complete research plan
  4. Identify data sources
  5. Selecting of sampling method and data collection
  6. Analyze the collected data
  7. Present the findings
  8. Make an informed decision

Marketing Intelligence

Primarily external data collected and analyzed by a business about markets that it anticipates participating in with the intention of using it in making decisions.
It can be used to assess market entry opportunities and to formulate market development plans and penetration strategies.

Marketing Intelligence System

A set of procedures and sources used by the management to obtain everyday information about development in the marketing environment