MARKETING “Social and administrative process through which groups and individuals satisfy their needs to create and interchange goods and services”.
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Market Research
What is it?
Market Research is the process of gathering, processing and analyzing information in regards to subjects such as marketing, like: clients, competitors and market. Market research help create a strategic plan for a business, prepare launching of products depending on their life cycle. With Market Research, companies can learn more about their current and future clients.
Importance
Market Research is a discipline that has contributed in the development of marketing and the overall industry during the past fifty years; it has been nurtured by the integration of multiple disciplines such as Psychology, Anthropology, Sociology, Economics, Statistics and Communications among others.
The purpose of Market Research is to help companies to take better decisions on the development and marketing of different products. Market Research represents the voice of consumers inside a company.
Basic Process
To go through a market research it is necessary that:
- A problem to be investigated is defined
- Select and establish an investigation design
- Retrieve data and formulate analysis
- Determine findings
Types
- Quantitative or numeric research
- Qualitative research
- Documental or desk research
- Secondary marketing research
