Market Research: types and scope of marketing research

The market research is an important element of the process of marketing research. Marketing research includes the complete analysis of the market. Information regarding the nature, size, organisation profitability of different markets and marketing agency, changes in markets and various factors- economic, social and political-affecting those changes are studied vigorously. The main purpose of market research is to know about the consumers and the markets of its products or services. It is a systematic search for information. It involves data collection, analysis and interpretation. Research cannot draw decisions, but it helps the marketers in the task of decision making. A successful executive will never depend upon guess work. He looks for more accurate information through research.

The main idea of marketing research is to know more about the consumers, dealers, and the products. As the business grows, the distance between the manufacturer and consumers also widens. The management depends upon the marketing research as a tool in solving the marketing problems. It helps in taking a fruitful and efficient decision as to the flow of goods and services in the hands of the customers.

Types of marketing research:

There are different types of marketing research depending on the objectives that the research is designed to achieve and the sources of data which are to be used. Marketing research may also be either qualitative or quantitative depending on the form of data generated and the degree of mathematical accuracy level to which it is subjected. The most widely used category of marketing research is based on the functional objective of investigation.

  1. Exploratory Research

Exploratory research gives valuable insight, generates ideas and hypotheses rather than    measuring or testing them. “Exploratory research is concerned with identifying the real nature of research problems and perhaps of formulating relevant hypotheses for various tests”. Crimp stated that the researcher undertakes exploratory research in order to generate an adequate basis for designing research and it includes searching for data that are already available both within the marketing company and from external sources, consulting experts, conducting observational studies, getting feedback from market place and surveys.

  1. Descriptive Research:

Descriptive research is concerned with measuring and estimating the frequencies with which things occur or the degree of correlation or association between various variables. It has been seen that market research reports are often descriptive and they measure market size, market structure, and the behaviour and attitudes of consumers in the marketplace. In general, as the data obtained by descriptive research is put to various statistical analysis, it is very necessary to make a list of the variables to be investigated and how these variables will be measured.

  1. Causal Research:

Causal research is basically concerned with establishing cause and effect relationship and an attempt to explain why things happen. For example, to what extent the price elasticity of demand or the degree to which advertising campaigns have affected the sales may be explained by causal research.

  1. Predictive Research:

The main purpose of predictive research is to arrive at a forecast or prediction or some measurement of interest to the researcher. The ultimate target may be the future sales level of the firm. Other goals of predictive research may involve industry sales level, projection or growth or defining of firm’s product line and the use of a test market to predict the likely success of a new product.

Scope of Marketing Research:

Research creativity, at its best, marketing research develops innovative ways to solve problems. The main objective of marketing research is to enable manufacturers to make goods acceptable and saleable and to see that they reach the market more easily, quickly, cheaply and profitably without sacrificing consumer interest.

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