marketing research

  

Definition

Scientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification of a specific market and measurement of its size and other characteristics. (2) Product research: identification of a need or want and the characteristic of the good or service that will satisfy it. (3) Consumer research: identification of the preferences, motivations, and buying behavior of the targeted customer. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data). The main objective is to find a real need and fulfill it in a most cost effective and timely manner. Also called market research.

Use marketing research in a sentence

  • If a company's marketing research shows an increase in demand for their top level of mobile phones, they would be foolish to discontinue the manufacturing and sale of that product.

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  • The marketing research was vital in determining our strategy going forward and this was discussed in today's important meeting the managers.

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  • I could trust their outlook on the market because I knew they spent a lot of money on marketing research.

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