Conjoint Analysis – Meaning, Usage and its Limitations
February 12, 2025
One of the essential requirements in today’s business scenario is to realize and evaluate the bargaining power of customers. The word bargaining here does not only mean price negotiation, it is a much differentiated and broader term. Bargaining can be encompassed throughout the process of deal. The following are some of thes areas where a […]
As a Marketing student, you might wonder if brand building means advertising or that brand building is achieved through advertisements alone. Well, at this juncture it becomes important to understand that the brands stand for a lot more than just the product and its functional value that it promises to deliver to the customers. Celebrating […]
Introduction The famous management expert, Igor Ansoff provided a roadmap for firms to grow depending on whether they are launching new products or entering new markets or a combination of these options. This roadmap has been presented in the form of a Matrix that has four quadrants with the axes of products and markets being […]
Most of us who live in urban areas and have used the app-based ride-hailing cabs such as Ola and Uber would have come across the term Surge Pricing wherein the riders are asked to shell out more money and pay more for the rides during heavy rains, floods, terror strikes, and other emergencies. The reasoning […]
From the Era of Abundance to the Era of Scarcity The era of abundance is over and we are entering an era of scarcity. Right from oil and minerals to water and food, every resource that we have used to power and drive our civilization to modernity and progress is in decline. This means that […]
According to American Marketing Association, “Marketing Research is the function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.”
Marketing Research is systematic problem analysis, model building and fact finding for the purpose of important decision making and control in the marketing of goods and services.
Marketing Research is a well-planned, systematic process which implies that it needs planning at all the stages.
It uses scientific method. It is an objective process as it attempts to provide accurate authentic information.
Marketing Research is sometimes defined as the application of scientific method in the solution of marketing problems.
Marketing Research plays a very significant role in identifying the needs of customers and meeting them in best possible way. The main task of Marketing Research is systematic gathering and analysis of information.
Before we proceed further, it is essential to clarify the relationship and difference between Marketing Research and Marketing Information System (MIS).
Whatever information are generated by Marketing Research from internal sources, external sources, marketing intelligence agencies-consist the part of MIS.
MIS is a set of formalized procedures for generating, analyzing, storing and distributing information to marketing decision makers on an ongoing basis.
Marketing Research is essential for strategic market planning and decision making. It helps a firm in identifying what are the market opportunities and constraints, in developing and implementing market strategies, and in evaluating the effectiveness of marketing plans.
Marketing Research is a growing and widely used business activity as the sellers need to know more about their final consumers but are generally widely separated from those consumers. Marketing Research is a necessary link between marketing decision makers and the markets in which they operate.
Marketing Research includes various important principles for generating information which is useful to managers. These principles relate to the timeliness and importance of data, the significance of defining objectives cautiously and clearly, and the need to avoid conducting research to support decisions already made.
Marketing Research helps businesses and government in focusing attention on the complex nature of problems faced by them. For example:
Marketing Research is being used extensively by professionals to help conducting various studies in Marketing Research. Most prominent agencies being:-
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