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Marketing Research

Marketing Research

Marketing research is the foundation of marketing. It’s the process of gathering knowledge to learn about something and making informed marketing decisions that are supported by facts and gain a competitive advantage.

Market Research can be conducted for target customer market, product, distribution, promotion, pricing, external factors, and other important components. There are different methods to conduct market research:

  • Primary Research
    • Primary research is conducted by marketer or outsourced to an external marketer
    • Primary research can be qualitative or quantitative
      • Quantitative research utilizes number to asses information that’s evaluated with statistical analysis for meaning
        • Research can be conducted by surveys, tracking of customers, and controlled experiments
      • Qualitative Research is the interpretation of gathered information without the benefit of statistical analysis
        • Qualitative research can be conducted via individual interviews, focus groups, and observational research
  • Secondary Research
    • The acquisition of preexisting research conducted by others
    • Secondary research is the most widely utilized way to acquire data