What are the objectives of marketing research?
The basic objective of the marketing research is to facilitate the decision making process.
The other objectives are:
- Planning:
The very bases of planning depend upon marketing research. The formulation and evaluation of planning and its components is done through marketing research.
- Problem Solving:
The main objective of marketing research is to find solutions to the problems of marketing, related to different aspects like product, place, promotion, pricing, competition, etc.
- Reducing Cost:
Systematic marketing research helps in avoiding the wrong decisions by the firm. Research helps the firm in smoother operations of the business which reduces the cost. Various costs like selling, advertising, distribution, promotion, etc., can be reduced with the help of marketing research. Research brings market closer to the customer and thus, helps in reducing the costs.
- Survival and Growth of the Firm:
The survival of the firm depends to a large extent on marketing research. Marketing research helps in identifying the competitors’ strength, estimating potential buying power, firm’s position in the market and accordingly provides suitable information for appropriate decisions. Thus, the firm can survive. The growth of the firm depends upon exploring new markets and introduction of new products, which can be done through marketing research.
- Introduction of New Product:
Introduction of new product is a difficult task. For successful launch of the product, it is necessary that the markets are studied through marketing research. Marketing research is used to find out suitable avenues and place for the new products. It reveals the various opportunities of new markets and methods to reach the market.
- Market Orientation:
The objective of the marketing research is to help the firm to produce those goods and services which consumer wants. It sees that the goods reach the market quickly and easily.
