The word market research is used extensively in the modern marketing management. Market research acts as a tool for approximate decisions making as concern marketing of products and services. In fact, is also useful for solving and studying various marketing problems in a systematic as well as rational manner. The research means, a comprehensive, detailed as well as a systematic study of the issues. In market research, the marketing problem is the studies in depth as well as perfect solutions are recommended in order to solve the issues relevant to clients, market competition, sales and promotion and etc. The market research is a specific branch of marketing management and it is comparatively currently in origin. The main object is to offer data to the marketing manager. The marketing manager uses this data in order to make marketing decisions as well as to resolve the marketing issues.
Here are some objectives of market research are listed below,
- To recognize the client response to the business product
- Know the client requirement and expectations.
- Verify the reputation of the company in the market.
- Recognize and solve the marketing problems of the organization.
- Estimate the reputations of the company policies
- Aids Company to establish new products in the market as well as enhance its existing products and so on.
Aspect and Limitation of Market research
- Defining accurately what questions you need answered
- Understand the voice of the clients
- Know the source
- Identify where you’re going
Here are some of the major limitations of market research
- Provides advice and not decisions: The market research is not a alternate for decisions making approach. The ready made decisions on the marking issues are not offered by the researcher. The market research does not resolve many kinds of marking issues directly and only helps management in decision making as well as a problem solving procedure.
- Time consuming action: Research Market is one of the time consuming actions and research function takes long duration for the completion as well as findings while available may prove to be outdated. Even though information is gathered very fast due to old because of rapidly changing marketing in the environment.
- Expensive activity: Market research Reports is expensive as reach work requires the services of the specialist. Latest training in economic, sociology, and computer technology is also essential on the part of the research staff.
In addition, some other limitations are also available on market research Reports, such as Dearth of Qualified staff, resistance to research marketing executives, complexity of the subject, and limitation of data and so on.