Objectives of Marketing Research
The main objective of marketing research (MR) is to provide information to the marketing manager. The marketing manager uses this information to make marketing decision and to solve marketing problems.
The purposes or objectives of marketing research are listed below.
- Identify the consumer response to the companys product.
- Know the consumers needs and expectations.
- Seek maximum information about the consumer, i.e. the know consumers income range, their location, buying behavior, etc.
- Know the nature and extent of competition and also the strength and weaknesses of the competitors.
- Check the reaction of the dealers to the company policies.
- Evaluate the reputation of the company in the market.
- Identify and solve the marketing problems of the company.
- Search for new marketing opportunities.
- Find out alternative uses of the existing products.
- Estimate the cost of marketing of goods and service.
- Help company to introduce new products in the market and improve its existing products.
- Assist a company to select a suitable channel of distribution and test the effectiveness of this distribution channel.
- Facilitate company to select suitable sales promotion measures and test the effectiveness of the sales promotion techniques.
- Aids the company to select a suitable media for advertising and find out the overall impact of advertising.
- Help the marketing manager to decide about the quality of the product, product modification, packaging, pricing, branding, etc.
- Provide information to top level of management for making objective, policies, plans and strategies.
- Provide prerequisite information to forecast the marketing budget.
- Supply up-to-date information about market trends, demand and supply position, etc.
- Forecast the future sales and business conditions.
Marketing research is very useful to government, manufacturers, wholesalers, retailers, consumers and to entire society.