Marketing Research

Marketing research can be defined as the development, interpretation and interaction of decision-oriented information to be used in all phases of marketing process.

Managers require information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a rational one, and what customers prioritize this year may be quite different from what they prioritize next year.

As such, the elements that create priority cannot simply be deduced from common knowledge. Rather, data must be collected and examined. The goal of marketing research is to ensure the facts and direction that managers need to make their more essential marketing decisions. However, to increase the benefit of marketing research, those who use it need to understand the research process and its limitations.

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Global Market Research

Global marketing is the process of adjusting an enterprise's marketing strategies to adapt to the situations in other countries.

Suppose we have a widget we would like to sell in Europe and we are developing our marketing plan. We need to make some strategic decisions like market segmentation, localization, strategic planning and so on.

Global market research is brings clarity on the following points −

Decide whether to go overseas

Get an idea about the competitive strength of global market

Decide which market to enter with better information

Provide knowledge about how to enter global market.

Help in formulating marketing schedule, product decision, promotion, product pricing & selection of distribution channel.

Help in marketing companies.

In short, we can conclude that global market research is necessary when one wants to expand the business globally, as to other countries.

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Marketing Research Vs. Market Research

Market research precisely deals with collecting information about a market's size and trends whereas marketing research covers a range of activities and it may include market research.

Marketing research is a more general synchronized process that can be used to a variety of marketing problems. Marketing research by itself does not deal with marketing decisions, nor does it guarantee that the company will be successful in marketing its products. However, when conducted in a synchronized, systematic, analytical, and objective manner, marketing research can minimize the uncertainty in the decisionmaking process and increase the probability and magnitude of success.

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