Introduction to Marketing Research

MARKETING RESEARCH

Marketing may be defined as a social and managerial process through which goods and services move from concept to the customer. Businesses use marketing as a means to interest potential customers and clients in their everyday products and services.

The role and importance of marketing stems from the desire of businesses to attract new customers by promising superior value and to keep current customers by delivering satisfaction. It is to be ensured that customers are getting quality goods or services for the money they spend. Likewise, a product's performance needs to match the expectations of its buyers so customers are satisfied and willing to recommend the product or service to others.

SOURCES OF DATA

Primary data is that which is originated by the researcher for the specific purpose of addressing the research problem. Most primary information is gathered by asking consumers questions or by monitoring their behaviour. The most accurate way this can be done is to question or observe all consumers of a particular product.

Secondary data is information which already exists in some form. It can be internal data from records within the business or external data, from records outside of the business.

Sampling occurs when a business or market research organization has to carry out market research by means of a survey of all its target population. The target population would be the people whose views they would like to find out. There are different types of sampling methods.

• Probability sampling is a technique that helps a business to quantify risks, uncertainties and the likelihood of an event occurring. Each element if the population has a fixed probabilistic chance of being selected for the sample.

• Non-probability sampling involves techniques that do not use chance procedures. Rather, they rely on the personal judgment of the researcher.

RESEARCH TECHNIQUES

These are divided into two

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