Question

Define the term ‘Marketing Research’.

Answer 1

The Marketing Research is the systematic collection, analysis, and interpretation of data pertaining to the marketing conditions.

The basic reason for carrying out the marketing research is to find out the change in the consumer behavior due to the change in the elements of the marketing mix (product, price, place, promotion).

The marketers need to know about the changing trends in the market viz. Changes in the customer’s tastes and preferences, the new products launched in the market, prices of the competitor’s product, the close substitutes of the product, etc.