UNIT 1.3 - Purposes of Marketing Research

Question 1

What is Market Research?

Answer 1

It is the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers. It only uses one P of Marketing which is Place.

Question 2

What is Marketing Research?

Answer 2

Marketing Research is broader than Market research as it uses all four Ps of Marketing. Gathers, analyzes and interprets data about Pricings, Sales, Public relations etc.

Question 3

4 most common research objectives for the retail industry.

Answer 3

1. Discover customer requirements.
2. Forecast expectations of customers.
3. Monitor changing customer expectations.
4. Monitor and track market performance.