Question

ASSU RANCE OF LEARNING RE 1. Outline the development and current status of the marketing research function. 3. How does the era of big data present opportunities and chal 4. How do the activities of data mining and predictive analytics 5. List and explain the steps in the marketing research process. 6. Distinguish between primary and secondary data. When lenges to marketing researchers? work together? Trace a hypothetical study through the stages in this process. should researchers collect each type of data?

Answer 1

Ans. 1) Development of Marketing Research:

Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications."

It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes

Marketing research is often partitioned into two sets of categorical pairs, either by target market:

Consumer marketing research, and
Business-to-business (B2B) marketing research.
Or, alternatively, by methodological approach:

Qualitative marketing research, and
Quantitative marketing research.
Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.[citation needed] The field of consumer marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923.

Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. The goal of market research is to obtain and provide management with viable information about the market (e.g. competitors), consumers, the product/service itself etc.