Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. The marketing concept requires that customer satisfaction rather than profit maximization be the goal of an organization. In other words, the organization should be consumer oriented and should try to understand consumers requirements and satisfy them quickly and efficiently, in ways that are beneficial to both the consumer and the organization. This means that any research organization should try to obtain information on consumer needs and gather marketing intelligence to help satisfy these needs efficiently.

Marketing research is a critical part of such a marketing intelligence system. Ιt helps to improve management decision making by providing relevant, accurate and timely (RAT) information. Every decision poses unique needs for information and relevant strategies can be developed based on the information gathered through marketing research. The following examples give the flavor of marketing research in action.

MARKETING RESEARCH

Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services etc. Business can learn a great deal about customers, their needs and how the business   is  doing to meet those needs.

WHAT IS THE PURPOSE OF MARKET RESEARCH