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MARKET RESEARCH is the systematic collection, analysis and interpretation of marketing information for marketing decisions. It can also be defined as the systematic gathering or sourcing, recording and analysis of data about problems relating to the marketing of goods and services another definition is the systematic design collection to aid management in making its marketing decisions.

MARKETING RESEARCH PROCESS


1. Definition of research problem/ formulation

2. Knowledge Exploration

3. Research design/ Methodology

4. Collection of primary data/secondary data

5. Presentation and Analysis of data

6. Recommendations of research findings

7. Presentation of Research Report

SOURCES OF MARKETING RESEARCH INFORMATION

Research data or information is generally classified as either primary or secondary data. The source of data is also generally classified in the same way primary sources and secondary sources. Primary data (which are obtained from the field directly) are the original data collected from basis sources to meet the specific needs of the research problem at hand. They are flesh data being collected and used for the first time. Secondary data (collected from secondary sources) are already existing data which had earlier been gathered for solving another problem or case different from the one being worked upon presently.

Marketing research relies more on primary data being the original data are more reliable than the secondary data

SOURCES OF SECONDARY DATA


(A) Internal Sources

These are sources of information existing will tin the marketing conducting the investigation. Such information could ho collected from the company's own record like sales invoice, journals, ink-mat memorandum, letters to out side bodies account book. etc. These information’s are free and are easier and faster to collect than the outs-ado one It could also be sourced within if units of the organization

(B) External Sources

These are; sources of information existing outside the marketing organization from which secondary information can be obtained, those include the libraries government agencies like federal office of statistics national population commission, trade, professional, business consultancy agencies, banks, educational and research institution, news paper, magazines and journals, international organization and the internet

SOURCES OF PRIMARY DATA

The primary sources of data are resorted to when data collected from secondary sources are not sufficient to solve the research problem. The sources of primary data in marketing research include the customers of the company. Sales men, managers, government officials, suppliers, distributors and middlemen and the general public

METHODS OF PRIMARY DATA COLLECTION

The collection of primary data is a very exciting activity. There are methods of data collection available to marketing researchers. The four methods are as follows

1. Survey: I his method entails the systematic gathering of data from respondents for the purpose of understanding and /or predicting some aspects of the behavior of the population of interest. It is usually collected from a few people called sample items. The research instrument used in survey include

(A) Questionnaire: This is a list of questions of statements, which require respondents to make a reply it can be administered by the research of the respondent. It could be delivered personally or maii.ni to the respondent

(B) Interview: this entails calling on respondents in order to collect information from them through conversation. It can conducted personally or mailed to the respondent

(C) Panel survey: This is a group of individual who have agreed to provide information to a researcher over a period of time. It enables a researcher to collect data from the same respondent two or more times

2. Observation: This is a method which involves watching, monitoring, and recording the sequence and details of specific incidents, which are of interest to a researcher in this investigation. It can take place while the incident is taking place or after it has taken place.

3. Experimentation: Common experiments in marketing include trying on shoes and cloths in boutiques, tasting and using new product, and test marketing new product. Some of the types of experiments in marketing include laboratory experiment, field experiment and computer simulation.

4. Case Analysis: This refers to the intensive analysis of a single or few situations of a phenomenon for the purpose of obtaining information that would lead to a greater understanding of that phenomenon and the possibility of generalization.


CONSTRAINTS TO SUCCESSFUL MARKETING RESEARCH

1. Lack of recognition of the importance of marketing

2. Lack of functional marketing research

3. Too much expectation from marketing research

4. Inadequate of operational facilities for the conduct of marketing research

5. High incidence of illiteracy

6. Uncooperative attitudes of respondents

7. Inadequacy of knowledge on research

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