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Marketing Research
Marketing research is related with collecting facts and figures from the market to assist the managers to make correct decisions.
Need for Marketing Research
There may be many reasons for carrying out market research.
It may be carried out find out
- the likes and dislikes of the customer
- s,appropriate price for the produc
- how many people might buy the produc
- finding the profile of the customers
- the places they buyabout competitors and
- the promotion techniques which might be most effective.
Types of Information
Market research collects two types of data:
- Quantitative data: finding the quantity or ‘how many’
- Qualitative data: finding out the opinions and judgement or reasons for particular action.
