This is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. There is a design of an interview guide and a questionnaire. Marketing research is based on specific and opportunities that the company would like to pursue. It therefore requires;
- A market survey.
- Product preference tests –why; improvements etc
- Sales forecasts based on various regions
- Advertising evaluation-i.e. are you effective?
Sources of Information
- Primary sources – this is fresh research i.e. information being collected for the first time to solve a particular problem or gain insight into a particular event. This information is collected through questionnaires, interviews, observation, field surveys, opinion calls, experimentation, aptitude tests etc.
- Secondary sources – this is information stored in some records and hence it is not an original information source. It can either be from internal or external sources.
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- Internal sources-these are sources of information that already exists within the organization. The information could have been collected for other uses but can be used for the current research e.g. company magazine and the internal records system.
- External sources-they are sources outside the organization and include the: internet, ministry of trade and industry newspaper, libraries etc
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