Market Research

Abstract

AbstractMarketing research is a systematic process of analysing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm’s marketing environment and attain information from suppliers (Berghoff et al., 2012). A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market (Homburg et al., 2022). As an example, a firm may conduct research in a target market, after selecting a suitable market segment (Czinkota et al., 2021). In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research. (Avoiding the word consumer, which shows up in both, market research is about distribution, while marketing research encompasses distribution, advertising effectiveness and salesforce effectiveness). Marketing researchers use statistical methods (such as quantitative research, qualitative research, hypothesis tests, Chi-square tests, linear regression, correlation coefficients, frequency distributions, Poisson and binomial distributions, etc.) to interpret their findings and convert data into information. The stages of research in Fig. 17.1 include: