Definition of Marketing Research
Marketing research is the practice of collecting, investigating, and interpreting of information regarding products or services that a company is offering or intends to offer. For this the data collection about customer’s needs, market as a whole, competitors, measuring the impact of the consumer’s behavior after bringing a change in the marketing mix. The marketing mix consists of four elements, Product, Price, Promotion, and Placement.
Marketing research enables a company to look through the wall. For instance, a company might want to collect information from the market with surveys, focus groups, and other data collection techniques in order to record the response about the launch of a new product. These responses reflect the customer’s probable intentions to buy or ignore the product if launched in the market.