What is Market Research

What is Market Research

Market Research

From the AMA… “Market(ing) research is the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”

In other words market research helps organisations make accurate informed decisions on their marketing mix and how it will impact on customer behaviour.

Evaluation

Evaluations help organisations answer one of these questions:

1. (BEFORE) What should we looking at? (includes needs analysis, whether the evaluation is feasible etc);

2. (DURING) How are we going? (in the middle of a program and evaluating if the objectives are being achieved and if any changes should be made during the program);

3. (AFTER) How did we go (were the outcomes achieved?)

A note from The Research Broker…

Although market(ing) research and evaluation can use the same methods (focus groups, interviews etc) you will find may some research companies do not conduct evaluations and many evaluation companies do not conduct market research.

Many thanks for the work you have done in sourcing an international (Californian) company to assist us with the market evaluation we are doing in the Southern Cape of South Africa for a major mixed use property development. The Californian company fitted our criteria perfectly and, while it is early days, I have been most impressed with their professionalism and knowledge.”
Douglas Parker Associates (South Africa)