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Marketing Research plays a significant role in helping Government to perform some of its crucial regulatory functions. It provides an up-to-date market-related data to the government and helps it to monitor, plan, coordinate and regulate the entire economy of its area of jurisdiction. The government studies information provided by MR and uses it to understand the market forces, formulating

Concepts of Marketing The six concepts of marketing are depicted and listed below.Image credits © Prof. Mudit Katyani.These include:The concept of Exchange, The concept of Production, The concept of Product, The concept of Sales, The concept of Marketing, and The concept of Societal. Now let's discuss the six distinct concepts of marketing.Exchange Concept gives importance to the exchange of

Qualities of a Good Field Investigator Field Investigator is a professional who carry out investigations or research works for his employer to gather information and collect data from the concerned respondents (people interviewed by him). He is an individual who is also called an Interviewer. It is so, since, he asks questions and record their respective answers immediately.In order to become a

Steps in marketing research process Following image depicts the steps in a marketing research process.Image credits © Prof. Mudit Katyani.The twelve stages or steps in a marketing research process are:Problem identification, Problem definition, Research design, Determining data needs, Determining data sources, Sampling design, Designing questionnaire, Field staff selection, Collection and

Difference Between Market Research vs Marketing Research Following image shows five important points of comparison used to find out the difference between Market Research vs Marketing Research (MR).Image credits © Prof. Mudit Katyani.Distinguish between market research and marketing research is based on following five points:Meaning of market research and marketing research (MR). Their prime or

Is marketing research scientific or not? Marketing research is not a pure science like physics and chemistry. It is a social science. It uses scientific methods for solving marketing problems. It uses an observational and experimental method for collecting data. These methods are very scientific. MR is very practical and systematic. It doesn't use trial or error method or guess work.We can find

Methods of Conducting a Marketing Audit Marketing audit is an examination of the marketing activities of company. It must be conducted by impartial persons.Auditors must be properly qualified, trained and experienced enough to do the audit. They must have a complete knowledge and exposure of marketing.Image below depicts the methods of conducting a marketing audit.Following methods are used to

Scope, Areas or Types of Marketing Audit There are no fixed guidelines regarding the scope, areas or types of marketing audit. In other words, the scope of marketing audit is not fixed. It changes from company to company. Each company can make its own marketing audit plan. However, the scope of marketing audit must include the following areas or types:The six important types of marketing audit

Explain the Characteristics of Marketing Audit The eight important characteristics of marketing audit are depicted below.The salient features or characteristics of marketing audit are as follows:Marketing audit is a comprehensive study of all marketing activities. It is a systematic-process that follows a step-by-step procedure. It is a periodic activity and must be conducted regularly. It is

Definition of Marketing Audit The definition of marketing audit as stated by Abe Schuchman is as follows:“Marketing audit is a systematic, critical and impartial review and appraisal of the total marketing operation: of the basic objectives and polices and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and

Distinguish Between MIS and Marketing Research (MR) Following image depicts the ten main points which are used to make a comparison or distinction between MIS and Marketing Research (MR).Image credits © Prof. Mudit Katyani.Difference between MIS vs MR is based on the following ten points:Meaning of MIS and MR. Their basic or main purpose. Wide or narrow scope. General or specific nature. Number

Essential Requisites of a Good MIS The following image depicts the eight essential requisites of a good MIS.Image credits © Prof. Mudit Katyani.The essentials of a good Marketing Information System (MIS) is listed below:MIS must be unified and centralized. It must facilitate decision making. It must provide quick and accurate information. It must be economical. It must be selective. It must be

Components of Marketing Information System MIS Marketing Information System (MIS) collects, analyses, and supplies a lot of relevant information to the marketing managers. It is a valuable tool for planning, implementing and controlling the marketing activities.The role of MIS is to identify (find out) what sort of information is required by the marketing managers. It then collects and analyzes

Features of Marketing Information System MIS The main characteristics or features of Marketing Information System (MIS):Image credits © Prof. Mudit Katyani.Continuous system : MIS is a permanent and continuous system of collecting information. It collects information continuously. Basic objective : The basic objective of MIS is to provide the right-information at the right-time to the

Marketing Information System MIS Definition 1. According to Donald Cox and Robert Good,“An MIS may be defined as a set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions. This of course is a step beyond logistics systems, which handle inventory control, orders, and so forth.”This definition of Marketing

Objectives of Marketing Research The main objective of marketing research (MR) is to provide information to the marketing manager. The marketing manager uses this information to make marketing decision and to solve marketing problems.The purposes or objectives of marketing research are listed below.Identify the consumer response to the company’s product. Know the consumers’ needs and

Need For Marketing Research In recent years, the scope of business has expanded from local to global level. The size of the production has greatly increased. The production is now centralized, and the consumption centers are widespread. This has created a wide gap between the manufacturer and consumer. This has caused basic problems like what to produce and what to sell.There is a need for

Difference Between Marketing Problem Vs Marketing Research Problem Following image highlights eight important points used to distinguish between marketing problem vs marketing research (MR) problem.Image credits © Prof. Mudit Katyani.Difference between marketing problem and marketing research problem is based on the following eight points:Meaning of marketing problem and marketing research

Functions of marketing research The following image depicts five basic functions of marketing research.Image credits © Prof. Mudit Katyani.The five main functions of marketing research (MR) are:Description, Evaluation, Explanation, Prediction, and Aid in decision making. Now let's discuss these prominent functions of marketing research.Description : Marketing research gives full description about

Need and Importance of Marketing Research (MR) A business faces many types of marketing problems. It faces problems about its product, price, place and promotion. It also faces problems about product design, packaging, branding, marketing channels, advertising, etc. Some marketing problems are very serious. Therefore, in the marketing, managers use marketing research as an important tool to