Marketing research is one of the significant functions of marketing management. It is also one of the mechanisms of MIS (Management Information System). The system may be used for ongoing monitoring of the marketplace or on a step by step evaluation of a product concept.
Characteristics of Good Marketing Research –
Many marketing managers fail to use marketing research as a tool to create valid marketing plans. The key reason of marketing research is to provide information about the market on demand. It is one of the essential activities or an essential part of modern marketing. Here are seven characteristics of good marketing research.
- Scientific method – Observation, hypothesis, prediction, and testing.
Since the goal of conducting a marketing research project is to expose helpful information, how you demeanor your research is critically vital. Good research follows this standard procedure.
- Research creativity –
Be innovative and focused on results that matter most. This requires a few levels of inspiration in your research.
- Multiple methods –
Don’t get hooked on one method as the best or only way to do research. In your research, constantly make sure you assume the research to the problem. In other words, don’t say you want to do a survey and then figure out a problem to solve. Good research recognizes the value of using numerous methods and sources to achieve reliable information. Marketing researchers inhibited away from over-reliance on any one method. They also distinguish the value of using two or three methods to increase confidence in the results.
- Results driven by a method chosen –
The research result (data) is limited by the research method. Don’t be tempted to read too much into the results. The research model you choose will eventually decide the type of information, its validity, and your aptitude to act based on findings. Therefore, always base your research efforts on hard models that are obviously defined and as explicit as probable. Marketing researchers distinguish that data are interpreted from fundamental models that guide the type of information required.
- Value –
It is easy to determine the cost of research, but the results have to be “valuable enough” so that management will make decisions based on the results. Stop doing research once this threshold has been reached. However, to steward resources efficiently, marketers require considering the cost of market research, the value of the information gathered, and the probability of management’s ability or enthusiasm to act on such information.
- Skepticism –
Be alert to flaws and blind acceptance of myths or urban legends. Often times, those in the midst of a market are incapable to obviously see the market. The “forest through the trees” situation applies here. Marketing researchers show a good skepticism toward persuasive assumptions through by managers about how a market works.
- Ethics –
Don’t mix-up marketing research with leadership development or other sales related activities. It shows a strong admiration for the company, the product, and the customers and never tries to damage or take advantage of customers. The mistreatment of marketing research can destruction or annoy consumers, rising resentment at what consumers regard as an assault of their privacy or a disguised sales pitch.