Gauri Sharma is the CEO of Lab42, a next generation market research firm that creates and fields surveys among social media users, customizes compelling infographics, and compiles insightful research that helps businesses unclutter and prioritize goals.Lab42 provides quality, accurate results with quick turnaround for small businesses and Fortune 500 companies alike.The goal of market research is to obtain and provide management with viable information about the market (e.g.
Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through 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." It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.
Lab42 provides quality, accurate results with quick turnaround for small businesses and Fortune 500 companies alike. To many, it simply sounds tedious and time-consuming.
For more information visit your company or brand interacts with consumers, you’ve likely heard of market research, but there’s a good chance you’re unclear on its exact meaning or how your company can benefit from it. As a result, when companies have a question or hypothesis about their target consumers, they look for research that’s already been conducted in an effort to apply industry stats to validate their hypotheses (even when it’s a stretch).
Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.
Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.Managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs.They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control.Worst yet, they may not do any research at all, leading to uninformed decisions.The good news is that market research is no longer limited to focus groups, mall intercepts, and phone call surveys.The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior.The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution.Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes.Smaller players can enter the market research ring to help fuel their growth, thanks to affordable options, quick turnaround times, and personalized, attentive service.At Lab42, we like to think of it as ‘democratized market research’.