As marketing plays a significant role in the growth of a business, you need to find out the best strategies or activities to improve your marketing. Being a marketing professional, it is undeniable to go on finding out new techniques and strategies to enhance the promotion of the products or services. But, every time it is not possible that you face a positive outcome of your methods. In such times, you need to analyze the situations correctly, maintain strong documentation of your problems and also think of a positive solution to the arising problems. This systematic survey on the market is called marketing research.
Research objectives on marketing may vary from time to time as per the business deals. Thus, by certain situations and goals, marketing research can be classified into the following types:
1. Descriptive Market Research:
As the name suggests, detailed market research is being conducted when the marketing professionals are very accurate with the testing of the hypothesis obtained from the marketing strategies. Here there is a possibility to get specific answers to the problems of the research. The professional can highly assume the types of customers, their needs, their demand for the product, how that can compete with the other products of different companies, etc.
2. Exploratory Market Research
There may be situations when the marketing professional has very little or no idea about the current problems or its reason. Then he can follow the exploratory market research. Through this, the person can get a chance to clear his ideas and concepts as a result of which he can gain insights, sort out the problems, discard the additional thoughts and finally get a hypothesis for testing.
3. Causal Market Research
Marketing researches can be best sorted out when the relationship of the variables can be understood by the cause and effect of the current situation. While conducting any marketing strategy, you need to identify a lot of things according to its impact on the customers as well as the company. For, e.g., if you are designing a product package or suddenly have a plan to change an existing package design, you need to think about what can be the impact of that on the customers. Here lies the importance of causal market research.
4. Predictive Market Research
While professional marketing proceeds for his future sales growth by predicting a result or outcome and takes the strategy as per that prediction, then it is called predictive marketing research. This can be further divided into two parts:
i. Qualitative Market Research
ii. Quantitative Market Research
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