The goals of marketing research are to help a business refine its marketing strategy, improve products or services, determine where a product should be placed and uncover consumer habits. The scope of marketing research is often determined by the business's budget and the ability of the researcher.
While creating a plan for marketing research, business owners should be sure to include deadlines as well as budget constraints, as not everything can be researched. Such plans help the researchers focus on specific details as well as the business owner's overall objectives for the marketing research.
There is primary marketing research and secondary marketing research: Primary research is conducted for a specific purpose, while secondary research is done with the use of information that has already been gathered and is available for public use, such as census information and demographic research. Market researchers also use quantitative methods, such as a survey, and qualitative methods, such as a personal interview, to gather market data.
Marketing research may not put a business on the fast track to success, but it can help a business owner better market and advertise his products or services to his target audience. It's best that business owners and marketers conduct marketing research on a periodic and consistent basis in order for the gathered data to be accurate and up to date.