Concept of Marketing Research 2022

Running head: MARKET RESEARCH
Market Research
Name of the Student
Name of the University
Author Note

MARKET RESEARCH
1
1. Market research is one of the importance technique for the marketers in order to
identify the competitions in the existing markets and simultaneously helps to identify
the target audience of the market as well. The concept of market research will help
the business management to understand the issue of customer satisfaction through
their business process. There are various types of market research process and they
are mainly primary market research, secondary market research, qualitative and
quantitative market research. The concept of primary market research refers to the
market research done by the company itself and those collected information will help
to gather information regarding the competition in the market and the target customer
segments in the market. A company can gather primary information through the
primary research method by using either quantitative or qualitative research. On the
other hand, the secondary market research refers to the marketing technique that is
dependent on the available information and this research is dependent on the
information collected by other people. A secondary market research process is
dependent on various resources available in the market and those sources may include
newspaper, magazine, government data. In order to analyse the opinions and
mentality of customers, a market researchers may use a qualitative research method. It
mainly deals with the mentality of the customers and they are free to make their views
and opinions regarding any product. On the other hand, the quantitative research
method is dependent on statistical data and hard facts of the market (Burns, Bush and
Sinha 2014). According to the study of Aliyu (2017), it is reported that, the issue of
customer satisfaction is associated with the market research process. As, by using the
qualitative market research technique an organization can gather information about
the views of the customers related to their product. In a qualitative research the
customer are free to cast their information regarding any product and it will help the

MARKET RESEARCH
2
organization to improve the condition of their product. On the other hand, this study
also stated that, a market research process will also allowed a company to hold the
loyal customers in their organization. In addi6tion to this, the process of market
research will also allow to maintain the quality of product as the customers are giving
opinions regarding the product and the company can maintain the quality of product
by using the data of market research. It is quite evident that, the customer satisfaction
will enhance the numbers of loyal customers and this will definitely enhance the
business turnover of the customers. Moreover the study of Spiess et al. (2014),
showed that, the use of big data gathered from the market research can be used to
improve the customer satisfaction as a huge amount of customers’ will help the
company to understand the mentality of customers in a better way. Moreover a
proper market research by an organization will the company identify the competitors
of the market and the collected data will help the company to take out the strengths
and weakness of the company and pricing strategy of the other competitors in the
market. So, it can be said that, the collected market data will help the organization to
make their business strategy in order to compete in the market with their competitors.
In case of Tesco, the company can use the market research process to identify their
competitors in the market of different countries of this world and they can find out the
competitive advantages in the market as well (Spiess et al. 2014).
2. In any kind of business it is very crucial to identify the market segments in order to
identify the taste and buying behaviour of the customers. The grouping of the
customers can be related to the income, age group, geographical location and
behaviour of the customers. The geographic segmentation of the market is correlated
with the basis of region, state, rural areas. The demographic market segmentation is
relied on the basis of age, sex, religion, community and religion of the customers. The