Characteristics Of Good Marketing Research
The duty of marketing research is to solve the problems of the organization relating to its sales and related marketing issues. As such it is considered to be a primary tool by several managements and as a secondary tool by much management. In spite of its drawback of arriving at exact results with complete accuracy, corporate world has accepted its relevance. One such drawback posed against marketing research is its cost-effectiveness. If the tools used are crisp and less costlier its service could be welcomed by all. For such recognition marketing research must possess certain characteristics, which are mentioned by Philip Kotler as follows:
1. Scientific method: Competent marketing research is characterized by an attempt to follow the scientific method, careful observation, formulation of hypotheses, prediction and testing.
2. Research creativity: At its best, marketing research develops innovative ways to solve a problem.
3. Multiple methods: Competent marketing researchers keep away from over reliance on any one method, preferring to adopt the method to the problem rather than the other way round. They also recognize the desirability of the simultaneous gathering of information in different ways to give greater confidence than any one method would provide.
4. Interdependence of models and data: Competent marketing researchers recognize that the facts do not speak for themselves but rather derive their meaning from models of the problem. They attempt to guide their search for information on the basis of causal decision model to help the executive.
5. Value and cost of information: Competent marketing researchers show concern for measuring the value of information against its cost. Value/cost is a consideration when the Marketing Research Department chooses which research projects to conduct, which research designs to use and whether to gather more information.