Features of Marketing Research
1) Systematic and continuous process:- MR is a continuous process. One type of research is not adequate to resolve all marketing problem. Similarly, new research projects will have to be undertaken to solve new marketing problem and challenges. A marketing company faces new marketing problem from time to time and for facing them marketing research activities need to be conducted on regular basis. A marketing company has to conduct MR regularly for its survival and growth in the present dynamic marketing environment.
2) Wide in scope application:- MR is wide in scope as it deals with all aspects of marketing of goods and services. Introduction of new products, identification of potential markets, selection of appropriate selling techniques, study of market competition, introduction of suitable advertising strategy and sales promotion measures are some areas covered by MR.
3) Emphasises on accurate data collection and critical analysis:- In MR, required data should be collected objectively and accurately. The data collected must be reliable. It should be analysed in a systematic manner. This will provide comprehensive picture of the situation and possible solution.
4) Offers benefits to sponsoring company and consumer:- MR is useful to the sponsoring company. It raises the turnover and profit of the company. It also raises the competitive capacity and creates goodwill in the market. It enables a company to introduce consumer- oriented marketing policies. Consumer also gets agreeable goods and more satisfaction due to MR activities.
5) Commercial equivalent of military intelligence :- MR is the commercial intelligence activity. It is similar to military intelligence where systematic study is made before taking any military action MR acts as the intelligence tool of marketing management.
6) Tool for managerial decisions:- MR acts as a tool in the hands of management for identifying and analysing marketing problem and finding out solution to them. It is and aid to decision-making. It suggests possible solution for the consideration and selection by managers. MR is an aid to judgement and never a substitute for it.
7) Applied type of research:- MR is applied knowledge. It is also called ‘decisional’ research as it provides specific alternative solution to deal with a specific marketing problem. It studies specific marketing problem and suggests alternative solution and possible.
8) Reduces the gap between the producers and consumer :- MR is an essential supplement of modern competitive marketing. It is useful for understanding the needs and expectations of consumers. It reduces the gap between producers and consumers and adjusts the marketing activities to suit the needs of consumer.
9) Not an exact science:- MR is both science and an art. It collects information and studies marketing problem in a scientific manner. The information collected is also applied to real life problem. However, MR is not an exact science. It only suggests possible solution and not the exact solution to marketing manager for consideration and selection. At present, MR is treated as a professional activity. We have professional research agencies dealing with the marketing problem of their clients on commission basis.
10) Use of different methods:- MR can be conducted by using different methods. Data can be collected through survey or by other methods like observation method or experimentation method. Even computers and internet are used for data collection. The researcher has to decide the method suitable for his research project.
11) Dynamic character:-MR is dynamic in nature. Its scope is fast expanding along with the new developments in the field of marketing. In addition, development in other subjects such as economics, statistics, computer science, sociology, psychology, cultural anthropology and behavioural sciences also bring corresponding changes in the field of MR. this suggests that MR is a dynamic and progressive subject.
12) Closely connected with marketing information system:- both the concepts are interrelated. In fact, MR is one components of MIS. Both are useful for solving marketing problem and for accurate and quick decision-making in the field of marketing.