Scope and Objectives of Marketing Research

Scope of Market Research:

Market research covers the following items of study:

1. Size of the present and potential market.

2. Consumer needs wants, habits and behaviour.

3. Dealer wants and preferences.

4. Analysis of the market size according to age, sex, income, profession, standard of living etc.

5. Geographic location of customers.

6. Analysis of market demand.

7. Knowledge of competitors and their products.

8. Knowing the profitability of different markets.

9. Study the market changes and market conditions.

10. Analysis of various channels of distribution.

Objectives of marketing research:

1. To understand the economic factors affecting the sales volume and their opportunities.

2. To understand the competitive position of rival products.

3. To evaluate the reactions of consumers and customers.

4. To study the price trends.

5. To evaluate the system of distribution.

6. To understand the advantages and limitation of the products.

7. To find new methods of packaging, by comparing other similar packages.

8. To analyze the market size.

9. To know the estimation of demand.

10. To evaluate the profitability of different markets.

11. To study the customer’s acceptance of products.

12. To assess the volume of future sales.

13. To study the nature of the market, its location and its potentialities.

14. To find solutions to problems relating to marketing of goods and services.

15. To evaluate policies and plans in the right course of action.

16. To know the development of science and technology.

17. To know the complexity of marketing.

18. To measure the effectiveness of advertising.

19. To estimate the potential market for a new product.

20. To assess the strength and weakness of the competitors.