Browse Definitions :
Definition

marketing research

Contributor(s): Matthew Haughn

Marketing research is the study of a given market in order to optimize product promotion and ensure that inbound and outbound marketing initiatives are cost-effective. Marketing research is often carried out to guide changes in product features and delivery schemes.

A company may perform its own marketing research or hire a third-party consultants. A company’s efforts to see if their marketing initiatives address the needs of their customer base might include the use of focus groups. Marketing research efforts often also include the use of consumer panels to test ongoing changes in products and marketing and gather customer feedback. Another increasingly common and fast way for prominent companies to gather consumer opinions is through monitoring sentiment in customer communication and interaction on social media sites.

Companies perform marketing research to ensure marketing initiatives consistently demonstrate a return on investment (ROI) . Although marketing research costs can be significant, they can also help ensure a product or service is promoted to the right customer base. When a product has been assured of meeting customer expectations in price, reliability and functionality, it can have a much lower risk of failure in a market.

This was last updated in July 2017

Continue Reading About marketing research

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance as a service (CaaS)

    Compliance as a Service (CaaS) is a cloud service service level agreement (SLA) that specified how a managed service provider (...

  • data protection impact assessment (DPIA)

    A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...

SearchSecurity

  • identity provider

    An identity provider is a system component that is able to provide an end user or internet-connected device with a single set of ...

  • firewall

    A firewall is software or firmware that enforces a set of rules about what data packets will be allowed to enter or leave a ...

  • encryption

    Encryption is the method by which information is converted into secret code that hides the information's true meaning. The ...

SearchHealthIT

SearchDisasterRecovery

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

SearchStorage

Close