Marketing research and market segmentation are essentials in understanding markets. Marketing research is the method that connects the marketer to the market by offering information and insights to aid marketing decision-making. Marketing research both drives the market segmentation process and is affected by it.
It is the methodical gathering, recording and analysis of data associated to the marketing of goods and services. It is employed to identify marketing opportunities and obstacles, to produce marketing actions, and to watch marketing performance. Since, marketing research is vital to understanding the procedures of relationship marketing and customer relationship management. Marketing research is related with the whole marketing process. Market research is research as regards markets. Though, marketing research should not be viewed as just an input into better decision-making. While utilized correctly, it can become an important marketing asset, conferring competitive benefits. Several companies have demonstrated an awareness of the value of marketing research by extending the remit of their market research teams to cover marketing information systems or although knowledge management.
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