Functions of Marketing Research

The various functions of marketing research are as follows:

1. Description:

Marketing research give full description about the consumers. It describes their age, sex, education, income, etc. It also gives a description about the competitors and the market situation. This description is used to take marketing decisions and solve marketing problems.

2. Evaluation:

Marketing research helps to evaluate the company's performance, It helps to evaluate the company's production and marketing policies. It helps to evaluate to the quality of the product, price, packaging. advertising, sales, promotions techniques, etc. If the consumer reactions are bad, then the company must change its policies. It also compares the company's policies with the competitors policies.

3. Explanation:

Marketing research gives explanations (answers) for all the marketing problems, For example, it answers in detail, why are the sales falling, why are the retailers giving negative reaction, etc. It gives all the causes or reasons for the problem. It also tells how to solve the problem.

4. Prediction:

Marketing research also gives predictions. Predictions mean to forecast or guess about the future marketing environment, future consumer behavior, etc. All the prediction may not be correct. However, these predictions help the company to make future plans and policies. It helps to make advantage of future opportunities. It also helps to avoid future risks.

5. Aid in Decision Making:

Marketing research helps the marketing manager to