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MARKET RESEARCH :
Market research refers to rational investigation for the marketing possibilities of the product in a definite area or region.

OBJECTIVES OF MARKET RESEARCH:
The main objective of market research is to provide answers to the following four questions:
What to sell?
When to sell?
Where to sell?
How to sell?

The objectives of market research related to the above goal may be analysed as follows:
(1) For Production of a New Product:
When a new product is to be placed in the market, the producer must assess the prospects of its sales through market research. The producer can decide the type of the product, level of its price and size of output etc, on the basis of market research information.
(2) For the Improvement in the Quality of the Product:
Market research is necessary to find out the deficiencies in the product quality so that its quality may be improved in such a manner that it becomes more acceptable to the customers. Market research is necessary to know the market response especially when new product is to be introduced in the market.
(3) For Making Necessary Changes in the Product:
Customers requirements and changes required therein can be known through market research.
On the basis of this knowledge, changes can be effected in the colour, size, flavour, packing and price of the product so that it becomes more suitable to the costomers requirements.
(4) For Sales Promotion:
Market research is undertaken also to promote sales of the product. Producers obtain information about current level of market demand, degree of competition in the market, customers needs, publicity and its impact, packing and its attractiveness etc. On the basis of this information, producers can take measures to make such changes that their products become more acceptable and salable.
(5) To Identify the Causes of Decline in Sales: Whenever sales decline to a considerable extent, it becomes necessary to find out the factors responsible for the the decline in sales. Market research is conducted for this purpose.
Through market research, relevant information is collected and analysed. The analysis reveals the main defects in the sales methods suggesting the measures to remove these defects.
(6) To Judge the Strength of the Competitors: Market research is conducted also to find out the main competitors in the market, the nature of their products, prices at which they sell, the media of publicity they adopt, the channels of distribution they employ etc.
(7) To Get Information about Purchasing Power of the Buyers :
Market research is useful also in securing information about the number of buyers in different market segments, purchasing power of these buyers, the size of purchases by them etc.
(8) To Decide the Medium of Advertisement: Advertisement is very expensive and it has to be decided as to which medium of advertisement will give maximum benefit. Herem market research gives useful information.
(9) To Modernise Organisation:
In order to improve and modernise the organisation structure of enterprise, market research provides suggestions and necessary data.
(10) To Increase Exports: Market research is also undertaken to explore foreign markets and increase exports.
(11) To have Knowledge about Customers' Preferences:
In order to improve or change the quality, form, size etc. of the product to make it
(12) To Prepare Sales Budget:
It is not possible to prepare sales budget without data provided by market research.

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