Last week, we talked about a family and how marketing affected their everyday lives andbuying decisions. These decisions don't happen by accident. Companies use marketing research to learn more about consumers, what their preferences are and what prompts buying actions. How do companies conduct their research to learn this valuable information so they can best attract their target market? Then what do they do with it?

In one way or another, all companies conduct market research for a number of reasons. Maybe they want to learn more about the habits of their consumers. Maybe they want to learn more about the demographic data in their regions or explore new product or service ideas.

• Market research is defined as the process of systematically and objectively gathering information to aid in making marketing (and other) decisions. The reasons for market research are endless and important to the long-term success of a company. By using primary and secondary data, companies are well on their way to obtaining all the information they need to make those critical marketing decisions.
• Read the following to learn more about the types, purpose, and uses for marketing research:
• Chapter 9 in theMKTG 12text.
• In the world of marketing, little is more important than knowing and understanding your target market. This reading will help you learn more about it:
• Porta, M. (n.d.).How to define your target market.https://www.inc.com/guides/2010/06/defining-your-target-market.htm

What You Need to Know

Market Research

• Market research is essential to making sound business decisions, especially in regardto marketing. Conducting market research involves digging into secondary and primary research. For this discussion, focus on secondary researchthat is, information found outside a company such as industry experts, associations, and companies that specialize in collecting data thatcan be used for research and decision making.
• Pick a company in the specified industry that follows andthat corresponds to the first letter of your last name. Then identify three possible sources of secondary research that would be valuable to that company andexplain why those sources are useful for decision making.

G-I: Automotivedealers, suppliers. ( Nissan Car Dealer)