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What Is Marketing

The main objective of any business organisation is profitability. Finding out as much as possible about potential market for its products helps business organisations to maximise their profitability. In simple terms this means that a business which knows what products are likely to be bought, by whom, where, when and at which price, has a much greater chance of being successful. This information can be gathered through different methods of research.

Internal data.

May companies can gather a lot of important and relevant information about the market for their goods or services from their own records. If the details of individual customers and their transactions are collected and analysed, the company can find out about tastes, trends and volume of sales. An accurate picture of existing customers can be built up.
However, this kind of data is only available to businesses that supply goods or services to named customers, such as providers of registered services like gas, water or electricity. Other businesses might be able to check their sales to some, but not all customers.

Primary research.

Primary research collects items of information (known as data) for a specific purpose. There are three ways of gathering primary data, theses are:-

 Survey

 Observation

 Testing.

Survey.

Survey is the most widely used method of primary data collection. Most people are familiar with door-to-door interviewers who come armed with questionnaires about people’s spending preferences. These are known as ‘personal interviews’.
Some big business organisations have enough resources to carry out primary research, but most hire the services of specialist market survey agencies. If you have ever participated in this type of survey you will know that the subject might vary from the type of ketchup you like with your chips to the kind of holidays you like to take. The questionnaires have