|Time to time market research should be conducted in order to achieve success in marketing. Data and information should be collected for this. Data and information should be collected for this. Data and information are interrelated. Updates, sufficient and accurate data are needed for effective information. Data become useful or|
- Facts: The recorded data of works done are called facts data. Such data show the actual performance. For example, sales data, production data, purchase data etc.
- Estimates: The data made in the form of plan or standard is called estimate data. This is prepared with estimates but it is not actual. For example, estimated sales data, estimated income statement, estimated balance sheet etc.
- Opinion: The data collected as a result of personal experience, knowledge, desire, trend, thought, attitude etc. is called opinion data. This type of data cannot be uniform, because the status and attitude of data collector and data provider affect the data. Opinion data can be collected through mutual talks and observation. Reliability of such data depends on the person and the collection process.
- Characteristics of goods:- size, type, color, quality, design etc.
- Quantity of demand,
- Price of the goods expected by consumers,
- Consumers’ priority in distribution channel,
- Buying motives:- rational motive, emotional motive and patronage motive,
- Dealers’ behavior, tendency and special need,
- Degree of competition,
- Demand, supply and price, and
- Government policies.