0
All businesses want to understand their target market, or customer, and identify problems in reaching their target market. The target market can be other businesses, or it can be consumers. The best way to do that is to carry out marketing research. This is done in a variety of ways and can be very expensive, but it does help management avoid costly strategic decisions and satisfy its customers.
Marketing research is a statistical science. As such, its purpose is for a service or product provider to gather, organize, and analyze information about their customers in order to determine the best way to reach and satisfy them. A large company may hire a marketing research firm to create a survey to be completed by current customers, for example. The information gleaned from the survey is applied to the advertising and marketing efforts of the firm, or the marketing mix. The intention is to know how to reach their customer in the most effective and efficient ways possible. Marketing research can reveal the attitudes, ideas, and behaviors of a company's customers. It is in the understanding of these that a company can determine the most effective ways to reach their customers. It can reveal which combination of marketing is the most effective for the product or service provider while also identifying problems and opportunities.
A marketing research project is systematic, well planned, and objective. It must yield accurate results that reflect the current state of the market. After a marketing research project is completed, a company will use this data to avoid costly decisions and find solutions to problems. This data will guide management to make tactical and strategic decisions that will ultimately satisfy their target market's needs.
Marketing research is also an important element of a business plan. It must convince investors that the business idea is strong and will be worth investing in. It will also reveal any weaknesses, opportunities, and threats the potential business may face.
Marketing research is a very effective way of identifying problems for any business, and without it, businesses would not be able to solve those problems. As such, it holds a high value and is effective for small businesses and large corporations alike.
Add your answer:
Earn +20 pts
What are the real value of marketing research and marketing information and how that value is attained?
The real value of marketing research is in the efficiency of advertising dollars. Marketing research can help to determine the proper market segmentation, target market, and pricing for products.
Differences between marketing research and market research?
Marketing Research is broad whilst Market Research is narrow. Marketing Research is universal set whilst Market Research is the subset of the marketing research.
What is the importance of marketing research in customer satisfaction with superior value?
When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company's products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.
What is the role of marketing research?
what is the role of marketing research in organisations
How marketing research is part of marketing strategy?
Marketing research is necessary to effectively continue and justify the deployment of a marketing plan into a specific geographic or demographic market. You need research to predict outcomes of marketing efforts.
What are the real value of marketing research and marketing information and how that value is attained?
The real value of marketing research is in the efficiency of advertising dollars. Marketing research can help to determine the proper market segmentation, target market, and pricing for products.
Differences between marketing research and market research?
Marketing Research is broad whilst Market Research is narrow. Marketing Research is universal set whilst Market Research is the subset of the marketing research.
What is the importance of marketing research in customer satisfaction with superior value?
When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company's products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.
Limitation of marketing research?
limitation of marketing research
What has the author David Danny Monieson written?
David Danny Monieson has written: 'Value added as a measure of economic contribution by marketing institutions' -- subject(s): Marketing research, Value
What is the role of marketing research?
what is the role of marketing research in organisations
What has the author Alan M Wilson written?
Alan M. Wilson has written: 'Marketing research' -- subject(s): Marketing research 'Marketing research' -- subject(s): Marketing research
How marketing research is part of marketing strategy?
Marketing research is necessary to effectively continue and justify the deployment of a marketing plan into a specific geographic or demographic market. You need research to predict outcomes of marketing efforts.
When was CNW Marketing Research created?
CNW Marketing Research was created in 1984.
Need of secondary research in international marketing?
need of secondary research in international marketing.
What is the field of marketing research?
Marketing research is the set of processes that links the consumers, customers, and end users to the marketer through information. Marketing research can be divided in two parts: 1. Consumer marketing research 2. Business to business marketing research. Consumer marketing research concentrates on understanding the preferences, attitude, and behavior of consumers in a market based economy, and it aims to understand the effects and comparative success of marketing campaigns.
What is The relationship between marketing research and advertising research?
Advertising research focuses on research regarding just advertisting while marketing research is research regarding any of the "4 P's" of marketing: product, price, place, promotion (advertising).
