Essay On Marketing Research

Marketing research is the first important step that a marketer has to do before creating marketing plan and launching a product or service domestically or internationally. Knowing that creating an effective marketing strategy will help identify the target customer needs then find ways to capture the intended customer's attention with a unique value proposition and finally get the customer to perform the intended action. Marketing research requires company to spend resources to obtain in many different research activities such as marketing testing, surveys, finding out more data and statistics. There are primarily two types of marketing research, primary data research that a business can do itself or hire someone to perform. This data is collected specifically for the purpose at hand and is customized for your business. Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of this analysis to management which provides information to make better decisions at every stage of marketing plan strategy. Usually, there are 7 steps that marketers take when they conduct in a marketing research. First, marketer needs to identify problems and state research objectives. Ultimate goal is to develop clear, concise, and meaningful marketing research objectives Development of an approach to the problem. This stage includes objectives of conducting research, formulating conceptual framework, analytical models, research questions, developing hypotheses, and identifying the information needed. This process is guided by discussions with management and industry experts, analysis of secondary data, qualitative research and pragmatic considerations. Understand the decision-making e...

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...it reflects customers’ behavior toward the product or service. Marketers will need to focus on consumer’s value perception to measure their purchasing behavior in the future. In order to do that, marketer will use follow up call or review as the feedback and use that for future improvements. Marketer needs to find out what factors that make consumer continue or refuse to re purchase a product and services. Internal factors may cause some shoppers to have different behavior in valuating the product/service. The differences in heredity, early childhood experiences, cultural exposure, and personal motivation in people are important factors that lead to the difference in purchase behavior patterns. Understanding consumers post purchase behavior will help the company to segment and analyze this data in order to learn more about that particular customer shopping habits.