Businesses want information to make decision about their management as well as specify their strategy to survive in market. Managers need to access, develop, analyse and distribute information to help them making decision. Marketing research is the way to gather information in area that link to consumer to figure out what they want to contribute company opportunity in market as well as organization developing because of uncertainly market need. There is several method of marketing research that company can use for improve their products or services. Depending on analysis procedure, qualitative research and quantitative research are used to highlight.
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.
This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers.
Advertiser’s primary objective is to reach Prospective customers and influence their awareness, attitudes and buying behavior. They spend a lot of money to keep individuals (markets) Interested in their products. To succeed, they need to understand what makes potential customers behave the way they do. The advertisers Goals is to get enough relevant market data to develop accurate profiles of buyers-to-find the common group (and symbols) for communications this involves the study of consumers behavior: The mental and emotional processes and the Physical activities of people who purchase and Use goods and services to satisfy particular needs And wants (Arens, 1996). Proctor (1982) noted that the principal aim of consumer behavior analysis is
It is in the best interest of the company that they gage and leverage customers feedback via in-store personal experiences, random surveys from direct customer communication, online feedback, and manager escalations in order to find out how they can use these tools as continuous improvement methods. We also concluded that The Target Company will cushion and position the business better if they use both external and internal change agents either from within or outside the company to strategize a new prospective and think outside the box with ideas to increase customer satisfaction. By also soliciting the voice of the target customers, they will understand what the customers like and dislike about their overall experience. Change Management is vital and critical to this organization and will thus prove to be a
Market Research Market research is carried out by a business before they launch a product, to find out what the target market wants and what they could do to increase the appeal of their product. It involves thoroughly gathering, recording and analysing data and can often take a large amount of time. A wide variety of market research techniques are used to find out what customers want. Depending on the product, customers are asked questions like: Where are they? Can we satisfy them?
Moreover, marketer needs to advertise it and sustain a product on a market among its competitors. Further, the study indicates intentions of consumers to buy or not to buy certain products. Moreover, it represents motivation theories and what is to be considered to influence customers. Basically, marketers need to consider various psychological factors before launching a product. Before establishing a market, products undergo different analyses, various motivational theories (Maslow’s hierarchy of needs, trio of needs), cognitive learning theory, customer perceptions, consumer buying behaviour, moments of truth, customer relationship groups, external and internal factors, advertisements, promotions, sales and other tools that makes a difference on customers’ minds.
It is important to develop successful marketing communication which consists with pricing, promotions, products, and placing. Marketing communication influences us to buy. Compared to consumer psychology it is the study on why or how we buy. Concepts According to, Impact of integrated marketing communication on consumer behaviour: Effects on consumer decision - making process, “…..Communication requires converting the original concepts into symbols, individual or organization who communicates has to transform concepts in a set of symbols that can be transferred to the receiver, who need to decode the symbols, in order to understand the original message (Mihart, C. 2012 p. 4).” This is the importance in the development of a successful marketing communication message. Marketing communication is a fundamental part of successful businesses.
The Market Research Theory Marketing is about responding to consumers' needs. It is very important to find out what these needs are before a marketing plan is put together. I am doing this theory to help other people understand the complex tasks that businesses go through to complete their market research. The 4Ps and the marketing mix The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix.
Consumer psychology is "the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society." (L.Perner, Ph.D, 2010) This particular examination is the study of how specialists evaluate how all individuals decide on their purchasing decision making. How they choose, lock, and place their products, services, and understandings. Consumer behavior and communication go hand in glove with consumer psychology; this type of psychology research describes your individuality. Consumer psychology researchers focus on the behavior of shopping trends, how consumers are influenced by society, and how they can influence decisions through the use of marketing communication.