Market Research
What is Marketing?
Marketing is such a wide-ranging topic that people often look on the
subject from different viewpoints. To some extent such different
viewpoints results from background or the area of employment of the
person giving the definition.
The following shows a list of sample of the wide range of definitions
given for the subject:
v Marketing is a social process by which individuals and groups obtain
what they need and want through creating and exchanging products and
value with others.
v Marketing consists of individual and organizational activities that
facilitate and expedite satisfying exchange relationships in an
environment through the creation, distribution, promotion and pricing
of goods, services and ideas.
v 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
objectives.
v Marketing is the management process, which identifies, anticipates,
and supplies customer requirements efficiently and profitably.
Whatever the context in which the term is used, it generally implies a
demand for a product or service. There are three factors for any
product or service:
1. People with needs
2. Their purchasing power
3. Their buying behaviour
A market, therefore, can be defined as people with needs to satisfy,
the money to spend and the willingness to spend it.
Market Research:
Market Research is the process of investigation exactly what type of
customer will buy a particular product or service, identifying the
features of the product and what the customer might expect of a
product at a given price.
By completing market research, it will the provide the business with
important information such as:
v The price consumers are prepared to pay for the product
v The frequency with which the good might be bought
v The preferred style of packaging
v The image which will sell the goods
v The preferred range of colours or styles