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?
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.
Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit. Basically market research can be identified into four main class of study.
The Marketing Mix Description of the Marketing Mix: Marketing is the way in which a business promotes its products or service. Marketing is not solely selling the product; it is concerned with identifying customers and satisfying their needs/wants at a profit. Businesses have to sell what they produce/serve. To do this, marketing decisions must be made, which involve: PRODUCT - what products will be sold. PRICE - what price those products will be sold at.
Marketers must collect the information and determine the type of study required before they can move on . Primary Data Primary data is research gathered to help make specific decisions about a present problem. “Primary data include demographic and psychological information about customers and prospective customers, customers’ attitudes and opinions about products and competing products, as well as their awareness or knowledge about a product and their beliefs about the people who use those products”. (Judge, 1998) The various designs in conducting primary research are exploratory, descriptive, and casual research. Exploratory research is an in-depth investigation with few typical profile consumers used to generate topics for the future.
The first step in market research is to use a cost-benefit analysis and decide if the cost of the research is worth more than the value of the data retrieved. If the benefit of the research outweighs the cost, it... ... middle of paper ... ...rther test their hypothesis. Secondary and primary research may also include both qualitative and quantitative methods. Using both qualitative and quantitative analysis is the best way to understand customer needs and will give companies more insight into why customers make the decisions that they do. Marketing research is an essential to tool to organizational success because it allows companies to evaluate themselves and make smarter business decisions.
Knowing where your consumers are coming from gives you the tools to correctly identify how they will react in your market. In figuring this out you will be able to focus your attention on those details that are most important to your consumers. Targeting a niche is a great way for small companies to take advantage of a market that large companies cannot afford to take a chance on while also offering a competitive advantage that large companies do not have. Knowing your competitors is essential to gaining understanding of the market. Knowing your industry is important and specially paying attention to current business buying trends as well as trends within your industry.
Marketing Research Tools Once a decision is made to use marketing research, management goals and objectives determine the type of selection methods used. There are a wide range of market research tools and methods available to decision makers. Depending on the goals and objectives of the company, researchers have many options. Some of the research tools include mail and web surveys, personal interviews, and focus groups. This paper will discuss and differentiate among the various tools used in primary and secondary research as well as discuss the differences when using qualitative and quantitative approaches.
Sales Strategy A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. (Gluck, S., 2014). Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions.
It is an element of the marketing intelligence process. Key information is acquired, analyzed, and preserved by allowing the organization to make decisions utilizing statistical information found by primary and secondary research. It is also used as key tool in search of innovative ways to enter and remain within a specific target market. When an organization makes the analytical decision to aim and reach for its target market, it uses both qualitative and quantitative research methods, to analyze the similar interests, beliefs, and preferences of the consumer group. Primary vs.