The Market Research Theory

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. Getting this mix right is critical in

order to successfully market a product. The 4Ps are:

1. Product

2. Price

3. Promotion

4. Place

Product

Price

Promotion

Place

A product can be either goods or a service that is sold either to a

commercial customer or an end consumer. A customer buys a product, and

a consumer uses it. Sometimes these are one and the same, as an

industrial firm can also be a customer and a consumer.

No matter how good the product is, it is unlikely to succeed unless

the price is right. This does not just mean being cheaper than

competitors.

The main aims of promotion are to persuade, inform and make people

more aware of a brand, as well as improving sales figures. Advertising

is the most widely used form of promotion, and can be through the

media of TV, radio, journals, cinema or outdoors (billboards,

posters). The specific sections of society (market segments) being

targeted will affect the types of media chosen, as will the cost.

Distribution channels are the key to this area. A firm has to find the

most cost-effective way to get the product to the consumer.

Types of research

Market research is the collection of information or data to better

understand what is happening in the market place. A companies

marketing department needs to know about economic trends and fashions

as well as consumers' views. Based on this information, they can put

together a marketing plan, which will meet their own needs as well as