Discuss about the Concept Of Marketing Research.
Definition of marketing research
Marketing or marketing research means purchase and sale of products in the unique way to earn maximum sales. To maintain a good relation between customer and seller, there must be good communication that leads to encouraging of the customers in the best way (Burns and Veeck 2017). Selling of a product depends on the percentage of influencing capacity of seller. A seller can get customers only when an individual has a full fledge knowledge and information about the product.
More advertisement and research of a product leads to creation of demand; therefore, the product should be in relation to customer wants and needs as the market depends on Customer satisfaction. With a set goals and plans, creating teamwork, collection of complete information regarding the company and the product, business can create customers (Gneezy 2017). Therefore, good and accurate market plans help the business to grow more rapidly.
Stages in Marketing research planning
- Goal setting
- Gaining information
- Analysis of current market report
- Forecasting on the basis of analysis report
- Team work
- Alternate mode of communication
Discussion of marketing planning
First for a good marketing plan, one needs to set a proper goal to achieve desired target of maximum sales and output. Second step deals with planning of completion of number of sales per day (Gordon and Ciorciari 2017). There must be recording of sales activity on a daily basis. Then there is a requirement of organizing information in a systematic manner for the accuracy in the business. After organizing, one needs to design the packaging of the product in the most classy and attractive way in order to encourage for more marketing. Designing involves packaging and labeling of the product. It depends on one’s creativity.
The most important point of a good marketing planning is to gain information about the product and the company that includes strength and weakness of the company with addition to the product. It analyses the current market position of the company in terms of market value and profit (Gummerus et al. 2017). Depending on the analysis report, it helps in findings of the future condition of the company and the product. In order to achieve maximum sales, the work should be in to teams. Apart from one to one open communication; there must be alternative sources of communication like phone calls and online internet help to expand more in terms of business line.
Types of marketing research
Marketing research can be of various types. It can be consumer or customer based research, business research, quantitative or statistical research and qualitative research. These types of research uses various methods to obtain a standard systematic accurate research work those methods includes survey methods, phone calls, advertisements, one to one interview method.
Importance of marketing research includes identification of the problem, finding the best opportunities available in the market. Once problems identified, the next important feature is marketing research help in providing the solutions to those problems by suing good marketing strategies, it understands consumer needs and demands by effective communication skills, innovation, technology and good decision-making skills. With the help of a marketing mix, there can be a good marketing research.
It deals with the organization growth strategy that includes various factors like production, promotion, profit, place, physical evidence and people. Production includes unique creation of products using modern means of resources for more customers and profit. Promotion of a product gives the demand for the product, choice of channels of distribution and production will help to create the position of the business in the market and the economy (Moorman 2017). Profit creation includes the strength quality and brand of the product.
Better and good quality with consumer preferences leads to more profit of the company. Place means the direct effect of customers view for the product. Physical evidences include ensuring about the customer needs and the product tools in order to convince the customer for the purchase of the product. Lastly, people attraction or customer attraction for the product can influence the growth of the business in appositive and a strong way. In sum, these are the various marketing mix and its factors required for the growth of the industry.
Importance of technology in marketing research
Technology plays an important role in marketing research for an effective and accurate means of communication in marketing process. With the use of updated and modern version of technology, one can achieve maximum information in fewer spans of time. It creates efficiency, improves communication process, good relations with customers, greater scope in the line of business, Use of technology as if smart phones will help to create more efficiency and clarity in understanding the working process (Palmatier 2017).
Technology also provides benefits of lower cost and more work output. Investment in advanced technology creates more production with efficient utilization and greater customer satisfaction. It creates more expansion in the line of production; there is greater scope of doing business because of modern technology. Use of social media for collection of data, internet and search engines for publicity of the products and launching of new arrivals, blogs and online review and the most important smart phones. With the use of advance technology the marketing process gets easier and creative, it helps an organization to achieve more work output and create more production with the help of technology (Sridharan, Barrington, and Saunders 2017). It creates more option and channels for production and communication. It also gives accuracy in collection of information.
Consumers are more technology oriented, and dependant on social media and smart phones. Therefore, if technology is introduce and managed well in marketing research, then the business organization can achieve more information, maximum benefit and output. Online mode of service helps to understand customer requirements better and clearly, therefore creation and investment in modern technology and resources creates more customers, innovation and profit to the business.
It provides a detailed structure on marketing research. By giving the important features and benefit on marketing research it understands the effect on the organization. It also discusses about the impact of technology on the marketing research. It analyses the growth of the business organization interns of technology innovation in marketing research.
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Burns, A.C. and Veeck, A., 2017. Marketing research. Pearson.
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Gordon, R. and Ciorciari, J., 2017. Social marketing research and cognitive neuroscience. In Formative Research in Social Marketing (pp. 145-163). Springer Singapore.
Gummerus, J., Gummerus, J., von Koskull, C., von Koskull, C., Kowalkowski, C. and Kowalkowski, C., 2017. Guest editorial: relationship marketing–past, present and future. Journal of Services Marketing, 31(1), pp.1-5.
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