Marketing is one of the most important factors of operation for any business. It is a systematic process to identify profitable areas in resource should be more focused, increases the sales revenue, generates profits etc. Marketing, the most powerful weapon consists of these four interconnected functions which name is as “Four Ps“. Those are Product, Price, Promotion and Placement.
A Marketing role will also assume the following responsibilities;
• Understanding the economic and competitive features of a sector
• Identifying target markets
• Identifying segments within a target market
• Identifying most appropriate strategies
• Commissioning, understanding and acting upon market research
• Understanding competitors and their strategies and likely responses
• Developing new products
• Auditing customers’ brand experience
• Establishing environmental scanning for opportunities and threats
• Understanding an organisation’s strengths and weaknesses
• Creating a sustainable competitive advantage
• Understanding where a brand needs to be in the future
• Creating and delivering marketing plans to get there
• Establishing management information systems to identify progress
Role of Marketing Research?
Ans: Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing.” Marketing research can be concerned with any of a variety of aspects of the market: the product, sales, buyer behaviour, promotion, distribution, pricing, packaging, etc. Since the researcher cannot investigate everything about a market, he/she must be selective. The brief must inform the researcher which aspects of the market are particularly important. In particular, the research brief should include:
- the purpose of the research
- the objectives stated in a clear, concise, attainable, measurable and quantifiable way
- a time horizon
- a resource allocation, including the budget and facilities
- a reporting period.
Role: Market research is one of the vital components of marketing: it plays its part before one makes any policy decisions in the field of marketing and communications. Market research can be defined as “the implementation of subjective and objective research methods, whose aim is to collect information and analyze it. This information constitutes the basis that enables marketers to (re)define and evaluate their strategies”. This information is generally concerning behaviour, attitudes and motivations of a particular target group. Market research is the first step before any decisions are taken. As a supplier of information its role is only effective if it enables companies to make useful marketing decisions. Research is conducted throughout the marketing process: at each stage the reactions of the target public, after being analyzed, enable one to review the policies.
Types and Methods of Research
Every Research needs lots of dedication from the researcher’s part-the amount of dedication mainly depends on the subject matter of the research. Before undertaking any research in any subject areas one must be sure about the intended purpose of the research-this purpose determines what type of research one is going to undertake. Any scientific research may fall into the following three broadly categories:
Exploratory research-This type of research may generate any novel idea in the domain of knowledge. It is primarily done for the purpose of finding anything new in any subject arena and always tries to shed some light in the unknown domain of knowledge. This kind of research also
Help us to generate new discipline in sciences and help us to identify problems of those particular research areas.
Constructive research– This is mainly done by many technological corporates in order to find new/alternative solutions to any particular crisis or problems. For example-renewable energy research or development of the capacity of optical fiber may fall into this category of research.
Empirical research-This is very impressive observational type of research, where one observes or test on real-life data or analysis the pattern of some specific events in order to identify the nature or the class of trend that specific phenomenon maintains. Based on the test result, researchers try to draw lines in order to predict the result of that type of incidents with certain level of confidence.
To undertake the above mentioned types of research, there can be a number of ways or approaches that one researcher may follow-this is called research methods. Actually, research method is a procedure to help you find the required data to draw conclusion or make some predictable results on similar types of experiments or incidents –no matter where or when or what extent that particular incident is happening. In other words, research method is a way of collecting inputs and finding the outputs, to conduct your research successfully.
As a research method you can choose one of the following or a combination:
Experiments-this is used in exploratory type research. What types of experiments necessary depends on the research topic. This is very time consuming and expensive type of research method.
Surveys-this is used in empirical or exploratory type of research, usually used in business studies. You can use questionnaires or even interview some specific group of people to get your research result.
Observation – observational data can be recorded in order to find empirical relationship between different parameters of your research. One disadvantage of this type of research is that it is very time-consuming and expensive method.
Existing data-this type of research is done on the available data to find any findings or patterns in the data. This is the most effortless, time-saving and less-expensive type of research, but to carry out this type of research researchers need to be extra careful in order to find the real findings out of the existing data-a slight mistake can lead you to wrong direction-waste of time.so, the accuracy of this type of research mainly depends on the experience of the researchers, but it has the advantage of give you some important clue about any novel findings.
Marketing Research Applications
Marketing research uses include: Advertising testing research, branding research, customer satisfaction research, pricing research, product positioning research, new product assessments, marketing due diligence, and segmentation research. We conduct these marketing research studies for firms of most sizes — from venture funded start ups to middle-market and large enterprises.
Applications of Market Research
We provide pricing strategy consulting backed by strong pricing research capabilities. Our perspective is broad when dealing with pricing research and pricing strategy decisions, and focus on finding for your business optimum price-product-feature configurations in the context of market positioning opportunities. We employ both qualitative and quantitative pricing research tools.
Product market research serves several goals: new product design and market validation research, or assessing existing product strength and line extension potential. We follow the product development cycle integrating research with creative positioning and technical product design efforts.
Concept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts. We select techniques — qualitative and quantitative — to both develop concepts, refine, and screen to assess market potential.
We offer experienced market positioning and creative branding research capabilities to define and go-to-market with a high-impact positioning strategy. First, it requires understanding the market positioning concept, your current and potential markets, and the process needed to generate brand name impact.
Marketing Due Diligence
We support venture investment firms with primary and secondary marketing research in a stand alone or component marketing due diligence study.
The buzz and interest around customer satisfaction research sometimes deflates if the research design does not lead to actionable results. Also, customer expectations generally rise overtime as advances in technology in many categories boost the consumer consciousness of what to expect. We build into our customer satisfaction study design “action indicators” to point to immediate use of customer satisfaction results.
Branding decisions drive branding marketing research strategy. Corporate, product and advertising brand development is a mix of creativity and marketing information to uncover brand positioning opportunities in cluttered market spaces.
Brand equity research measures the breadth and depth of brand power in your target markets. We use both standard and custom tailored brand equity survey measurements. A key to research design is the goal of a brand equity measurement study.
Advertising research design is determined by specific advertising goals and the stage of ad development, or campaign. We use a broad range of advertising research techniques including ad recall surveys, message and theme salience and impact measures, buying motivation and association with the ad message or positioning theme. We employ both qualitative and quantitative pricing research tools.
Market segmentation research maintains focus and delivers needed marketing information in today’s moving economy where new markets and new product categories emerge and traditional market segments fade away. Market segmentation research is a way to keep ‘your eye on the ball.’ Often we start the market segmentation process with qualitative research to the range and breadth of customers. Then we follow with quantitative research using appropriate multivariate analysis (cluster, k-means factor, etc) to define meaningful segments.
Data mining — finding gems of insight from sophisticated or basic analysis of your internal customer and sales and margin trend data — is a key first step in product and brand analysis. Simply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organization. Through these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.