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Marketing Research |
Marketing research is the systematic gathering, recording, and analysis of data
about issues relating to marketing products and services.
The tools and techniques of marketing research
can also be applied to solve a wide range of business problems unrelated to marketing.
Marketing research is often partitioned into two sets of categorical pairs, either
by target market: * Consumer marketing research, and * Business-to-business (B2B)
marketing research Or, alternatively, by methodological approach: * Qualitative
marketing research, and * Quantitative marketing research Consumer marketing research
is a form of applied sociology that concentrates on understanding the preferences,
attitudes, and behaviors of consumers in a market-based economy, and it aims to
understand the effects and comparative success of marketing campaigns. The field
of consumer marketing research as a statistical science was pioneered by Arthur
Nielsen with the founding of the ACNielsen Company in 1923.[2] Thus, marketing research
may also be described as the systematic and objective identification, collection,
analysis, and dissemination of information for the purpose of assisting management
in decision making related to the identification and solution of problems and opportunities
in marketing.[3] The goal of marketing research is to identify and assess how changing
elements of the marketing mix impacts customer behavior.
Benefits
*Know your customers
Market research will help you better understand your customers in a number
of ways including demographic information such as their age, gender and geographic
spread. The better you know your customer the easier it is to target your marketing
and fine tune your product or service.
*Know your target market
Who exactly are your existing customers and where do they live? Does your
service or product appeal to specific age groups? Who are your potential customers
and where do they live?
*Know your competition
Market Research will help you measure your service compared to others. What are
the strengths and weaknesses of your organization and are you improving in the right
areas? *Products and services
Do you have the products or services that people want? Do you represent value for
money? How do your company’s services and products compare to those of your competitors?
If you have a product can you, do you, should you deliver directly to your customer?
* Ease of doing business
Do your customers find it easy to deal with you and when they visit your
store and/or website do they find what they want? Is there enough good advice and
assistance on hand? Do you make it easy for people to buy from you? Are your employees
properly trained, helpful, knowledgeable and available? |
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