Define marketing as a means of deliberately stimulating customer demand for and sales of products and services; including choice of a specific target market; allocation of financial resources to advertise; provision of marketing tools or channels; and recognition of progress in marketing efforts. Marketing research defines marketing activities as a discipline devoted to understanding consumer behavior and tastes, to identifying customers who may be receptive to marketing messages, and to developing marketing strategies that are likely to be effective. Marketing research is an organized process of research, analysis, and collection aimed at understanding consumer attitudes and buying preferences. Market research is a part of marketing. In marketing research, marketing professionals seek information from consumers, businesses, and other experts.
Marketing research plays an important role in the planning and management of marketing activities. Marketing research can provide valuable insights into what motivates consumers to purchase a particular product and to use it. Marketing research can be conducted by marketing professionals in research laboratories and through gathering of data through different techniques. Marketing research on the consumer’s purchasing preferences help marketers to design and manage marketing programs and campaigns effectively. Marketing research is carried out through consumer surveys, focus groups, target grouping and marketing analysis.
The primary aim of marketing is to satisfy a market need and to do this marketers must identify the appropriate marketing strategy that will deliver value to the market. Marketers have to determine what the market wants and how they can deliver it. For example, if a market is saturated with one type of product, marketers must devise marketing activities that will counter this situation by presenting alternative products that can gain a majority share of the market. However, the primary aim of marketing is to promote a product so that it can be successfully marketed and the profits made by the marketing venture are substantial. Therefore, marketers have to establish their marketing targets and plan marketing strategies that will achieve these objectives.
In order to determine the marketing strategy that is right for a particular business, marketers require to carry out marketing research. Marketing research can be done through a number of methods. Marketers can conduct research in consumer interviews, focus groups, experiments and consumer panel. Companies can also use surveys, questionnaires and surveys among others. Good marketing people know how to use all of these tools effectively. For example, by conducting a series of focus group interviews, they can gather a set of consumer opinions which will be very useful to determine what consumers really want and how marketing efforts can be improved to yield positive results.
Good marketing people also conduct an effective consumer panel. Consumer panels are used to get the feedback from consumers about marketing activities. This helps the marketers to develop marketing campaigns that are more suitable for consumers. In fact, a marketing research panel is an ideal way to make marketing research because it is a one-time opportunity to get feedback from actual consumers. The review questions used in a consumer panel questionnaire may not necessarily focus on marketing itself but may instead, on questions that relate to marketing practices such as product packaging or advertising.
Marketing research can also be carried out by marketing people by using social media tools. It is quite common for marketing people to launch marketing campaigns through social media sites such as Facebook, Twitter and LinkedIn. By using these social media sites, marketing people can get feedback on the marketing activities of their companies. For example, consumers can post comments on the offers they have seen and liked such as the latest offers from the airline industry and hotel industry. Through this social media platform, marketing people are able to obtain first-hand information from real consumers.
Marketing research can also be conducted online through market research websites. These websites are able to collect data from different sources and give it to marketers for analysis purposes. The information gathered from these websites include product reviews and testimonials from consumers who have bought the products previously and online consumers. Marketers use these data in order to come up with a marketing strategy. The marketing strategy is then carried out based on the analysis.
Marketing people can even carry out market research through surveys offered online. They survey consumers through questionnaires and focus groups about their likes and dislikes and also provide them with marketing benefits of each product or service. This information is then collated and analyzed for the benefit of marketers. Through these marketing benefits, marketers can ensure that their offerings appeal to consumers.