What is marketing research
In the strict sense, marketing research is any research activity that provides marketing needs. That is, marketing research involves the collection and analysis of data required for marketing activities. Marketing research is the beginning and logical conclusion of any cycle of marketing activity of an enterprise. Marketing research is needed to reduce the uncertainty that always accompanies marketing decisions.
Of course, the “solid” definitions from the books of respected authors are much more weighty than the explanation given above. Therefore, for fine connoisseurs, let us give F. Kotler’s classic definition: “Marketing research is a systematic collection and objective recording, classification, analysis and presentation of data related to behavior, needs, attitudes, opinions, motivations, etc. individuals, enterprises, public institutions in the context of their business, economic, social, everyday activities. "
How does market research differ from market research?
Market research can provide information on a variety of aspects related to the market. However, marketing research and market research should not be confused. Market research is a more general concept that includes market research, consumer research, competitor research, and so on.
Do you need marketing research?
Of course, needed. In fact, almost every company in one degree or another is engaged in marketing research, studying the market in which it operates. Of course, not always "objectively" and even more so "systematically." Nevertheless, the collection of information about the state and prospects of the market, about competitors (range, prices, marketing policy) and consumers (behavior and preferences), at least in the simplest, most intuitive form, is carried out by almost all market participants. There is no need to prove that the completeness and relevance of marketing information largely determine the company's success in the market.
Effective solutions cannot be based on intuition or simple reasoning. Without marketing planning, companies cannot achieve a sustainable advantage in their markets. Without marketing research it is impossible to make effective strategic decisions in the field of marketing.
What does marketing research allow?
Marketing research allows you to:
make more informed management decisions;
better know the needs and preferences of customers;
evaluate the market prospects for products;
evaluate and improve the effectiveness of the campaign for the promotion of goods / services;
choose the most effective means of promoting goods / services;
identify your strengths and weaknesses in relation to competitors;
develop effective ways of countering competitors.
Why is the importance of marketing information increasing?
In recent years, a number of factors have emerged that increase the importance of marketing information:
marketing environment is changing very dynamically;
more and more companies operate in remote markets;
consumers are becoming more sophisticated and discriminating.
Market participants need operational, accurate and verified marketing information. Therefore, marketing research should be conducted professionally and thoughtfully at all stages, ranging from the choice of the type of marketing research to the methods of data processing and the form of presentation of results.
Who conducts marketing research?
In many large manufacturing companies, there are marketing departments that promote goods, services in the market and collect marketing information (about the market, competitors, etc.). However, there are also specialized companies that carry out marketing research. The main advantage of an independent marketing agency in comparison with the marketing department of the company is its objectivity and professionalism.
Most regional companies do without serious market research, or prefer to conduct market research on their own. This choice has both positive and negative sides. In any case, it is necessary to make a decision carefully, having determined the objectives and scope of the planned research.