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7 Wonders of Marketing Research!!

Marketing Research
             “Marketing Research”

 

Marketing Research:


Why You should use Marketing Research before selling your products and services. Marketing research is a systematic process. Marketing research can include phone, mail , surveys etc.. You can also conduct personal interviews with customers in restaurants, malls or stores etc.

A company faces so many marketing difficulties like, problems about consumers, product, market competition, sales promotion, etc. Marketing research helps to solve these problems.

Marketing research allows you to gather data from customers on what they need and want. It first collects information about the marketing difficulty. Analysis that information and draws conclusions about it. It gives advice for solving the marketing difficulties.

Marketing Research finds out the needs and expectations of the consumers. So the company produces the goods according to the needs and expectations of the consumers.

Marketing Research helps the company to make its production and marketing policies. It helps the company to introduce new products in the market. It helps to identify new-markets.

Marketing research also collects information about the competitors. The company uses this information to compete in the market.

1. Provides valuable data


Marketing research provides valuable data to the decision makers. It provides data about demand, supply, consumer behavior, competition, etc. This data is used for decision making. This data improves the quality of decisions. It makes the decision very successful.

2. Studies consumer behavior


Marketing Research provides data about consumer behavior. It provides data about age, incomes, likes, dislikes, etc. of the consumers. It also finds out the opinions of the consumers about a company’s product. This data is used to make production and marketing policies.

3. Selects promotional techniques


Marketing Research helps the company to select suitable sales promotion techniques. It helps to select marketing techniques. MR also  helps to select proper media for advertising. It helps to solve the problems of after sales service. It also helps to prepare the budget for advertising and sales promotion.

4. Evaluates marketing performance


Marketing Research helps the company to evaluate its marketing performance and to take steps to improve it. Marketing research is used to find out the effect of price, package, brand name, etc. on sales.MR is used to find consumers’ reaction towards the company’s product. It is used to evaluate the inventory and pricing policies. Marketing Research is also used to evaluate the effectiveness of advertising, sales promotion techniques, channels of distribution, etc.

5. Supplies marketing information


Marketing Research supplies data about the market situation. This market related data is used to find out:

  • The present and future demand and supply position.
    • The level of competition and steps taken to control it.
      • Market opportunities.
        • The cause of fall in sales level.

6. Manage the Product Life Cycle


All products have life spans. New technology or changes in consumer tastes will eventually render products obsolete. That is why you must manage your products through the various stages of the product life cycle. These stages include the introduction, growth, maturity and decline stages. Successful products will usually sell exceptionally well through the growth stage. Consumers are less sensitive to price changes during these first two stages.

The challenge comes when sales start to slow during the maturity stage. The maturity stage is often called the “saturation” stage because there is little room for new competitors. Some may even go out of business when other competitors are forced to reduce prices in tight markets. And the last is Decline stage. The stage of the product life style where Sales volume declines as competition becomes too strong for the company ,as well as the fact that changes in consumer tastes and new technologies also erode sales lower profits.

7. Other needs and importance


  • Marketing research improves the efficiency of the marketing department. This creates goodwill and good reputation.
  • Helps the marketing manager to take the effective decisions.
  • It is used to make growth and expansions programs.
  • It benefits all i.e. it benefits the company, distributor, advertising agency, consumer, government and the entire society.

So, marketing research is very helpful to everyone. But it is most useful to a manufacturer because it helps to answer the basic questions, i.e. what, why, where, when, who, whom and how to sell?

SEE ALSO: Marketing Consultants – why you need ??

Thank You!!

JagMaL

About Jitendra

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