A Complete Definition of Marketing Research
For a business to grow and reap all of the rewards that it should, it needs to take full advantage of marketing. It is often said that marketing is 90% of sales. Marketing refers to the creative process by which an organization undertakes in order to identify its target market, develop relationship with them, build value to capture return on investment and make profit.
Marketing encompasses a variety of processes. Marketing is actually the science of identifying, anticipating and satisfying customer needs. With this, marketing is made more effective, profitable and faster by focusing on core competence domains. These domains are also known as target markets. Core competence domains include but are not limited to Customer Needs, Sales Processes, Sales Models, and Customer Feedback.
Marketing Research: It is the process of collecting, synthesizing and analyzing information about prospective customers, their buying behavior, purchasing preferences, purchasing habits, product specifications and other important factors related to the market. A lot of importance must be given to market research for a firm to derive maximum benefit out of marketing activities. A marketing research program must focus on five main categories. These are:
The customer concept: It focuses on identifying and understanding consumer demands and their buying preferences. Consumer concept is a sub category of marketing research. The concept includes various elements like buying decisions, behavior and channels of influence. Another sub category of this concept is the buying environment concept, which focuses on the factors that affect the buying decisions of consumers.
Marketing Strategies: It is a way of applying existing marketing knowledge and methods in a fresh new form. It is a set of strategies that have been tried and tested by marketers to successfully reach target consumers. Marketers use marketing strategies to advertise new products, services or promotions. In order to successfully reach consumers, marketers need to use a variety of promotional tools. For instance, they can use direct mail and telemarketing.
Social Media Marketing: This marketing strategy uses the power of social media to promote a brand and its products. Today, many consumers spend time online, and this has significantly increased the number of potential customers. Social media allows marketers to connect with these consumers via various methods. Apart from this, marketers also set up social media profiles in order to interact with the consumers and increase exposure of the products. They can also share reviews of the products with the consumers, which will help them to make an informed decision and help in selling the product.