A business that wants to remain competitive and be profitable will need to understand the products that their target market is looking for. This kind of information only comes from marketing research. Not only will they need to understand what products should be brought into the market, but also the success of their current products. Information on what they are doing right and what could use some improvement is vital to a businesses success. It is only with the correct data that a business can create a marketing plan or adjust the one they already have.
For market research to be useful it must contain a detailed plan on the method that will be used to collect the information and how that information will be analyzed. This will ensure that there is applicable information that allows management to make the correct decisions. When the research is completed the resulting information is given to the marketing group or managers of the business. All of this information will aid the marketing team in creating the correct promotions and marketing strategies to gain the market share they are after.
There are two different types of research that is conducted when marketing research is being gathered. The first type is secondary research. This refers to information that is already available. A database is typically created to contain information related to the competitors, the market demographics, rate of use, population, lifestyle patterns and behaviors of the market audience. With this information the database can be used to create situational scenarios that will help the business determine their overall strategy.
The second type of research is called primary research. This is information that is generated through current sales and how the current marketing plan is working. The plans that the company is already working will be measured against the sales to determine if changes must be made. The effectiveness of competitors in the market is also analyzed and communicated with primary research.
The methods used to collect the data can fall into two categories. The first method is quantitative and uses an analysis that is mathematical in nature. This method uses a very large sampling of the population.
The second method of data collection is qualitative. This method uses one on one interviews to gather information about the personal beliefs and values that the user of the products has. This information is the basis of quantitative research.
In today’s competitive business world it is important to have the right data to properly develop a marketing plan. Without a plan to market products a business is set up to fail. Marketing methods and tools are the basis of the marketing strategy that a company will use to rise to the top of their market.
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Article Added on Sunday, July 6, 2008
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