Marketing research is designed to help management make decisions and create policies related to identification of problems and opportunities. It is a strange paradox that consumer behavior influences marketing and marketing strategy though advertising also influences consumer behavior.
Thanks to the Internet the world is a global marketplace and to retain and survive in this cut-throat competitive markets one has to have an ongoing program of marketing research which will focus on consumer, adopt the business to business (B2B) and business to consumer (B2C) approaches incorporating quantitative and qualitative methods. Broadcast marketing strategies and niche marketing patterns are developed based on marketing research indicators with the purpose of reaching and capturing a wider target consumer base. To retain their customer base also involves marketing strategies which studies changing and influenced consumer mindsets. In such a high volume driven market place a company may sink or swim depending on product sales.
Marketing research is an important tool for the marketing managers worldwide. Strategies and tactical decisions are built around customer needs. These are influenced by variables, such as the product itself, pricing, distribution and sales promotion which are influenced by global economic conditions and introduction of newer products into the marketplace by competitors and changing laws of countries. Marketing research helps connect and correlate these variables and the variables in the consumer himself all of which influence strategies and decisions. Marketing research paves the way for marketing and advertising strategies which will then again influence consumer thoughts and preferences, continuing the pattern of change and adaptability. This research shows which factors are controllable and changeable and those which are beyond the control of a marketing strategist. Reliable predictability to a certain extent is gained from market research.
Talking about marketing research process it is important to have good knowledge about the research process. The marketing research process begins with defining the problem, i.e. one needs to ensure that whether there is need of knowing it or not. For example: The reason for sales in U.S. Here it is important to first collect the source from where the data needs to be collected to analyze the problem; like whether to organize a survey through telephone or to arrange for focus group etc. The next thing to be done is to select the sample method such as stratified sample, cluster sample or random sample etc. Thereafter it is necessary to analyze and interpret the data collected. Accordingly the time frame and budget is decided. After having a discussion with the client and managers and after data analysis is done, the errors need to be checked. Finally the report is written which shall consist of tables, charts, diagrams that will converse the outcome of research conducted. Thus the marketing research shall lead to resolve the problem.
In today’s dynamic scenario even internet plays an important role in marketing research. It has become an important part of business to make the decisions and convey them. Hence it would not be wrong to say that with the growing pace of liberalized economy marketing research has proved itself to be a boon for a successful business.
