Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economyand it aims to understand the effects and comparative success of marketing campaigns. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment. Managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs.
Some people also believe that, too often, research generates lots of useless data that is in lots of written reports that rarely are ever read, much less used in the real world.
This is a major misunderstanding.
Marketing information system - Wikipedia. American Marketing Association - the pre-eminent force in marketing for best and next practices, thought leadership and valued relationships, across the entire discipline of marketing. "Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing." The key words in this definition are; systematic, objective and analysis.
Odds are that you have already conducted at least some basic forms of market research. For example, you have listened a research technique to others complain about not having enough of something -- that should suggest providing what they need in the form of a product or service.
Market research has a variety of purposes and a variety of data collection methods might be used for each purpose.
The particular data Marketing research and information method that you use during your market research depends very much on the particular information that you are seeking to understand.
Uses for Market Research The following paragraphs mention some of the primary uses for market research. Useful data collection methods are associated with most of the items in the following list. Identify opportunities to serve various groups of customers. Verify and understand the unmet needs of a certain group or market of customers.
What do they say that they want? What do they say that they need?
Some useful data collection methods might be, for example, conducting focus groups, interviewing customers and investors, reading the newspaper and other key library publications, and listening to what clients say and observing what they do.
Later on, you might even develop a preliminary version of your product that you pilot, or test market, to verify if the product would sell or not. Examine the size of the market — how many people have the unmet need. Identify various subgroups, or market segments, in that overall market along with each of their unique features and preferences.
Useful data collection methods might be, for example, reading about demographic and societal trends in publications at the library. You might even observe each group for a while to notice what they do, where they go and what they discuss. Consider interviewing some members of each group.
Finally, consider conducting a focus group or two among each group.
Determine the best methods to meet the unmet needs of the target markets. How can you develop a product with the features and benefits to meet that unmet need? How can you ensure that you have the capacity to continue to meet the demand?
Conduct some focus groups, including asking them about their preferences, unmet needs and how those needs might be met. Run your ideas past them. At the same time, ask them what they would need to use your services and what they would pay for them.
Experts explain how to use strategic planning, find target-market demographics, conduct surveys and focus groups, find desirable business locations, and manage your marketing research. A marketing information system has four components: the internal reporting system, the marketing research systems, the marketing intelligence system and marketing models.
Internal reports include orders received, inventory records and sales invoices. Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs. While market research is crucial for business startup, it's also essential for established businesses to increase profits.
Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process. Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies.