market
Market & Marketing Research Are Closely Related
Marketing is a composite plan by which the demand structure for economic goods and services is wisely estimated and accomplished through innovation, publicity, exchange and physical distribution of such goods and services that can fulfill desires, demands, wants of customers or users in the market place.
Marketing can be defined as, “The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.”
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Marketing program begins with the idea of the products and does not end until the demands of the customers are satisfied in an adequate manner. Customer is the pivot around which the whole marketing process rotates. Gathering additional data about clients and traders and about marketing mix normally is the heart of marketing research program.
As a business firm expands larger and management becomes more remote from the market place, marketing management has to trust deeply on marketing research as a managerial tool in solving any problem in the marketing field. Marketing research is an invaluable tool in the process of decision-makings that is based on scientific investigation and analysis of a marketing system.
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Submitted by admin on Wed, 2010-05-19 08:24.Pros & Cons Of Market Research
Marketing research provides scientific study and examination of any marketing problem and offers purposeful information to make plans, policies, programmes and procedures of any marketing activity. It also helps in the execution, direction and appraisal of any marketing program. It can depict, clarify, forecast and appraise any promotion theme happened at the market place. The main advantages and disadvantages of market research are as follows;
Pros Of Market Research
- It is greatly useful in reducing marketing costs and eliminating wastage and inadequacy.
- It discloses the innovative production lines in addition to the existent one.
- It acts as a sales booster as it builds direct relation with consumers thereby knowing their demands.
- It provides the organization with the power to face the fierce competition prevalent in the market by telling about the strategies and plans of the competitors.
- It is deeply supportive in making improvements in product quality and helps the organization in knowing the likes and dislikes of consumers.
Cons Of Market Research
- Small firms cannot afford it as market research program requires huge funds due to its expensive techniques.
- Its methods are assistive in collecting and interpreting data from human beings but the information given by individuals may not be accurate. Hence, it affects the outcome shown by the research.
- It can be advantageously executed by professionals having complete knowledge of statistics, data processing and operational research etc. These knowledgeable and proficient personnel may not be available easily.
- It offers only probable, multifaceted, and nonfigurative results where as traditional management anticipates exact, straightforward and solid solution.
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Methods Of Collecting Market Information
Do you know how to make market research survey an effective one? You cannot find answer for this question easily, as it doesn’t cover up only one segment, but it’s a combination of various aspects, which makes your research process simple.
In fact, market research is a balancing process where the researcher has to hold conflicting events frequently with the intention that the researcher balances a range of elements to assure that the information available will offer outstanding results, which may assist the company’s future. There are various techniques for accumulating statistics to discover the market systematically.
All marketing investigators can make use of information from two different sources i.e. internal and external. Facts and figures are the resources with which researcher acts. Internal sources consist of company’s personal reports, files, documents etc. The company’s sales information, affirmations also provide important information about sales by products/territories/clients.
The researchers begin the process with internal data, and it is easy on the pocket. Opening or explorative division of analysis normally taps the internal sources initially. All other sources are external sources of data. The supplementary methods of categorizing the data sources include primary and secondary data.
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Submitted by admin on Fri, 2010-05-14 08:29.