Marketing research is the careful, organized collecting, auditing, and analyzing of quantitative and qualitative data regarding issues related to marketing services and products.
The main objective is to identify and measure how changes in marketing components affect consumer behavior. Marketing research includes the process of gathering data, analyzing them, communicating findings, and synthesizing the data to identify relationships between marketing activities and consumer reactions. Marketing research is an important element of business activity and an integral part of product development.
The importance of marketing research can be seen in the extensive use of marketing research reports as well as the role it plays in product development. It is an important factor in the financial evaluation of marketing activities as well as a major factor in creating new ideas for marketing activities.
Doing marketing research
Marketing research can be in the form of field or consumer surveys; product or service surveys; or website or web survey techniques.
In all cases, market research methods involve gathering information from actual or potential customers about the market, company, or product. Marketing research methods may also include focus groups, face-to-face interviews, or surveys of managers or executives. Surveys conducted through the Internet or other online means are now very common.
Face-to-face focus groups
Structured forms of market research, which help marketers construct a profile of consumers.
Facial expressions, body language, facial expressions, idiosyncrasy, and even tone of voice are some of the aspects that are covered in a face-to-face focus group. In a structured face-to-face focus group, the participants are asked some general questions concerning various products or services and then asked to provide feedback in regards to each of these items. Through this format, marketers gather information on the key elements that make up buying behavior and then build marketing campaigns that specifically address these key elements.
Consumer research methods help understand customer responses to new products or services.
These can help in the development of marketing campaigns, especially for newly launched products or services. The insights gained from consumer research studies can help in formulating new product concepts and designs, while also helping companies understand the real needs of consumers. Through studies, marketers may learn how consumers feel about new products or services, what they want and why, what makes them tick, and what they are willing to pay for these goods and services.
Surveys and the ways in which they help.
These can be either web-based or face-to-face surveys. These types of surveys are generally used for data collection purposes. Data collection, however, must be organized in a manner that would ensure confidential data collection. It would be impossible to conduct honest market research if the data collection process itself is compromised. Thus, research companies usually employ representatives to represent their clients at market research events.
Market research companies also ask questions to participants in their surveys.
Through these questions, they gain insight into what consumers need and want. Through this, they can then come up with ways to better serve their customers. While most people say that conducting market research is tiring, it is actually one of the most effective ways to gather relevant information. Furthermore, it helps reduce wasted resources, making the whole exercise more profitable to all parties involved.
Online surveys are widely used by marketing researchers and companies for data collection purposes.
There are many companies online that conduct surveys on different topics in order to benefit their clients. Through these surveys, companies gain insight into what consumers think and how they get their ideas. However, many online surveys are conducted with closed doors, requiring participants to sign up for the research panel or to be informed of the kind of data that they will be receiving. Some online surveys are open-ended, allowing participants to answer questions on different topics ranging from opinion sharing and shopping habits, to health, fashion, technology, and more.
Marketing companies use market research to develop new products. Through these surveys, they are able to gather ideas and feedback on the features, qualities, and benefits of a new product line. They also learn if consumers think that the new product does what they expect it to do, what problems it may have, if it meets consumer’s desired expectations, and if it is worth the investment.