Marketing Research is defined as the process of researching the entire marketing process of a company. Since the concept of marketing revolves around the customer, it becomes very important for any company to satisfy its customers. And for the very same reason marketing research is taken into consideration. Marketing research is the main component of marketing management. For any business to expand, marketing research is to be done to derive the optimum results.
People often confuse with the terms: marketing research and market research. Market research is basically a narrow term which refers to the research of a particularly specified market. Marketing research is a broader term that includes market research along with the research for new product to be launched, its distribution, etc. Market research deals with the identification of the need for conducting the research followed by market problem identification. The objectives for marketing are therefore defined. Market information is collected, analyzed and evaluated under marketing research. These all finally benefit any company.
Why to conduct Marketing Research?
- To provide a base for planning and formulating the policies/procedures.
- To Reduce Marketing Costs of advertisements, selling, etc.
- To find new markets for the product.
- To Determine Proper Price Policy after comparing it with the competitors.
- To study the likes and dislikes of the customers
- To study the impacts of external factors on market and the product of the company.
How marketing research helped some companies to emerge?
Apple is a well-known name in the market when it comes to technology. And it is not merely because of its innovative approach but because of its market research. Apple finds out what its customers want from its devices. And then Apple applies its innovation and converts the desires of the customers into the probable reality.
Apple Customer Pulse research group is an example of this. These are all online surveys and therefore the company collects and analyzes the data very fast. This makes the research more attractive to the customers as well as the company. These online surveys have had a beneficial impact since Apple brought many modifications in the designs and working of the Apple products.
McDonald’s is a known name in the field of fast food. To stay in the game, it uses marketing research as a key tool. It focuses on questions referring to the most preferred product, the price accepted by the consumers, its promotion strategy (which media is mostly accessed by the people), its competitors, etc. With this it determines whether its customer base is increasing or not. Research indicated that people asked if McD was serving healthy and organic food. Consequently, McD launched a campaign to prove the same and also changed its menu to have healthier products like apple slices.
LEGO is a known name in the field of geared toys manufactured for boys. In a study that it conducted, it found that only 9% of its toy users were females. And hence it came up with new products to attract girls to play with Lego toys. Its research lasted four years and focused on the playing habits of girls and how its products would be found interesting by the girls. LEGO came up with a new line of toys called “Friends”. The color of the line was changed to bright and attractive colors with a slightly bigger size to accommodate accessories preferred by the female users.
Marketing Research has therefore been of great use for these companies to emerge.
Group 3:Himanshu Kothari