What is Marketing
company which hopes to compete in the marketplace must do research. This research
consists of but is not limited to defining the problem and opportunities with marketing a particular product, then collecting
and evaluating current information about the current market for the product and the writing out the findings and recommendations.
research is very difficult to do because there are so many variables to factor into your research. For instance if you were to conduct an opinion poll on a new type of shampoo you would have to try
and figure out id people really like the shampoo or if they were just giving positives answer because they felt it is what
you wanted to hear.
research is not fool proof but it does give you a fighting chance to succeed in the marketplace. Market research can be done on any product or service, even ones you sell on Ebay or a similar site.
Steps to Marketing Research
research is a four-step process consisting of defining the problem, developing a research plan, collecting information relevant
to your product and writing up a final report or evaluation.
the problem is more or less taking your product and service and finding out how that product or service will fit into the
current marketplace. Part of this process may be a test market of a new product
to see if the targeted audience responds favorably or unfavorably to it.
the problem consists of two steps one is setting objectives, the measurable goals you wish to achieve. An example of
an objective would be increased sales. The second is setting up specific measures of success, criteria used to figure
out a solution to your problem.
way you will able to tell if you should move forward with sales of the item or not. One example of a test market would be
selling a product in only one geographical area to see how well sells then expanding the product nationwide if the results
the Research Plan
next step in marketing research is to develop the research plan. The research
plan will allow you to sort out the details of which information you need to make a reasonable marketing decision.
you need to identify the data you will need to make you marketing decisions. Over
the course of doing research there is always a lot of irrelevant data collected so you want to be sure to use just the right
data or else your final report will be flawed. This means that you will to develop
the right concepts and methods for collecting your data.
marketing concepts are those ideas that are formed about a product or service. For
instance when a car company wants to see if a new car model will go over with consumers they develop and show off a concept
car. This give the consumer a basic idea of what the car is going to be like.
concept can also be a hypothesis about something, because consumer A needs to this, consumer A will need to buy. You can fill in the blanks with any product or service to form your hypothesis.
next part of developing a research plan is methods. These are simply what you
are going to use to collect your data, questionnaires, test markets etc.
you have the right concepts laid out and the methods you will use to collect data, you can start the actual data collection. When collection data make sure you collect only the type of data needed to make rational
marketing decision. The data you collect will come from two sources; the primary
data and the secondary data.
primary data, which is the new fact and figures that you have collected specifically for the purpose of helping you with your
current marketing decisions. The secondary data is information that have had
previously used or stored which is your internal data, or external data which is that data that can be found at other sources
outside of your immediate resources.
is up to you how you collect the primary data, surveys, questionnaires etc., but no matter how the data is collected primary
or secondary make sire that it reliable and useful to your research.
The Final Report
you have all the data that you need and have analyzed it to make sure it is relevant and pertains to our product or service,
then you can write up the final report. The final report is simply a detailed
document where you present your research findings and make recommendations based on those findings.
final report will give you the information you need to either move ahead with marketing your product or service or to say
enough is enough and you realize that it just won’t work. Remember marketing
research must be done whether you are an independent business person or a company making millions of dollars other wise you
will be wasting a lot of time and money going nowhere.