Marketing research is a much broader term and most common activity that the majority of the companies apply in order to establish their goals effectively. A services marketer uses the results of marketing research to determine how much a customer is satisfied with the delivered services. For example, Coca Cola carefully analyzes the behavioural pattern of their customers before organizing campaign (Burke,2018). In this way, the term market research is defined as the way of formal communication in the organization link with the environment. Through marketing research, a marketer gathers the information, interpret the results conducive to developing, implementing the firm’s marketing plan.
As a result market research generally focuses on mainly four main components, i.e. product, price, placement, promotion or communicating mix. It has also seen many other factors also affects the success of marketing efforts, these factors could be distinguished as social factors, suppliers, government agencies, technological trends etc. In this blog, we are going to uncover significant aspects of marketing research and environment affecting marketing segments as well we will discuss the marketing research process.
Briefing History Of Marketing Research
N. W. Ayer was the first person who documented the stances of the marketing research in 1879. By the early of 1921, the first book on marketing research is published and introduced in college study. Early years marketing research comprised sampling, collecting data, and analytical techniques (McDaniel. & Gates, 2013). As said by essay writer, the primary purpose of the marketing research is to analyzing the characteristics of consumers’ perception, preferences, lifestyles, measuring their opinions. This raw data was taken and transferred into upper level for decision making.
That is why the period of 1970s and 1980s also referred as golden age of marketing research. Companies at that time increases their spending on marketing research for better understanding the market. By the end of 1990s and early 2000, a cultural shift has been noticed in marketing research processes also considered as consultative age.
|First Marketing research||Progression of marketing research||Golden Age of Marketing Research||Marketing Research Insight Stage of||Consultative Stage of Marketing Research|
|1879||1900 to 1940||1970 1980||1990 2000||2000 to 2010|
Need For Marketing Research
As opined by many marketing assignment helper, the gathering and interpreting the data provides full opportunities to extract the errors invade. This provides information on market share, nature of competition, satisfaction level of the consumers, sales, distribution of channels etc.
From forming strategies to analyzing and evaluating the company’s performances, everything would require the marketing research process.
Today social media platform such as twitter Facebook, LinkedIn and YouTube has changed the way people were communicating. These are the platform utilized by a large section of the consumers implies their spending time is increasing. Companies are using the information provided by these social media handles in order to modify their marketing approach. Managers use marketing-related data for decision making and defining the problems to be solved (Berdiyorov, 2020). The given pie chart depicts about 70% of the consumer spend their time on television and the internet. The market researchers can use this raw data for developing production schedules, develop departmental, determining appropriate staffing levels, budgets, and purchase raw materials,
The Marketing Research Process
After understanding the reason behind studying the marketing research and knowing its relevance in the marketing sphere, let’s encapsulate the stages in the research process.
The first and foremost step of the marketing research process is defining the problem. Manager will decide the problem persuade by the researchers has to be verified on the agreement.
The next step is to decide which research design must be chosen i.e. explanatory, descriptive or casual. The selection of research design solely based on how much investigation is needed. For instance, descriptive research focuses on describing population and at which frequency problem is being incurred (Hewer et.al, 2020). Sometimes both descriptive and casual both referred to as quantitative research. On the other hand, if a very little phenomenon is being investigated then it is said to be exploratory research. In fact sometimes it has been noticed information that a firm needed is available in the form of secondary database.
If good data are not available, then the researcher should collect primary data using a survey that will be able to produce a probability sample. The size of the sample depends on the number of respondents. In case you want to know more about how to evaluate primary and secondary database, then take free assistance from SourceEssay based marketing assignment writer today.
The third step is analyzing and interpreting the data to shed the light on the problem. A most of data is simply involved frequency calculated for example standard mean, standard deviation. Sometimes data can be called cross-tabulation which always deeper examination of the differences.
Finally, as said opined by marketing essay helper the last stage covers the preparation of a research report summarizes the research results, the conclusion also includes a graphical representation of the data. As a result make sure a research report must be clear, accurate and systematic.
Marketing Research Ethics-
One should always understand that the distribution of private information is taken as crime or breaching. In many cases, respondents’ information might get misled and shared at the time of the survey. In this way we can say marketing research are the principles, the standard of conduct, values are followed by marketers (Krasnikov & Jayachandran 2008)
It should know the goal of marketing research is uncovering the truth behind the topic of interest. For example, research that is conducted to support the position rather emphasizing on knowing the truth is said to be advocacy research. Researchers should always make sure good ethics is involved while doing the research else it violates the trust of participated respondents. Know more about research ethics from SourceEssay assignment writer.
We initiated the blog by describing the market research that links the consumers to the business. This information is being used to analyzes the behavioural pattern of its customers. Next, this blog illustrated the marketing research process trends throughout history. Then we grasped how information on market share, nature of competition, satisfaction level of the consumers, sales, and distribution of channels helps marketers to form decisions. Then we had covered marketing research process stages ie, defining the problem, the selection of research design, analyzing and interpreting the data and at last forming a research report. We also came to know about marketing ethics which is defined as the principles, standard of conduct, values followed by marketers.
Berdiyorov, T. (2020). Issues of development of marketing research on the autotransport system. Архив научных исследований, (32).
Burke, R. R. (2018). Virtual reality for marketing research. In Innovative research methodologies in management (pp. 63-82). Palgrave Macmillan, Cham.
Hewer, P., Hamilton, K., & Jafari, A. Introduction: sharing. In: New Directions in Consumer Research. Sage Publications Ltd, London, vii-xv. ISBN 9781473911536.
Krasnikov, A., & Jayachandran, S. (2008). The relative impact of marketing, research-and-development, and operations capabilities on firm performance. Journal of marketing, 72(4), 1-11.
McDaniel, C., & Gates, R. (2013). Marketing research. Singapore.
Malhotra, N. K., Birks, D. F., & Wills, P. (2013). Essentials of marketing research. Harlow: Pearson.
MANCOȘ, L. (2020). The role of marketing research and wise decision making in bussiness prosperity.