MARKETING RESEARCH

BY AAQUIB

The marketing research has two words,Viz., “marketing” and “research”Marketing means buying and selling activities.Research means a complete study of a problems. It’s done by the experts.Thus, Marketing Research is a systematic (orderly) method of collecting, recording and analysing of data which is used to solve marketing problems.

WHAT IS MARKETING RESEARCH?

According to scholars like P.D.Converse, Esmond Pears, P.E.green and D.S.Tull have outlined the objectives of marketing research.* To know the buyers,* To measure the impact of promotional efforts,* To know consumer response,* To know market costs and profits,* To measure the external forces,* To design and implement marketing control.

To know the buyersThe firm or company are eager to know about the persons who have the ability to buy and who have the willingness to pay for their product.

Marketing is to do with people, product and its process.

This knowledge pertains (relates) to buyer variables ( likely to change )such as number of buyers – frequency ( capacity ) of buying – regional location and so on.

Such useful information will help us to find out the growth rate of the firm .

In modern days company may follows different strategies (long-term plan, aim) to promote a product.

Promotion-mix ( all the efforts of the seller who sells the goods to the consumer) consisting of three major elements namely advertising , personal selling & sales-promotion.

Every element has sub elements.

Though some strategies are successful but some are total flop.

Research in these areas will help the researcher to know the strength and weakness of the firm

To measure the impact of promotional efforts

To know the consumer response

oStudy of consumer response can also called as market-product testing .

oIts very important to know the consumer response for all their efforts on delivering the product . It is to know the satisfaction or dissatisfaction of the product among consumer.

It helps in sound product planning (good or perfect plan) and improved product development to satisfy the needs of the consumer.

Marketing cost is an input employed by a the company to execute its marketing program

Research relating to marketing cost will help in indicating their marketing policies and procedures .

The research has the objective of cost control and reduction so that the consumers are given reduction in prices and a rise in profit.

To know the market cost and profit

To master the external forces

Research in these areas is must to survive successfully in the market

The external forces are foreign markets , governmental policies , technological changes, consumer income, consumer spending and so on.

These forces keep on changing according to the process or growth of a firm.

Research makes the firm innovative (creative).

Marketing control is the final job in the marketing management.

It is the task of monitoring and giving the feed back of the marketing performance .

Plan have no meaning unless they are materialized (happen or done ) .

Marketing planning leads to development of marketing control process.

To design & implement marketing control

THE AREAS OF MARKETING RESEARCHThe following are the areas of marketing research•Consumer research,•Sales research,•Product research.•Packaging research,•Pricing research,•Advertising research•Market research.

CONSUMER RESEARCH :  * Consumer is person who purchases goods and services. * The consumer is the king of the market.* Consumer research studies consumer behaviour and its needs, wants, likes, dislike, etc.* This data is used to take decisions about the product, its price, its place and its promotion. 

SALES RESEARCH : 

* Sales research studies the selling activities of the company.* It studies the sales networks, sales territories (AREA, REGION and ZONE) sales forecasting,

etc.

PRODUCT RESEARCH

* Product means the goods and services which are sold to the consumers.

* It includes the consumer product and industrial product.

EXAMPLE: milk milk products.

* Product research studies the individual product.

* It studies the making and marketing of the product.

* Its studies the colour, shape, size, quality, brand name, packaging and price.

* It also deals with the product modification, product innovation (improvement, advance) product life cycle, etc.

* The product is modified (changed) as per the needs and wants of the consumer.

PACKAGING RESEARCH

* Packaging research is a part of the product research.

* It studies the packaging of the product.

* It improves the quality of the packaging.

* It makes the package more attractive and convenient for the consumer.

* It reduces the cost of the packaging and it also selects the suitable packaging material.

* Pricing research studies the pricing of the product.* It fixes the price of the product.* It compares the companies’ price with the

competitor’s price.* It also fixes the discount and commission

which are given to the middle man.

PRICING RESEARCH

ADVERTISING RESEARCH

* Advertising research studies the advertising the product.

* It decides about the advertising message, layout, slogan, etc.

* It selects a suitable media for advertising.

* It also evaluates the effectiveness of advertising.

MARKET RESEARCH :  * Market research is a study of a market, market competition, market trends, etc. * It also does the sales forecasting (predicting). * It estimates (guesses) the demand for the new product.