The concept of marketing research posits that the character of the marketing oriented organization is the identification of the areas of demand gaps and the subsequent delivery of products that meet the needs and wants of the consumers in a manner that is more efficient and effective than the competition. In a broad sense, the main objective of the marketing management is to understand the minds, the attitudes, the value system, beliefs, and the feelings of the target market. Therefore, the most important role of marketing management is to have a formalized approach to marketing research. Essentially, marketing research refers to objective, systematic, and exhaustive study of the facts that relate to any identified or identifiable problem in the field of marketing. It encompasses various concepts that include but not limited to problem analysis, fact-finding, and model building to aid the control of the marketing of products and decision-making.
Marketing research has various objectives that mainly serve to understand a particular market setting or segment with the view of identifying the existing demand gap and then supplying goods and services. It is therefore exceedingly important for businesses and companies to carry out marketing research as a means of survival, continuity, sustainability, and profitability. In a sense, it is the ultimate tool that enables the management to improve the business performance, minimize any existing risks, and boost the competitive nature of the business. Companies that need to continue operating and remain relevant need to carry out marketing research on a regular basis to understand the changes in the consumer tastes and preferences in order to adapt accordingly hence staying relevant. Relevance is imperative in a competitive business environment.
Marketing research is important right from the launch of business idea or the actual formalization of the business idea. The financiers of a business normally ask for evidence of research to ensure that the idea floated actionable. Therefore, it acts as the proof that the business idea is viable, the entrepreneur is serious, and that the venture will be sustainable even in the long-term. A particular degree of risk normally accompanies a business especially at the inception stages. A good market research always lessens the probability of risks since it allows the entrepreneur to forecast any impending or future problems then take the necessary precautions. The significance of market research goes beyond the inception part of the business since it is integral in the subsequent profitability and sustainability of the business.
Market research allows the business owner or the management to identify the opportunities and the threats in the market setting. In this regard, the management gets the chance to bring the necessary resources and take advantage of the arising opportunities well ahead of the competition. In a situation when the research identifies possible threats, the management will take the necessary measures to control such and ensure that they do not impact the business negatively (Azzopardi & Nash, 2013). Therefore, a good research is a tool that the management uses to make informed decisions that lessen the dire consequences while enabling it to capitalize on the possible opportunities based on the information obtained. The information gathered is essential in the identification of new services or products, meaning that a business that carries out a sound market research ahs the opportunity ahead of competition is it applies the information gathered in an effective way. Finally, marketing research enables a company to keep up with technology, meaning that the management may decide on the best equipment to use and the appropriate advertising medium to boost sales.
A comprehensive market research is a perfect tool that is highly applicable in the identification of the market changes and trends (Lamberton & Stephen, 2016). It is worth noting that the consumer tastes and preferences keep changing and that the businesses that managing to stay afloat or continue without much hurdles often adapt the changes way before they affect operations or profitability. Closely, related to this is the fact that businesses often need to gauge their customers levels of satisfaction, which is a central objective of any given research. Satisfied customers always come back and remain loyal to the brand. In a case where there is proven dissatisfaction, the management uses the information gathered to improve the quality of the product or the service delivered.
Practical Application of Marketing Research
As mentioned earlier, marketing research is basic to the introduction of a new product into the market. For example, when apple Inc. wanted to introduced its iPhone brands it did a serious market research in both the domestic and the international market. The main objective of the endeavor was to determine the viability of the project based in consumer behavior and preferences. Additionally, the company also intended to determine the risks involved in such a venture, and then undertook the precautionary steps to lessen the probability of risk occurrence. The research paid off as Apple Inc. is among the leading producers of smartphones in the contemporary setting.
Question to Classmates
Describe the relevant and necessary features of a comprehensive and timely marketing research to an electronic company like Samsung.
Azzopardi, E., & Nash, R. (2013). A critical evaluation of importanceperformance analysis. Tourism Management, 35, 222-233.
Lamberton, C., & Stephen, A. T. (2016). A thematic exploration of digital, social media, and mobile marketing: research evolution from 2000 to 2015 and an agenda for future inquiry. Journal of Marketing, 80(6), 146-172.
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