Marketing
Marketing Research
The process of collecting information or data related to the demands of customers, audiences, and the target market is called marketing research, which determines how successful and profitable the business will be in the target market. In simpler words, marketing research helps the organization to discover the target market and gain knowledge from the opinions and feedback of customers regarding the product or service.
Steps
Define the problem
What has been researched? The answer to this question determines the content and scope of the research. Why should this research be done? In fact, the decisions to be made lie within the answer to this question.
Developing a research plan
Developing a research plan focuses on the following:
Data sources
Research approaches
observations
Ethnography
questionnaire
Sampling plan
Contact methods
Behavioral data
Experimental research
Analysis of the situation and conditions
After collecting information, it should be organized, processed, and analyzed. There are many statistical methods based on the type of data and sampling method. Cluster analysis, factor analysis and ANOVA method are among them
Analysis of the situation and conditions
All findings and research done should be presented to the top management level of the organization such as the CEO, Executive Director, or Board of Directors in order to make the appropriate decision. The final report should provide clear answers to the main research questions and describe well the goals, vision, mission, research approach, data collection, and analysis methods.
Why is marketing research important to an organization?
By understanding customer needs, businesses can predict their production and sales. Marketing research helps the organization by forecasting the sales, keeping the inventory at an optimal level and preventing their accumulation in the warehouse.
Our added value
Provide a picture of the hidden opportunities
Understanding customer needs and wants
Assist in sales forecasting
A clear understanding of the future
Our capacities
Up-to-date knowledge in marketing research
Effective experiences in conducting marketing research
Futuristic approach in marketing research
The effectiveness and practicality of marketing research
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