Marketing Research: A must for businesses

In the present day business world, marketing is all pervasive. We are exposed to marketing of products, services and ideas almost everyday, and in every arena of our lives.

Knowing consumer needs and desires is a road to success for any business, but the question is how ? No one can identify the needs and expectations of consumers just sitting a company’s office. You must carry out research and analysis what customers need, what are their preferences, what they think about your company (your brand image), and what is the effect of your certain advertisements on their minds, etc. In other words, you need to carry out marketing research to understand your consumers; unless you can never be successful to win them.

Marketing research helps in gathering useful information from the market and take timely and better decision. One can carry out market research on a vast range of areas to sharpen one’s competitiveness in a market, namely –

Product: In marketing, a ‘product’ refers to anything that can be offered to a market that might satisfy some needs of a customer. It is a bundle of utilities which must be designed according to customer requirements as well as their paying capacity. Raw materials, price, packaging, storage and transpiration, distribution and many other factors are involved in this process.

Pricing: In general terms, price is the amount of money needed for purchasing something; in marketing, price is one of the four aspects of marketing mix. In any business, the price charged for its products or services is regarded as one of the most important decisions to be taken. Price is always influenced by production cost, services attached to it, competition prices, requirement of marketer’s profit margin, government policies, etc. A good pricing policy is a must to attract customers and to generate revenue at the same time.

Advertising: Advertising is the non-personal link between a marketer and consumers. In this globalized business world, advertising has become an essential instrument for markets to position their products in the minds of consumers. In these days while the global economy is passing through a downturn phase, it is very important for businesses to emphasize on advertising to benefit from the market which is less noisy now.

Insurance: When goods are transported from one place to another, from one hand to another, a large number of risk factors like natural calamities, theft or damage of goods are involved. The modern concept of marketing has now spread its arms to cover these risks. Businesses can get insurance against these risks from various insurance companies paying a nominal amount of premium in return.

Financing: In this globalized business world where there is always a fierce competition and so many alternatives are available for customers, certain finance schemes can be very beneficial in attracting customers and thus to increase the volume of sales. In these days when the world economy is on the verge of a global recession, these types of instrument of marketing can facilitate generating revenue for businesses and also help the economy to revive back.

Apart from the above mentioned areas, there are some other factors like execution of a business concept, promotion and distribution of ideas, goods or services, etc. which need to be addressed while preparing a marketing research strategy. The concept of marketing has evolved through ages but its core concept has always remained the same – to understand the needs and expectations of customers. Marketing research helps business to avoid wrong perception of a market and thus plays a crucial role in determining business success.

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