Research on marketing is essential to understand the pattern of marketing. This is possible by searching existing knowledge related to business marketing. It is a form of business research, business-to-business marketing research, and business marketing research. Marketing research is done in many forms, and all these forms are known as problem-identification research.
Research in advertising is done to determine the copy testing of advertisements. It is also used to know the efficiency of ads placed in any medium, the customer attention it gets, the message it delivers, and how it motivates the customers to buy the product. Commercial eye tracking is done to understand the visual behavior of the customer. Ads, websites, etc., are analyzed for this. Before an advertisement is released in the market, its performance can be forecasted with the help of copy testing which takes the consumer’s level of attention, motivation, brand liking, and entertainment into consideration.
Marketing Research Approach
When a customer buys something online he analyses it in order to make the decision, this is one of the criteria on which consumer decision research is done. Interviews and surveys can be done to understand the consumer’s level of satisfaction, which is known as customer satisfaction studies. The demographic and psychology of the people of a particular geographical region can be studied with the help of segmentation research.
When analyzing is to be done about brand recognition, brand performance, brand preference, and awareness, ad tracking is done. A favorite brand can be recognized with the help of brand equity research. Tests are conducted to determine what a customer thinks about a brand or a product, and it is specifically known as brand name testing. The demand for a product can be understood by demand estimation. After the demand for the product is taken care of, the quality should be checked from time to time. Appointing mystery shoppers who are usually an employee of the market research firm does this. He buys goods through a salesperson and notes down the whole experience. This procedure can be used to do research about rival companies’ products.
Effective Marketing Research Process
Before the practical application of a concept, concept testing should be done, which tells whether the targeted audience will like the idea or not. Test marketing is done by introducing a product in small numbers in the market and observing the sales, after which the product is launched on a large scale. After the initial phase, when the company thinks of increasing the price of the product, price elasticity testing should be carried out which shows customer reaction to price fluctuations. Distribution channel audits are conducted to understand the attitudes of retailers and distributors towards specific products and brands.
The more tech-savvy form of marketing research is Internet strategic intelligence. The likes and dislikes of the customers can be directly known with the help of chats, blogs, and forums. Online panels are a group of experts who accept the marketing research done online.
All the researches that are carried out can be classified as primary research, which gathers original research, and secondary research, which is based on primary research and information published by other resources. Secondary research costs less than research is done on already researched data, but the result isn’t efficient.
Marketing Research Essentials
The research designs used by marketing research are either based on questioning or are based on observations. Quantitative marketing research and qualitative marketing research are based on questioning. Quantitative marketing research is done to derive conclusions like questionnaires forms and surveys. The number of respondents involved is high. Qualitative marketing research is done to understand something, like in-depth interviews and projective techniques.
Marketing research based on observations is called experimental technique and ethnographic studies. Test markets and purchase laboratories are examples of experimental techniques. The quantity measured is determined by understanding the factors that are responsible for the success of a product and then one or some of the factors are changed, and the result is observed. In ethnographic studies, observations are done longitudinally or done at several instances of time or cross-sectional, or done at only a particular time.
Research on marketing is similar to exit polling in politics. The market is studied from different angles, at different times, and under different circumstances.