The Concept of Marketing Research

Marketing research is the mechanism that connects consumers, customers, and the community to the marketer via information used to discover and define marketing prospects and issues and opportunities. The goal of marketing studies is to provide business leaders with thorough diagnostic data that explains the causes and consequences of market changes (Dzwigol, 2020). By being objective, marketing researchers can instill in their clients the trust necessary to go on with potentially risky decisions based on the findings of their studies. I n the marketing research, there are five ideologies: the product idea, marketing idea, the selling idea, the production idea, and the societal marketing idea.  What works and what doesn't in the market, how consumers respond, and how it affects the bottom line are all factors that may be learned through market research, and each idea corresponds to these factors (Marshall, 2014). Managers can therefore employ the scientific technique of marketing research to formulate hypotheses based on their own biases, preconceptions, and beliefs.

All businesses perform market research. It is useful in the methodical, unbiased search for and analysis of relevant information to identify and address issues in the marketing sphere. Sales, product, customer behavior, distribution, price, and distribution are just few of the areas that may be analyzed with the help of marketing research. Qualitative and quantitative methods are used in marketing research. Qualitative research is conducted to explore and provide solutions to issues that are not clearly defined or universal in nature (Kumar et al., 2018). Focus groups using a sample of the item are a popular application of qualitative research, whereas quantitative research using a focus group often takes more than an hour. Using a bigger sample size and a more systematic approach, quantitative researchers conduct their studies using telephone, email service, and online surveys.

Practical Application of Marketing Research

The following is an example of practical application of marketing research. I work for Coca-Cola and our firm is considering releasing a new soda taste. We have already conducted successful market testing in a number of states. The corporation has decided to launch globally, with no markets off limits. We have learned after the product's release that it is underperforming in several regions, notably Asia and Latin America. In contrast to our previous items, which are selling incredibly well, the new product's sales statistics are not changing; it is not being purchased. According to the feedback, the new soda was well received, consumers enjoyed the packaging, the pricing, the whole product, and they even loved the name and the slogan for the product. The firm reviews the marketing research to figure out what went wrong and what was missed. It seems, however, that our Asia and Latin American markets are ignoring the goods.

The company has made the decision to conduct additional marketing research. This time the focus is specifically on Asia and Latin American markets. This is something that we missed the first time around, and the results came back indicating that the soda was good and received positively, but the name of the drink did not reflect very well in those markets. In the Latin American market, the product was promoted under the name Grasa, which refers to fat or oil. On the other hand, the name Unko, which translates to poop, was used in the Asian market. Using the findings, we came to the conclusion that if we had undertaken adequate market research in those nations, we would have come up with names for our goods that were friendlier and more fitting.

Question about Marketing Research that my Classmates Will Respond to

If you were a marketing manager, what kind of questions would you ask and what kind of actions would you take to ensure that your marketing campaign was a success? If your product fails, how do you plan on adjusting your marketing research?

References

Dzwigol, H. (2020). Innovation in marketing research: quantitative and qualitative analysis. Retrieved from https://essuir.sumdu.edu.ua/handle/123456789/77087

Kumar, V., Leone, R. P., Aaker, D. A., & Day, G. S. (2018). Marketing research. John Wiley & Sons. https://books.google.co.ke/books?hl=en&lr=&id=cJVFEAAAQBAJ&oi=fnd&pg=PA1&dq=marketing+research&ots=WmImqirvOX&sig=dw2cLlaW0s0mBuSbOZcNVYzrtWg&redir_esc=y#v=onepage&q=marketing%20research&f=false

Marshall, G. (2014). Marketing management. McGraw-Hill Higher Education.