A Decision Marker Tool : Marketing Research

“Optimizing the Natural Resources to Utilizing the best means of Human Resources”

Marketing- the word that mobilizing by consumers, traders, business industrialist and mass media. Its a fact that Marketing is a managerial tool that helps managers to motivates the plan and implement the objectives in business. To better understand  consumer aspiration and demands, companies often use Marketing Research.

Marketing Research-  It aims to give detailed outlook in consumer pattern with  information and data collected by various means. The data collection is being subject of statistics, algorithms and strategies to be adopted to meet the ART objectives [ART- Accurate,Relevant and Timely information].

Research of two types : Basic and Applied. The former sort for fundamental phenomenon information involves in theory or hypothesis but later ones implies for particular problem or problem-specific.

Marketing Research is medium for minimizing the risk that brings down uncertainties which further strengthens the decision to be driven correctly and effectively in market. Its is also systematizing the objectives through planning, gathering, recording and analyzing information to aid management decisions.

There are types of Marketing Research Companies:

• Syndicated Services – The agencies routinely collects information and report to clients that subscribes them
• Standardized Services– The companies examines a particular aspect of market in unique way, for different clients and evaluate studies between standards and studies.
• Custom Houses– They are referred as ‘Ad hoc services’. They tailored their studies according to needs of client.

Although The demand of Marketing Research is huge as the market is competitive. Therefore the need of Market Researcher, Market Analyst and Marketing is being a challenging and exciting to be explore. Various firms , research firms are looking for dedicated individuals as they should have adequate knowledge in condensing data and statistical analysis to design the experiments.

Activities by Marketing Research Firms:

• Pricing 

1. Cost Analysis
2. Profit Analysis
3. Competitive Pricing analysis
4. Price Sensitivity

• Product

1. Marketing Testing
2. Packaging design studies
3. Brand generation and testing
4. Concept development and testing

• Distribution

1. Export International studies
2. Plant studies
3. Channel coverage studies

• Promotion

1. Media Research
2. Motivation Research
3. Public Image studies
4. Buying behavior

• Business/Economic Research

1. Market share analysis
2. Internal employee studies
3. Acquisition / diversification studies

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