Types of marketing research for the deep study of the market To optimize the planned profit
The marketing research, in a broad sense -this is any study that shapes marketing activities. In simple terms, it is aimed at providing marketing departments of companies with data that will later help to make a decision.
Marketing research helps to identify the needs of customers, identify the advantages and disadvantages of the product, assess the position of competitors in the market, etc.
Marketing research also allowsdivide the market into different segments. In other words, to divide buyers into groups that differ from each other in terms of financial capabilities, needs, preferences. This process is called segmentation of the market.
Symptoms of market segmentation differ depending on the purpose of the product. For example, for the consumer market, the following signs will be decisive:
Socio-economic - the level of financial capacity, social status, degree of education of a particular part of the population.
Demographic - the number, sex ratio, age group.
Psychographic - a way of life and personal characteristics.
Behavioral - which motivates the consumer to make this or that purchase.
The market for manufactured goods separates buyers by other signs:
The scale of the enterprise that is the consumer.
The branch to which this enterprise belongs.
Features of consumer actions - regularity, volume of orders, form of payment, etc.
To both markets we apply the geographical sign of segmentation. It takes into account the geographic location of the region, climate, population density and other indicators.
All types of marketing research are aimed at improving the company's position in the market.
There are the following types of marketing research:
Complex market research.
Is the most popular destination. Often it is difficult to determine which market area will be most profitable for investment. Also, a comprehensive market research, using the information obtained, helps to reliably plan and predict market activity. To make a decision, an investor needs to assess the risks and opportunities in any area of activity.
Analysis of the environment.
In this case, there can be no direct connection with the company's activities. But the conditions that affect this or that market are the same for all its participants.
Analysis of the internal state of the company.
Such a study allows to determine the position of the firm in the market, its competitiveness. Knowing the strengths and weaknesses will help improve the company's current state.
Includes an analysis of the company's potential.
Research needs of buyers. Like other types of marketing research, it helps to improve the company's position due to the knowledge of the target group of customers and their needs.
Research of advertising activity.
With this research, marketers are trying to identify the most effective way of promoting the product: advertising on radio and television, promotions, discounts.
Whatever types of marketing researchapplied, it is important that they are carried out by qualified specialists. Most large companies have a marketing group in their state that deals with what promotes the company on the market.
But there are small firms that do not have tohave a marketing department, sometimes it's just not profitable. It is easier for such enterprises to occasionally contact companies that specialize in marketing research.
Anyway, important decisions should be taken in a thoughtful way, taking into account the knowledge gained.