Marketing Research

The term marketing is used to refer loosely to any activity used to promote a business, organization, product or service. Marketing has been defined as “the process of creating and circulating information about a particular product or service so that it can be selected and used by potential customers”. Marketing can have direct and indirect impacts on the sales, quality or performance of an entity. Marketing can take into account such aspects as price, packaging, promotion, location, branding, customer relationship management, media strategy, price competition and timing. Marketing can be classified in four main areas: Direct marketing includes the use of advertising media (such as print, electronic mail, and Internet), including multi-level and network marketers Direct marketing includes direct contact with customers Effect on the cost of the product or service and the price point, including direct mail, phone, and other methods of non-traditional marketing Promotion refers to actions that draw people towards a product or service Examples include the provision of product samples or service Free marketing Uses online reputation management to improve or protect the reputation of a product or service, such as celebrity endorsements Marketing can be either overt or covert

Direct marketing research helps businesses and organizations to understand the psychology of customers and helps them to select the most appropriate marketing approaches. It also helps organizations to learn what kinds of customers react positively and in what way they avoid buying a product or service. Direct marketing research requires gathering of data, analyzing it, and then drawing conclusions about the preferences of customers. Customer relationship management (CRM) is a set of processes that help companies develop and maintain good relationships with their customers, helping the companies to make informed decisions about marketing and service.

There are four main channels through which marketing research can be conducted: consumer survey, product development, selling activities, and market research. Consumer surveys allow businesses to obtain feedback from consumers about buying decisions and buying behavior, attitudes towards different products and brands, and purchasing habits. Product development involves the development of new products or services, and the successful marketing of these products and services through various channels. Selling activities include different forms of advertising, including catalogues, promotional campaigns, trade shows, point-of-sale promotions, TV commercials, radio advertisements, mailers, and other sources. Market research involves the study of buyer behavior, buying decisions, preferences, and purchasing preferences. Companies can conduct their own marketing research or seek the help of third-party organizations.