Marketing research

Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. By markets and customers researching, it is possible to make informed decisions how to develop products and communicate with potential customers or businesses .

There are several areas of marketing research due to the fact, that it is multidisciplinary subject of science and management practice.

We can distinguish following main areas:

• measuring effects of advertising activities and brand strength,
• sociology and psychology as a factor influencing human (consumer) activities,
• cost analysis and financial analysis,
• new IT technology, internet, social media, e-business
• motivation of sales and marketing employees
• innovation
• R&D,
• eye tracking
• new product
• international marketing mix

Measuring effects of advertising activities and brand strength

Measuring advertising effectiveness helps to find out ineffective advertisement and advertising campaigns, provide useful information to take steps against ineffective advertisements, estimate the results in order to avoid complete loss etc. brand strength, or as it’s also called “equity”, plays an important role in the determination of price structure and works as a credible signal of product quality for imperfectly informed buyers and generates price premiums as a form of return to branding investments .

Sociology and psychology as a factor influencing human (consumer) activities

People are social and learn from observing others rather than depending on instincts, that's why mostly all aspects of human behavior and psychology are effected by society.

Cost analysis and financial analysis

Cost analysis is often used by organizations to appraise the desirability of a given policy and financial analysis is used to evaluate economic trends, set financial policy, build long-term plans for business activity, and identify projects or companies for investment .

New IT technology, internet, social media, e-business

Nowadays, most marketing plans use a combination of traditional methods (such as billboards, radio and TV advertisements) and digital marketing (emails, banner ads, social media, Google ads, etc.)

Motivation of sales and marketing employees

A combination of financial incentives and management support can significantly boost the performance and motivate people for better results.

Innovation

Boosting innovation is a comprehensive activity of the entity's management - economic, technical, motivational, organizational limiting resistance to change. It also encourages co-workers to create and report innovations, and later popularize them. Innovation management should be a natural process, inscribed in the traditional way of operating the company. There are also a number of conditions that must be met in order to stimulate innovation in teams. The strong commitment of the management team presenting itself in the attitude of acceptance of the innovation policy in the organization and determination to its implementation is of key importance. innovative marketing, as it results from the above, the process of creating and innovating at the level of marketing and the entire company is complicated and requires specific competences that IBD Business School has as an auditor and / or adviser as a renowned business school bringing together practitioners and business experts.

R&D

Marketers would like meet expectations to consumer. They do it, because new technology and "marketing is becomind the new research and development (R&D)"

Eye tracking

It is a technique used to track the focus of sight, eye movements and the pupil size of the subject. Knowledge of this issue is very helpful when creating websites - it's worth knowing what the potential customer is primarily focused on and how to make it easier to hit him.

New product development

It a covers the complete process of bringing a new product to market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale

Marketing research — recommended articles

Context of the organization — Business needs — Innovative research — Functions of research — Change management model — SWOT analysis — Promotional plan — Relevant information — Measurement of innovation

References

• Baltas G.; Saridakis, C. (2010). Measuring brand equity in the Car Market; a hedonic price analysis "Journal of the Operational Research Society" Vol.61 No.2
• Ginches J. (2012) Marketing is becoming the new R&D
• Goldsmith R. (2004) Current and Future Trends in Marketing and Their Implications for the Discipline "Journal of Marketing Theory and Practice" 12(4)
• Wedel M., Pieters R. (2008) Eye Tracking for Visual Marketing University of Maryland, USA
• Wholly J. S., Hatry H. P., Newcomer K. E.(2004) Handbook of Practical Program Evaluatio Jossey-Bass, San Francisco
• (2007)Definition of Marketing "Approved by the AMA Board of Directors"

Footnotes

Author: Natalia Borowiec