Marketing research
Marketing research is a form of research aimed at identifying and analyzing market trends, understanding the needs, behavioral traits of buyers and competitors, and the factors that influence behavior change. The result of research is always a roadmap of ways to optimize a company's existing operations for maximum commercial success.
Marketing research provides information to argue the value of a company and its product to the consumer. After all, in-depth knowledge of the characteristics, emotions, preferences and needs of your target audience will give you a clear understanding of which interaction with it will be the most effective and which arguments will be the most convincing.
Marketing research is subject to classification according to the object of study:
- market research - defining its size and peculiarities, competitive environment; identifying the layer of target consumers, differentiating them by gender, age, average income, social origin, profession and other characteristics;
- sales research - identification of areas with similar sales volumes, identification of differences, analysis of possible methods of stimulation and development of commercial activity;
- product research - it is a study of the consumer properties of the product, comparative analysis, identification of competitive advantages and weaknesses. While carrying out product research a search for new ways of using a product takes place, a product line update or rebranding is planned;
- advertising research will provide answers to questions about the effectiveness of advertising channels, messaging and means of distribution. This type of research will analyze the effectiveness of the promotion strategy;
- analysis of economic components - the ratio of the price of the goods and the profit received from its sale, analyze the costs of production of goods and output and similar indicators.
Conducting research
Regardless of the type, every market research study begins with the collection and analysis of information using tools such as:
- survey - conducted in direct contact with representatives of the target group;
- observation - obtaining data without direct contact with the research object, by collecting statistical data and Internet surfing;
- experiment - changing one or more key parameters of the system under study and recording the impact of these changes on the object;
- simulation modeling - the construction of a logical and mathematical model of the object of study and replacement of the object under study with the created model. The tool allows determining the factors of influence and points of growth of the existing object;
- method of expert evaluations - conducting dialogues and briefing industry experts, collection and analysis of opinions.
The primary data obtained at this stage are generalized and analyzed using general scientific methods and tools of statistical analysis, mass service theory and other areas of knowledge (logic, mathematics, psychology, sociology).
What tasks are solved
With the help of market research it is possible to solve a wide range of tasks for the development and promotion of any business and assess the overall health of the brand:
- comprehensive analysis of the market, its development potential and development in the future;
- determination of new markets, growth points and possible niches for launching new products;
- testing the quality of goods;
- production of new products, renovation or modernization of existing products;
- testing of external characteristics of the product, experiments with packaging and form factor;
- preparation for rebranding;
- comparison of the success of ideas and the ideological concept of the product;
- positioning, separation from the competitive environment;
- analysis of the target audience and obtaining key insights, segmentation of consumers;
- Determination of the degree of brand recognition, the associations it forms, assessment of the loyalty of the target audience;
- study of the competitive environment;
- analysis of the effectiveness of the advertising campaign and the effectiveness of the overall marketing strategy;
- and much more.