Successful marketing of a product or service rests on the effective market research. Marketing research is an answer to various questions that crop up in your mind regarding the product. Some of the questions are:
– Will the product sell?
– What is the proper distribution channel to be followed?
– Is there a need for the product to meet any specific criteria?
Once these questions are answered through proper market research, it becomes easy to launch a product in the market. In order to have a successful marketing campaign, it is important for the marketer to have complete and detailed information about the customer’s taste and preference. It is this quest for information that makes market research inevitable. Realizing this importance of market research, many companies are engaged in the business of doing extensive customer research for clients who hire them.
Successful marketing rests on the gathering of timely and relevant information. Getting a questionnaire filled by present and prospective customers helps in discovering the various dissatisfaction zones of a product. The effectiveness of market research depends on how well it keeps an eye on population shifts, legal developments and local economic situation.
Market Research Steps
– The first step is to learn the basics of marketing that include answers to questions like how the surveys are to be conducted? What should be the procedure to collect information? How to conduct an inexpensive research?
– United States Federal Government is a good resource for demographic statistics and business surveys. The information provided is authentic and credible.
– Company directories are another good source for information on companies all across the world.
– Internet marketing research is another way to gather information on what is going around.
The aim of marketing research is to identify various factors that influence sales and profitability. It is also an effective tool to keep track of the marketing strategies of competitors.