Marketing Research Can Help You Gain Insight Into Consumer Trends

Marketing is a business science that has evolved over the centuries. It has now become an integral part of everyday business. Marketing refers to the act by which an organization undertakes in order to engage with its target audience, create brand awareness, create value for the company in terms of product or service excellence and create financial value by channeling prospective customers to the organization’s products or services. The marketing strategy is normally expressed in terms of channels.

Understanding The Concept Of Marketing

Marketing is a very broad concept and is generally understood to be sales promotion, advertising and public relations. Marketing is normally done through different channels in order to reach out to customers. It can be either a proactive or a reactive strategy. A proactive marketing approach is one that involves taking pre-emptive measures that may turn out to be expensive. It is mainly used to enhance customer satisfaction and loyalty.

On the other hand, a reactive marketing concept is where marketing research is done beforehand so that appropriate measures are taken in case unforeseen circumstances crop up. Reactive marketing focuses on providing a solution to a problem and it is aimed at ensuring positive word of mouth publicity. The idea behind this concept is that consumers are more likely to buy a product if they have personally used it. For this reason marketing research is undertaken to analyse what consumers really want.

This enables marketers to produce marketing materials and commercials that address their consumers’ needs. These marketing techniques are also used to generate new customers. This enables marketers to increase sales without having to make any additional investment. Brand awareness refers to building customer loyalty and identifying new customers. Marketing research can help in identifying new customers and finding ways to retain existing customers.

Communication WIth Customers

Another important concept is ‘learning by doing’. This concept is about how customers learn about a particular product or service. Marketing concepts such as customer loyalty, learning by doing and retention are interrelated. Marketing professionals believe that a good marketing concept will not only attract new customers but will also enhance brand loyalty. This concept ensures that customers who have bought a particular product or services repeatedly will continue to buy from the same company irrespective of the changing trends.

Strategic Marketing

Strategic marketing strategies refer to the overall strategy adopted by marketers to promote their products. Marketers use a variety of marketing strategies such as advertising and selling through various media. Selling via television, radio and print is known as a ‘push process’ since advertisers push advertisements and sales material towards potential customers. Strategic marketing strategies aim at creating a strong demand for a product or service and pushing it towards buyers who require it.

Marketers also use several marketing strategies to reach potential consumers. Direct marketing (for example, mail, phone calls and advertisements in newspapers) has been proven to be very effective. However, marketers face a lot of difficulties in reaching out to consumers directly. Another effective way of marketing products and services is to make use of consumer psychology. According to this concept, people buy according to the feelings they get in response to a marketing message.

Marketing Research

Marketing research is the systematic evaluation of marketing activities undertaken by marketers to evaluate the success of product development, customer satisfaction and return on investment. Marketers conduct marketing research to gain knowledge on factors that affect consumers’ buying decisions and preferences. Marketing research helps marketers in designing better product and services that satisfy the needs and demands of consumers. Marketing research helps marketers find out about the factors that influence the success or failure of a marketing campaign. Marketing research can also help them plan future marketing activities that will achieve the desired results.