Marketing Research Is Important For Creating New Marketing Strategies

Marketing is a strategic and ever-evolving concept, which is used to refer to a number of different processes that are undertaken to promote a product, service or idea to the appropriate target market. It is also commonly known as advertising. Marketing describes the process by which an organisation undertakes to engage with its target audience, create strong ties to create potential value for the company so as to acquire value in return, and communicate effectively to share the message with prospects and existing customers. The objective of marketing is to attract new visitors and customers to the business through a variety of channels (such as print media, television, radio, and promotional merchandising) and to build loyalty with current customers. These channels can be combined to yield maximum benefits and create the maximum impact on the marketplace. Marketers use marketing to reach out to their potential customers.

Marketing myopia has marred many promising new product concepts that have been introduced into the marketplace. The failure of many concepts has resulted in mediocre products that do not capture the imagination of consumers. Often marketing concepts are based on too broad a base of knowledge which is difficult to translate into consumers’ purchasing behaviour. Marketing concepts must therefore be simplified and targeted to address the specific needs of the target audience. Marketing concepts should be well understood by all people involved in development and implementation. If these needs are not properly understood, marketing myopia will continue to thwart the achievement of any product concept.

A coordinated marketing concept which is capable of capturing the imagination of consumers and driving them to buy can only be implemented if the marketing concept itself is appealing to consumers. This means that marketing concepts should be designed according to the interests, needs, buying styles and purchasing power of the target group. Consumer’s buying power is measured by their income and purchasing budgets. The first step towards satisfying consumers is to design a marketing concept that addresses their buying preferences.

Most businesses fail because they fail to incorporate the interests and buying habits of customers into their overall marketing management process. The success of any business is dependent on exploiting consumer psychology. By way of example, some businesses have integrated the social selling aspect into their overall marketing management strategy by hosting community-based and self-paced marketing events. Such events provide an environment where selling is not simply a one-time-off activity but an ongoing social activity.

Consumer-based marketing strategies also prove successful when they are incorporated into the overall marketing strategy. A good concept should be able to drive consumers to take action. Consumer-based strategies may include the following: “letting the buyer beware”, “first impression is the last impression” and “expect to get it”. Marketing research shows that when a concept is strongly anchored in consumer experience it becomes a powerfully influential marketing tool. In other words, a good concept is likely to bring about a significant increase in the perceived value of the product or service offered by the entity offering the concept. It is this increase in perceived value that makes marketing concepts so successful.

Marketing research is another great way to discover new marketing concepts. It is important to include marketing strategies in overall business development planning to help make the organization’s marketing plan a more effective one. In fact, marketing research can often be used to test marketing theories before implementing them in the actual business environment. There are many marketing concepts that have been tested and proven to work; however, only a few marketing concepts have been developed specifically for organizations. An effective marketing management plan should therefore cover all aspects of marketing activities – both the promotion of products and services to consumers and the marketing strategies and tactics employed in those promotions.