The definition of marketing is that it is an important function of the business and is very important to the survival of any business organization. It involves visualizing the business from the perspective of the customer, and it normally considers all the components of a marketing mix. These are product, price, place and promotion. When a business engages market research survey companies, it will be able to unravel all these factors.
Marketing is an important management tool, and has been defined in different ways by scholars as well as gurus in this field. However, whatever the definition, one thing stands out: the idea of customer satisfaction. Thus, a product should be made from the standpoint of the consumer. To achieve customer satisfaction, companies must engage in marketing research to ensure that the product they come up with is able to satisfy wants and needs of the customer.
Companies that carry out the research play an important role of carrying out investigations in the market to find out the goods, which would be more profitable for a company to produce and sell. The research is also important for existing products; where it enables an organization to establish whether its product satisfies the needs of customers, and if not, make the necessary adjustments. This also gives the company an opportunity to evaluate the success- or lack of it- of its existing plan.
Market research is composed of a plan that details how the collection of important data is to be done, and how it is to be analyzed so that the result that is come up with is can be used in making important management decisions. After the study has been completed, its results are communicated to the top management. As a result, the management has full knowledge of factors that affect the target market and the marketing mix. Through adopting an effective approach, the management can make necessary changes for better performance of its products in the market.
Market analysis can be of two types, which are primary and secondary. Secondary analysis is where data collection is based on information sources that have been published. Information that is collected in the survey is used in building up of company database, which can come in handy in the future. Through this information, a company is able to identify its competition.
On the other hand, primary type of data collection and analysis derives its information from observing sales levels as well as effectiveness of business practices being used in the company, such as communication tools and service quality. It derives its information on market competition by carefully following competitor plans. However, both these two researches are very important when it comes to fulfillment of company objectives.
Data collection methods are also divided into two types. They are qualitative and quantitative collection. Mathematical analyses, which are able to unravel differences that have statistical importance, is known as qualitative data collection method.
Qualitative methods of data collection are important in providing a base for quantitative study. These methods mainly target generating hypothesis, problem defining and identification of determinants. The bottom line is that you must have the right data about your customers, the product and about the competition. This is where market research survey companies come into play.
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Author: Celia HallThis author has published 202 articles so far.