Marketing Research Theory
Marketing is a way of communicating with potential clients or customers to make them aware of the offerings of a company. Marketing also refers to the act by which an organization undertakes to engaging its target market, develop strong relations to generate value to gain competitive advantage, and create value in return for payment. In simple terms marketing can be described as a way of creating awareness of the products and/or services of a company to the potential clients or customers. In marketing one’s product or service outside their established customer base, an organization uses various channels to communicate with potential clients or customers. A person who engages in marketing activities may be an employee of the organization, an independent contractor, or a consultant.
Marketing concepts like brand image promotion, selling techniques, advertising and public relations rely on marketing management. Marketing managers are responsible for the development of marketing strategies, developing the resources required by the company for effective selling of its products and services to consumers. The marketing manager should be able to envision the end results of the strategies and determine if the strategies will meet the goals. A marketing manager should be able to conduct and direct a balanced mix of conventional and nontraditional marketing techniques. The marketing manager should be able to evaluate and control the financial aspects of the strategies and evaluate market conditions, consumer behavior and tendencies, competitors, and other relevant information that will help to determine the effectiveness of the marketing programs.
A very important marketing concept is customer orientation. The term “customer orientation” denotes that the marketing concept concentrates on the needs of the customers. This means that, instead of selling a product or service that customers do not want or need, the manager focuses on satisfying consumers with services and products that satisfy basic human needs. Consumer-oriented marketing concepts help in creating an atmosphere of satisfaction in customers.
Another important concept is the product concept. It follows that marketing myopia results because a firm does not focus on creating a product concept that can be suitable for the consumers. As a result, the firm tends to produce products that are suitable only for research purposes or for a small market segment. On the other hand, if the firm attempts to market its products aggressively, it risks alienating the consumers.
Marketing concept related to customers needs or consumer consciousness is another important concept in coordinated marketing. According to this concept, marketing activities should be planned to make a noticeable positive impact on customers. It follows that firms should adopt activities that can effectively satisfy customer needs. A good marketing strategy would therefore focus on meeting customers needs at various stages of the purchasing decision. This would ensure that the firm meets customers needs as they develop or prior to making a decision.
Another marketing concept that is shared by many marketing managers is focusing on identifying the target group for which a product or service is targeted. The concept of marketing management is then adapted to the specific target group. For example, for a product intended for teenagers, the marketing management team might identify groups of teenage students living in different geographical locations who are likely to purchase the product. This targeting of a particular group increases the chances of increasing sales.
Another popularly accepted concept of marketing management relates to segmentation of consumers. This segmentation of consumers helps to understand the characteristics of consumers and help in designing appropriate marketing strategies. For example, some research suggests that there are four segments of consumers: active consumers, passive consumers, completists and non-completists, and lastly, consuming consumers who buy regularly or irregularly.
Marketing management encompasses various other concepts including advertising strategies, research, and financing. Advertising is a marketing research and an essential part of the process of selling a product. Thus, the marketing research team decides upon the most appropriate advertising campaign. It is also important for companies to determine the best selling model for the product or the service. Finally, firms are required to conduct tests and trials before releasing a new product or service to the market.