Marketing is a way of conceptualizing and promoting products and services of a firm to make them accessible to the prospective consumers. Marketing reflects in the image of a firm and plays a key role in creating a brand identity for it. This is the main reason why it is very important for a company to focus on the marketing activities for the promotion of the business. Without any marketing strategy, a company can never establish itself as a reputed one in the market.
With the advancement of technology, marketing activities have become more complicated and costly, as compared to traditional marketing methods. It has also become imperative to use internet for effective marketing activities, which is a reason why companies are moving towards internet for conducting market research and product development activities. A well-planned internet marketing campaign helps a company to get feedback from the existing customers about their experiences with the product or services, and thus becomes a basis of improving or tweaking the existing products or services.
Market research is one of the most important aspects of any marketing plan and is undertaken by any firm to identify and address customer needs. Market research is used for analyzing customer satisfaction and in developing new products or services. There are various techniques used for conducting market research; however market research can be organized according to different methods such as survey, questionnaire, focus group, and so on. Proper market research can help a company to develop a concept that will satisfy all its customers’ needs and thus increase the overall profits of a firm.