The Concept of Marketing Research

Marketing is one of the most important components of business success. However, the art of marketing is not the easiest of undertakings. Many marketing activities, including print advertisements and television ads, require a great deal of planning and research. There are many marketing strategies that can help businesses, from traditional marketing strategies like direct mail campaigns and newspaper advertising to newer methods like Web marketing, search engine marketing, and online marketing. In fact, there is so much involved in marketing that it’s easy to get confused.

Simply put, marketing refers to the act an organization undertakes in order to engage its target consumer base, develop brand recognition, create value for consumers to receive a benefit in exchange for spending their money and make connections to potential clients to expand markets. Marketing activities should be a strategic plan adopted by businesses to promote their products and services in a cost-effective manner that generates maximum benefits for all stakeholders. Marketing research is crucial because it considers the strengths and weaknesses of the market, and the likely impact it will have on a company as well as on the product or service it has to offer. It also considers issues like identifying target consumers, analyzing customer behavior, researching competitors, and developing relevant tactics, techniques, and systems. These activities are carried out by marketing departments before the marketing budget gets approved.

Marketing is actually a very broad field that incorporates many different practices, tactics, and systems. It does not end with gathering enough information about the market or developing relevant tactics or methods. It also has a significant role in identifying customers and developing strategies that will draw customers in and keep them coming back. The ultimate goal of marketing is to develop quality customer relationships. The art of marketing, therefore, is not only about creating a product or service that solves a problem but also about encouraging customers to return to the company for future purchases.