Goals, objectives and types of marketing research
Concept and purpose
Marketing research is a set of actions aimed at increasing business efficiency. It consists in identifying and making key decisions that are not based on random parameters of the audience, market, and so on. Marketing research is based on accurate statistical data. This makes the company competitive and increases its value by understanding the needs of customers.
If we describe in more detail the process of marketing research, it is worth noting that it consists of search, collection and analysis. In addition, this is not just a dry collection and analysis of information. Qualitative research involves the analysis of consumer interests, multi-factor market research and a detailed study of competitors, their advantages and disadvantages.
Marketing Research Goals
Now let’s talk about the main goal of marketing research. The key goal of each study is to provide business with the most informative data for making management decisions with minimal risks.
In addition, there are specific goals that together aim to achieve the aforementioned goal. These include:
- Studying the behavior and characteristics of the client;
- Processing data on a separate marketing problem (reasons for the drop in advertising effectiveness);
- Evaluation of the possible demand for the proposed product or service;
- Analysis of consumer demand and competitive supply in the market;
- Evaluation of the effectiveness of the adopted marketing decisions;
- Drawing up a perspective of the state of the object of study.
It is important to note the clarity of the formulation of the purpose of the study. After all, semantic dispersion and insufficient concretization can turn research into wasted time. So, for example, it would not make sense to conduct a study of estimating the size of the market. Because even without it, it is clear that the company is not sufficiently developed for global expansion in the market. It would be much more expedient to study consumer desires and, taking them into account, find new ways to increase sales.
Tasks of marketing research
On the way to achieving the main goal of marketing research, and in principle of any research, there are tasks, the implementation of which will lead the company to a certain result.
A number of correctly set tasks will help to increase the effectiveness of the study. For example, with the goal of “exploring consumer desires to find new ways to increase sales”, it is necessary to set the task of compiling a portrait of the client in order to identify new channels for the sale of the product.
For example, take the following tasks:
For example, take the following tasks:
Determine the client’s profile, his desires and distinctive needs. Sometimes you should consult with the consumer when creating a new product;
Analyze competitors. Identification of their advantages and disadvantages will allow you to adjust your own activities, based on the experience of others;
Form or change the pricing policy;
Monitor growing trends to update both a specific product and the company as a whole;
Focus not only on creative solutions, but also on the implementation of statistical data;
Adjust marketing solutions to the needs and conditions of the market.
With all the variety of research opportunities, they can be divided into several types with their own peculiarities in application.
The type of such marketing research is intended for the preliminary collection of information to clarify the identified problem, as well as to confirm or refute the hypothesis.
For example, it is assumed that sales have fallen due to insufficient effectiveness of the advertising campaign. However, after conducting an exploratory study, it became clear that the hypothesis with the reason for the decrease in sales is actually not true. And the main problem is the poor performance of the logistics system.
To organize such a study, it is enough to get acquainted with secondary data or interview a number of experts in the proposed problem.
When conducting a marketing research of a descriptive type, it is possible to collect a lot of information about the problem, the current situation on the market. A study is conducted in the form of a survey, observation or experiment. When answers to all questions (Who, What, Where, When, How) are received, the picture of the object under study will be completely filled.
It is important to note that the answer to the question “why?” not available in this study. We will consider this feature below in the casual type.
This type of research involves testing hypotheses with logical or practical evidence. Causality will be a key element of such research. This is because the process identifies the causes and consequences of changes in the company’s activities.
Summarizing information about the types of marketing research, I want to say that all varieties cannot be as effective as possible when used alone. It is worth approaching their use in an integrated manner, and deviating from their goals and objectives.