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Each marketing research has a specific goal and solves a particular business problem. Without a clear research goal, you can get empty information, spend extra resources and time. In this article, we will look at the main objectives of marketing research and describe what marketing and business tasks such reviews can solve.
1. To characterize the market
DESCRIBE MARKET:
– Key players and their positioning
– Market share of key players
– Size of main market segments
– Market volume
– Market growth rate
– Market Drivers
The study “market description” aims to determine the size (capacity) and growth rate of the market, to assess the main drivers of the market; identify key market players, describe their positioning and their share in the industry; identify the leading market segments and their share in the total market volume. Information obtained during such a study helps the company to form a general understanding of the importance and prospects of the industry, identify key competitors and assess the potential for business growth.
2. Perform market segmentation
MARKET SEGMENTATION:
– Segment Determination
– Features of consumption and preference segments
– Size and growth rate of segments
– Study of consumers and non-consumers of the company
– Analysis of the reasons for purchases and rejection of the product
The purpose of marketing research on market segmentation is to identify all significant consumer segments in the industry; identification of specific preferences, behavioural habits and requirements for the product for each segment; assessment of the size and growth rate of the segments. Often, market segmentation studies examine in detail the consumers and non-consumers of the company, as well as the reasons for abandoning the company.
The information obtained in such research helps the company to find free low, competitive market niches, to develop product positioning for specific groups of segments and to form the company’s product range correctly.
3. Evaluate buy involvement
ENGAGEMENT IN PURCHASE:
– Knowledge of market existence
– Knowledge of product existence
– Intention to buy
– Trial use experience
– Purchase
– Re-purchase
Studies aimed at studying the buying process are often conducted in “waves” with a certain regularity and help not only to understand the consumer but also to evaluate the effectiveness of the marketing programs being undertaken. The purpose of such marketing research is to determine the buyer’s involvement in the purchase. Engagement is measured by six indicators: Knowledge of the existence of a market — knowledge of the existence of a company’s product — the intention to buy a product — a free trial of a product — a purchase — a second purchase.
If the indicators over time have a positive trend, then the company’s marketing is working effectively.
4. Understand the reasons for the purchase
REASONS OF PURCHASE ANALYSIS:
– When thinking about the product?
– When buying a product?
– By what criteria choose?
– What encourages buy or change choices?
– Sources of loyalty to the product
– Reasons for not buying
This analysis helps the company to find the right levers of influence on the consumer and to stimulate the emergence of interest and product purchases. In the course of such research, it is essential to determine the main reason why buyers think about a product and directly make a purchase, criteria for choosing goods on the market, sources of loyalty and motives for refusing product.
5. Rate attitudes, expectations and customer loyalty
ATTITUDE, EXPECTATION, LOYALTY:
– Compliance with the parameters
– Formed product image
– Satisfaction with the product
– Limit of loyalty to the product
This type of marketing research aims to assess the level of customer satisfaction with a particular product or company. In the course of the study, the degree of conformity of the goods to the expectations of customers according to the main characteristics is studied, and the image of the products formed as a result of interaction with the customers is formed. As a result of this research, the company can assess the current level of satisfaction, understand the key disadvantages of the product (affecting the decrease in satisfaction), and form corrective measures to improve advertising, product, service.
6. Test the concept and need for a new product
CONCEPT OF NEW PRODUCT:
– The attractiveness of the concept
– The relevance of the concept
– Probability of purchase
– Trust and distrust of concepts
– Forecasting the efficiency and profitability of each concept
The purpose of marketing research of a new product can be both an initial assessment of the viability of product concepts, and a detailed analysis of various alternatives to the finished product. In the first case, the company can choose from several directions of development of a new product, the most required by the market, and in the second case, compare in detail the prototypes of products in terms of attractiveness, profitability, and level of interest.
7. Evaluate consumer lifestyle and habits
LIFESTYLE AND HABITS OF USE:
– How and when is the product purchased?
– How often is the product bought?
– How the consumer interacts with the product
– Buyer’s lifestyle
– Values and life goals of the buyer
The purpose of consumer marketing research may be to study the style and lifestyle of the target audience, product usage habits (how, where and when a product is bought), to build a picture of the consumer map of interaction with the company’s product. The results of such research companies can apply to improve the product, release new products, design and advertising, which will fit into the world of the target audience.
8. Rate brand power
BRAND POWER:
– Intangible benefits
– Brand knowledge
– Brand quality
– Brand commitment Level
– Brand associations
Marketing research to assess the strength of a brand helps to determine the key intangible benefits that a particular brand provides to the buyer for which he is willing to give a higher price. Such research also assesses brand knowledge, brand quality, established associations, and the level of commitment to the company’s product. The research results are used to develop a product marketing and communication strategy.
9. Evaluate the effectiveness of advertising communications
EFFICIENCY OF ADVERTISING:
– Message memorability
– Clarity and proximity of the message
– Desire to buy after viewing message
– Images that are forming advertising
– Advertising Coverage
– Worn advertising message
Recently, marketing research is a King, the purpose of which is to determine the effectiveness of a brand’s advertising message. Within the framework of such studies, it is possible to assess the deterioration of the commercial, the quality of the advertising message (memorability, clarity, closeness, etc.), the images that are formed by advertising in the minds of the target audience.
10. Assess the quality of distribution and product sales
QUALITY DISTRIBUTION:
– Product Distribution Level
– Significance of sales channels
– Line completeness
– The presence of a deficit of product
– Quality of organization
There is marketing research analyzing the real sales of the market and the quality of product sales in the industry. The purpose of such studies is to determine the level of distribution of the product on the market, assessing the significance of various sales channels, the presence of a shortage of products (lack of availability), the quality of organization of goods at points of sale. The results of these studies help to find weaknesses in product sales and adjust the distribution and trading policies of the company.
11. Set effective price
PRICING:
– The level of interest in a product
– Demand elasticity
– Price market segmentation
– The perceived value of the product
– The optimal price of the product
– Limits for increasing price
The purpose of price marketing research is to assess the level of demand for a product, its elasticity, conduct market price segmentation, determine the perceived value of a product, search for the optimal sale price. Information obtained in the course of such research helps to work effectively with the cost of the product and increase the profitability of the business. These studies provide an answer to the question: is the product price optimal? Is it overpriced or underestimated? To what level will the price increase be acceptable for the target audience?
12. Rate customer service
For many companies, today it becomes crucial to assess the quality of service (delivery, receiving orders, communication), which is one of the critical factors in the formation of loyalty to the company’s products. As part of such studies, the overall satisfaction with the service, the quality of communication with the company’s staff is assessed, the negative and positive aspects of the service are investigated.
IMPORTANT:
Marketing research is carried out to obtain reliable data necessary for making strategic decisions. Without a clear research goal, you can get empty information and spend extra resources and time for nothing.
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