Marketing Research

Marketing is a process by which a firm develops a unique selling proposition (USP), which inspires consumer responses. Marketing is the interactive process of consciously promoting specific demand for and sales of products and services; potentially including wide range of choice of a target consumer; selection of certain characteristics or themes to which marketing contributes; and evaluation of market response. Marketing is a critical component to a firm’s overall sales strategy, yet little effort is spent on its development. For most firms, marketing is primarily an advertising function. Marketers often believe that marketing is an external function whose purpose is to promote their products and services to all potential customers.

marketing

A marketing research defines marketing activities as an integrated set of processes that support the development of products and services to satisfy customer needs and create business value. It is an element of the sales process. Marketing research is conducted to gain information about buying habits and buying preferences of prospective customers in order to determine what markets will be profitable and which markets will be unreceptive. By analyzing purchasing patterns, marketers can locate a group of potential customers and formulate marketing strategies. Market research is conducted to find new product ideas, better ways to present products and services, and methods to bring new levels of efficiency and cost savings into the process of selling.

Strategic marketing management theory suggests that there are three essential components to marketing: selling, the market, and society. Strategic marketing management seeks to achieve an optimum level of sales while minimizing cost and time devoted to sales support. The ultimate objective is to make sales while providing a positive return on investment. This concept of societal marketing was introduced by Donegan and Costello, who defined it as a system of marketing practices that concentrates on meeting the needs of the marketplace while allowing for maximum profitability without waste.