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Marketing is about responding to consumers' needs.

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Introduction

Market Research Theory Marketing is about responding to consumers' needs. It is very important to find out what these needs are before a marketing plan is put together. I am doing this theory to help other people understand the complex tasks that businesses go through to complete their market research. The 4Ps and the marketing mix The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix. Getting this mix right is critical in order to successfully market a product. The 4Ps are: 1. Product 2. Price 3. Promotion 4. Place Product Price Promotion Place A product can be either goods or a service that is sold either to a commercial customer or an end consumer. A customer buys a product, and a consumer uses it. Sometimes these are one and the same, as an industrial firm can also be a customer and a consumer. ...read more.

Middle

There are two general types of research: * Primary or field research * Secondary or desk research Primary or field research Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organisation can provide this. Usually, the data is gathered by face-to-face interviews, by telephone or by post, using questionnaires. This is called a survey. Sometimes potential consumers are asked to test products, and their responses are recorded. Field research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer, and costs more. Secondary or desk research This is the use of existing data that has already been collected. It can be anything from a company's own sales statistics to Department of Trade and Industry reports. Other secondary sources of information include journals, company reports, government statistics, and surveys published by research organisations. ...read more.

Conclusion

There is an endless amount of information available, so it is important to be focused. Set objectives: You have to decide which are going to be the best ways to gather this information. Choose the most appropriate reports and journals. Depending on how much time you have, choose what field research you can do. Designing questionnaires and testing products on consumers can take a long time. You also have to decide whether you have the necessary skills, or whether you need to use a specialist research organisation. This is a more expensive option. Gather data: You would usually do desk research first, because it is cheaper and quicker. Then supplement this with field research, so that you don't copy your findings. Designing the questionnaires and conducting the surveys takes place during this phase. Analyse data: Now that you have the findings, you have to work out what they are telling you. If you identified your objectives before you started, this should not be too difficult. You must look for trends and patterns. Then you should see how this affects your marketing mix. ...read more.

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