Marketing research may be applied to different areas of the marketing mix. The broad areas of applications of marketing research are product, distribution, pricing, advertising, and promotion, sales, and market, etc.
Marketing research is the systematic problem analysis, modal building and fact finding for the purpose of improved decision making and control in the marketing of goods and services.
The applications of marketing research may be discussed under the following headings:
1. Product Research
Marketing research may be used in the area of product planning and development like, to evaluate new product ideas, to evaluate the need to change existing product mix, for testing the new product acceptance, testing product positioning, package testing in terms of aesthetic appeal, protection for the product, and Ability to withstand transportation and stocking.
It comprises the study of product design, features, quality, brand tracking, brand preferences, product lines and rationalization of product lines.
Related: 9 Advanced Strategies for Building Maximum Customer Satisfaction.
2. Advertising Research
Marketing research may be used in many ways in the area of advertising. It may be used for copy testing.
Marketing research may be used to examine the important element of advertising copy like the basic theme, ideas, appeals, headlines, assessment of its attention value, communication clarity, memory value, conviction value, etc.
Marketing research may be applied to determining the most cost-effective media plan for ascertaining advertising effectiveness and audience measurement.
It may also be used for media research, motivation research, and measuring the effectiveness of the advertising campaign.
Related: Top 10 Benefits & Importance of Marketing Research (Update).
3. Distribution Research
The broad areas of distribution research includes identification of existing and potential distribution channels, selection of appropriate intermediaries, determination of channel Expectations, reduction of distribution cost, motivation for channels of distribution, measuring and evaluating the performance of the channels and different intermediaries, measuring relative effectiveness of different channels, assessment of dealer support and reason of conflict.
4. Pricing Research
The objective of this research is to find out the price Expectations of consumers and their reactions and responses to different price levels of product to ascertain elasticity of demand.
It also includes ascertaining elasticity of demand. It also includes determining the price expectations of consumers in different market segments, testing the alternative price strategies, the evolution of competitors pricing strategies, the study of the factors affecting pricing decisions, to know consumer psychology on pricing and evolution of firms pricing policies and strategies.
Related: 10 Functions for Establishing A New Business Unit (Step by Step).
5. Consumer Research
Consumer research deals with a variety of questions about consumer characteristics and behavior.
The basic purpose of this research is to develop a better understanding of its customers by the company.
Consumer research may be conducted by the company to determine the composition of the product’s customers, to find out the locations of customers, to determine demographic characteristics of present and potential customers, to determine psychographic characteristics of consumers, to identify buying motives, to know consumption pattern of consumers, reasons of consumers dissatisfaction, shifting consumption pattern, brand preferences and for preparing consumer profile.
Related: 6 Main Concepts of Marketing (Explained with Examples).
6. Market Research
The objective of this research is to gather facts about the market of the company and the identification of forces operating in the market.
The scope of market research includes assessment of market Trends, determination of the size of present and potential market of the company, evolution of the impact of government legislation, policies and schemes on the performances of marketing operations of the company and to ascertain to strengths and weakness of competitors marketing programs, policies, and strategies.
Market research may also be used for the determination of the market share of the Company, sales forecasting for the future period, market segmentation to be used for product differentiation strategy in an effective manner.
7. Sales Research
The basic purpose of sales research is to find out the sales potential of the company’s products and the evolution of the company’s sales performance. Proper investigation may be conducted for many subjects in sales research.
These subject May cover formulation of sales territories; measurement of sales performance of personnel in terms of volume and profits; revision of sales territories; evolution of sales methods; determination of sales quotes and other standards of performance for sales personnel; finding out suitable methods of compensation to sales personnel; measures to enhance motivation and morale of sales personnel.
The above discussion indicates that the scope of application of marketing research is very vast and comprehensive. The above description is only indicative and not exhaustive.
Related: 10 Main Factors Affecting Marketing Environment (Explained).
The application of marketing research depends upon a company’s specific needs and the demands of particular marketing situation to which the company is exposed.
8. Marketing Environment Research
This is a very important area of marketing research. The basic purpose of this is to assess environment fitness of the firm.
Keeping in view the changes taking place in macro environment factors such as demography, economic conditions, government policies, legal factors, Technology, social and cultural factors, it is assessed that what changes are required in corporate goals, objectives, product mix, pricing, and business strategies.
Thus, now you know all the applications of marketing research in marketing.
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