Nowadays, businesses abound, and the means to making them thrive are as varied as the businesses. Every good businessman knows that getting to know the wants of your customer is the secret to a thriving business, but with millions of people to try and decode, how can it be done easily and effectively? Enter the solution: marketing research.
What is marketing research then?
Marketing research is nothing more than the means by which a company gathers data through a variety of media to be used for strategic business purposes like sales.
What is marketing research surveying and how does it help?
Marketing research surveys are types of data collection usually disseminated online or offline. Observational surveys and brand surveillance are also forms of marketing research, though they are usually conducted in malls where they record popularity and public interest rates for clothing or accessories. There are other methods of marketing research though, namely product testing, trial runs, and customer satisfaction research; these and other similar procedures strive to provide companies with data which affect the overall production rate or availability of a product according to its popularity and ability to sell.
What is marketing research and how is it done?
There are two basic tricks of the trade: you ask and you observe. Usually divided into two categories, the data taken from surveying or other processes are classified as either qualitative or quantitative – simply put, they are either amassed as the opinion of the public at large (hence quantitative data), or they are taken as opinions within a limited scope, such responses targeted only to a selected group (hence qualitative data).
What is marketing research going to amount to?
The future of marketing research is now before us. With the Internet, companies and small businesses alike are able to conduct very affordable and easily disseminated surveys and studies without even having to go outside their offices. And with the sheer versatility of the Web, anything under the sun can be sold, advertised, or marketed to a global audience in real time. Of course, marketing research is still continuously improving, more so with our ever-changing society becoming more and more unpredictable in its wants and needs.