Marketing Research Vs. Marketing Strategy
Marketing research and marketing strategies cannot exist without the other. They are both integral preparation methods for how a business chooses to enter a given market. If a company chooses to skimp on either research or strategy development, the business could miss crucial details about consumers in the market, causing disinterest in products and anemic sales figures.
Other People Are Reading
-
Conducting Market Research
-
Market research is the bedrock on which a company's marketing strategy is developed. Market research determines consumer desires and needs in a given area based on a variety of factors, including age demographics, income range and the success of competitors doing business in the market. Research is often the key to success for a business. Without thorough market research, a business may enter the market offering products and services consumers are not interested in. This can lead to low sales and eventual company failure in that market.
Reseach-Gathering Methods
-
A company many use several data-gathering methods during the marketing research phase of its development. For example, focus groups and consumer surveys help a business determine which of its products and services are the most liked by consumers in the company's target market demographic along with what consumers would most like to see added to those products and services. A business can ask consumers questions in multiple categories including an acceptable price range for products and where consumers are most likely to shop for products similar to those offered by the company.
-
Marketing Strategy Development
-
Once the marketing research is complete, the company's marketing strategy and development teams take over in determining how to best use the accumulated information. The company's marketing strategy influences almost every aspect of the business from how promotional campaigns are conducted to what materials go into products. For example, if market research has found a low median income level in the target market area, a company may decide to construct products with lower cost materials to keep product prices down and increase the chances of high sales in the lower income market.
Strategic Planning
-
A company's marketing strategy is as much strategic as it is all encompassing. Marketing research needs to show the fluctuations in target consumer needs and desires over the given fiscal year so the company can implement its marketing strategy at a time when effectiveness is at its peak. For example, a business wouldn't want to market clothing designed for winter directly to a community that rarely experiences temperatures below 60 degrees Fahrenheit. The company may instead to choose to market winter clothing to that same community with a combined promotional strategy emphasizing winter vacations.
-
