Market Research
Marketing describes the process by which an organization undertakes in order to engage its target market, develop strong relations to make value from that to capture and convert that value to monetary benefit. It is an essential element of the business process that is central to its growth and success. A marketing manager is responsible for the identification of a targeted group of customers and the design and strategy on how to reach out to them and make sure that a product or service offered meets their requirements. This involves creating advertisements, packaging, labeling, public relation activities, sales and marketing training programs, and other related activities.
A major challenge faced by marketers is the ability to convert prospective consumers into buyers and this requires extensive research and analytical skills. Marketers spend hours and sometimes days observing consumers in their natural environment, such as malls and restaurants, to gather information on consumer behavior. Marketers also conduct surveys and focus groups to understand consumer attitudes towards various products, services and organizations. Understanding the consumer psychology helps marketers create appropriate marketing strategies and test markets before launching any product or service.
Marketing is one of the key components that contributes to the success or failure of any business venture. Developing and implementing an effective marketing strategy requires a significant amount of time and effort. Marketers who are involved in selling activities should conduct a comprehensive market research to understand buying behaviors, target markets, potential buyers reaction to advertising materials, and the selling concept. The selling concept consists of five selling aspects including product knowledge, motivation, emotion, attitude and purchasing behavior. These aspects help marketers to understand consumers buying behavior and therefore plan strategies to target a specific segment of the market.