Marketing research is defined as the process of conducting research which helps to determine or identify the viability of a new product or service with the help of potential or loyal customers. Marketing research is an impact which increases loyalty of the consumer and to derive long-term achievement or growth in the business. Marketing research helps the consumer to raise their voice against the quality of the product. It also focuses on the behavior, motivation, needs and attitude of the consumer. And the company also gets relevant information about their target buyer. It helps the organization to make better decisions and to also gain advantages against competition. Marketing research is mainly considered a combination of primary and secondary data’s. In primary data, it collects data from the internal(inside) source of the company and in secondary data, it collects information from the external(outside) sources of the company.
Primary research consists of first hand data’s. It can be conducted through online surveys, focus groups and also through phone interviews. Basically the primary research divided into two:
This type of market research does not consider customer trends. It considers the typical problems that occur in the company while working as a team.
In specific research it considers or gives importance to the issues and opportunities that the company has already driven.
Secondary research is done on the basis of recording information from public, commercial and internal sources.
This is the first step of collecting secondary sources. It concerns the government statistics such as exchange rate fluctuations, and also the changes in tax rates.
Commercial sources include the different forms of market reports.
Internal sources of information will have the report of average revenue per sale, historical data’s and number of customer retention.
Also it segments the market according to the product. There are different stages that the market research can divide:
- It helps to collect secondary data and analyze.
- Market research also collects primary data and analyses.
- It is associated with problem definition.
- Helps in selection and implementation of
- Devote for formulation of recommendation.
Relationship marketing is the process of better responding to the changing requirements of customers with making effective strategies within the time. It also helps to maintain customer loyalty which is also useful as a part of advertisement and also it brings out more business. Relationship marketing is firstly mentioned by two American professors called Leonardo L.Berry and Barbara Bund Jackson in the 1980s. The main examples for relationship marketing are Domin’s, ArmourSuit and Marriot. They improve and also innovate their products according to the need of their customers. It also helps in two-way communication with customers and also to understand changing requirements according to the time and can generate strategies according to that.
RELATIONSHIP BETWEEN MARKET RESEARCH AND CONSUMER BEHAVIOR
Market research and the study of consumer behavior is the process of gathering information or data’s related to recent market issues, customer taste and the transformation of data’s into meaningful information to reduce risk and to make more improved decisions. And the consumer behavior is the study of customer acts to the market or retail environment. For the derivation of better marketing strategy it is important to understand how and to what the consumer reacts or responds. Marketing and consumer behavior have a relationship involving studies, psychological analyses, focus groups and also other market studies. For successful market research the organization should understand what the customer buys, why they buy and what are the factors that affect or involve in the buying decision. The combining answers for these questions helps the organization to take better and powerful marketing strategies. The study on consumer behavior and market research also helps to gain information on the target audience to provide more campaigns and advertisements.