Research on marketing is essential to understand the pattern of marketing. This is possible by searching existing knowledge related to business marketing. Marketing research is done in many forms and all these forms are known as problem-identification research.
The marketing research first finds and analyzing the problem and then find the solution.
Research in advertising is done to determine the copy testing of advertisements. It is also used to know the efficiency of ads placed in any medium, the customer attention it gets, the message it delivers and how it motivates the customers to buy the product.
Advertising tracking is done to understand the behavior of the customer. Ads, websites, etc., are analyzed for this. Before an advertisement is released in the market, its performance can be forecasted with the help of copy testing which takes consumer’s level of attention, motivation, brand liking, and entertainment into consideration.
When a customer buys something online he analyses it in order to make the decision. Interviews and surveys can be done to understand the consumer’s level of satisfaction, which is known as customer satisfaction studies.
The demographic and psychology of the people of a particular geographical region can be studied with the help of segmentation research.
The marketing research using tests. Tests are conducted so as to determine what customer thinks about a brand or a product and it is specifically known as brand name testing. The demand for a product can be understood by demand estimation.
After the demand for the product is taken care of, the quality should be checked from time to time. Appointing mystery shoppers who are usually an employee of the market research firm does this.
He buys goods through a salesperson and notes down the whole experience. This procedure can be used to do research about rival companies’ products.
Test marketing is done by introducing a product in small numbers in the market and observing the sales, after which the product is launched on a large scale.
Distribution channel audits are conducted to understand the attitudes of retailers and distributors towards specific products and brands.
The more tech-savvy form of marketing research is Internet strategic intelligence. The likes and dislikes of the customers can be directly known with the help of chats, blogs, and forums. Online panels are a group of experts who accept the marketing research done online.
All the researches that are carried out can be classified as primary research, which gathers original research, and secondary research, which is based on a primary research and information published by other resources.
Secondary research costs less as research is done on already researched data, but the result isn’t efficient.
The research designs used by marketing research are either based on questioning or are based on observations. Quantitative marketing research and qualitative marketing research are based on questioning.
Quantitative marketing research is done to derive conclusions like questionnaires forms and survey. The number of respondents involved is high. Qualitative marketing research is done to understand something like in-depth interviews and projective techniques.
Marketing research based on observations is called experimental technique and ethnographic studies. Test markets and purchase laboratories are examples of experimental techniques.
The quantity measured is determined by understanding the factors that are responsible for the success of a product and then one or some of the factors are changed and the result is observed.
In ethnographic studies, observations are done longitudinally or done at several instances of time or cross-sectional, or done at only a particular time.
Global Marketing
Global marketing is nothing but marketing done on a national and international level and which involves understanding the similarities, dissimilarities and taking advantage of the opportunities to increase the sales.
Concentrating on global marketing is as important as concentrating on domestic marketing if a company is aiming to increase sales.
The domestic market has become saturated in most categories of products and services, in all industrialized countries, and they started to deal with other countries to increase their sales. Usually, in such a case, goods that are too expensive for domestic customers to buy are exported to other countries.
When a company does marketing within the boundaries of a specific county, it has to compete with other domestic companies as well as international companies who are a part of the market.
The marketing steps taken by the professionals are based on the taste of a specific audience. The product might not suit the taste of customers at a higher level. The other domestic companies that plan to go global hinder the growth of such companies.
They become invisible at the international level as they are unable to cope with the growing competition and might not be aware of potential competitors. The product development is dependant on the need of the local residents.
Such kinds of businesses are ethnocentric and are only bothered about their performance in the domestic marketplace.
Companies planning to go global should start with export to a foreign client first. The returns wouldn’t be satisfying in the beginning. The export department can be introduced at the headquarters that deals with all the laws.
There can be a possibility of becoming secondary exporters by bringing export management company into the picture, who will deal with the language problem, time difference, paperwork, and customers.
If managing the exports without any help, the export department can be started at an office located abroad. This office works in collaboration with the regional headquarters.
But the respective offshore offices take the marketing decisions, as they will have the best knowledge about the particular market they are operating in.
Multinational marketing involves marketing in many countries. The marketing is based on the requirements of different countries and the returns are rewarding. Each region should be studied individually based on development, production, and marketing.
Such kinds of markets are known as region-centric. Global marketing involves the whole globe. The entire world is summarized as a single market and the products that are released in the market should fit the needs of any regional marketplace.
Marketers all over the world make marketing decisions. Such a kind of market is known as geocentric.