Market research is a practice of identifying a market opportunity and its problems, systematically and methodically collecting, analyzing and suggesting actions to be taken. Even though the defective marketers carry out marketing research, in so doing they are able to advance, develop and improve marketing decisions (Gary Armstrong, 2011).
The rapid growth of the internet has a remarkable impact on the growth of the market research in the global world. Progressively, researchers are collecting the most important data through online marketing research methods such as online panels, internet surveys, online focus group and experiments. Besides this online research takes many forms like the use of the web like a survey medium, it can use the interviews, questionnaires on its website and offer incentives in completing it. Other than these, marketing research can be done by the means of exchanging emails, the use of web pop-ups to invite people to answer questions. Online panels can also be created that provides regular feedback, conduct live discussions or the use of online focus group. Beyond surveys, researchers can carry out some tests on the web in a minimum amount of time and the lowest cost possible.
The internet has promoted the integrity of conducting market research in that very many techniques and methods have arisen to minimize the cost and time. This means that the possibility of collecting false information may be infinite. The use the application software available to the market such as Skype has led to the discovery of a market niche. Globalization has led to the increase of a wide variety of market opportunities. Basically validity of the information is enhanced in that with the use of online marketing it gives the correct statistics and fast hand information.
Through the internet the research is within the reach of almost any business no matter whether it is big or small. In fact, it was once the domain of the high cost; bit now experts have become available for everyone to use it practically in targeting the market gap. The internet has led to reduced cost and time in carrying out the research as compared to the traditional practices that were initially used.
Market research is specifically concerned with gathering the information on size of the markets as well as the trends. Marketing strategy refers to the strategies that incorporate organizations marketing goals to whole cohesive market. It focuses mostly on ideologies such as product mix and the main objective of this is to achieve maximum profit.
Marketing research is a very important practice to managers; it enlightens them on the market structures. This information enables them to take the right measures especially while introducing a new product in the market. This is because the customers taste and value for products keeps on changing with time. Marketing research are valuable attributes whose data needs to be collected and analyzed. The key objective of marketing research is to equip managers with the directions and facts that are needed in making important marketing decisions.
Marketing research helps in improving the market strategy over the fact that it provides the managers with concrete feedback on how their products and services are performing in the market. The information from the study is important to them because they are able to analyze it and come up with clear findings of their target markets. This makes the procedures of choosing the best product and service, product positioning and pricing them appropriately easy (Roger A. Kerin, 2011).
This research also helps in coming up with and creating target market strategy. This plan improves sales as well as the customer’s satisfaction. Market research is also important in studying new products ideas. How it will perform in the market and position it takes in the market is also analyzed. It is also used to determine the degree of customer service satisfaction by a certain product.