Market Research in Business

Marketing research is the systematic gathering, recording, and analyzing of information about problems related to marketing goods and services. That is, when we want to know something, we will definitely do profiling. The profiling process is that we look for data, then we record the data and analyze it, whether we are going to sell or promote something.

Marketing research is important for several reasons. First, we can find out what program or service we will produce. Second, we can find out who our main consumers are, because if we don’t know, we can’t move freely. The third is that we can find out where we will sell our goods, whether they will be sold directly or through intermediaries. With research we can find out the goods are sold in any media. The fourth is because we can find out how we promote the products or services we offer, with research we can find out how to do advertisements, which communication media are suitable for promoting these goods. The last thing is that we can find out what price range we have to offer to our consumers. Therefore marketing research is very important for our company’s business. Marketing research also functions to promote ourselves to people to introduce our products or services.

There are four areas for conducting marketing research:

1. Market research

We can conduct market research as a whole for the benefit of the marketing program that we are running or what type of business we are going to run.

- Customer trends : buying behavior or how buying decisions are good made

- Market trends: what the customers are buying, for example we sell clothes and the current trend is body fit. We have to adjust our goods to the current fashion trends.

- Techniques: questionnaires (distribute questionnaires), focus groups (discussions with stakeholders regarding the business we are doing), mall interviews (ask people who come to the mall), phone interviews (interviews with consumers or stakeholders), mystery shoppers (ask several people to ask the store about how knowledgeable the store person is about our goods).

2. Product research

The products that we are going to sell, we have to do product research to find out whether the market accepts the goods that we are going to sell. If the market does not accept it will be in vain.

- Product design (what kind of product design will we offer to consumers, we ask consumers what products/services they need).

- Product usage (the benefits of the product or service we sell)

- Product acceptance (how much do other people know about the product or service we sell)

- Package design (we must know what kind of packaging is used for our product)

- Competitive products (how competitive are our products or services compared to other competitors)

3. Advertising research

How do we communicate our products to consumers or the general public. Whether the message we are trying to communicate to consumers has arrived or not, how much do consumers remember the messages we advertise regarding our products or services.

4. Sales research

How do we do research on sales that we have done, is it better than before or vice versa.

- Sales forecasting : determining the potential sales for a product

- Economic forecasting: determining the potential economic conditions (determining sales with appropriate economic growth).

The marketing research process:

1. Define the problem (what kind of problem occurs in the environment)

2. Develop research plan (find out how intense the community is towards something)

- data sources (where do we get information regarding the data we need)

- research approach (observation, survey, behavioral data, experimentation)

- research instruments (questionnaires, qualitative measures, technological devices)

- sampling plan (who is to be surveyed, how many people should be surveyed, how should the respondents be chosen)

- contact methods (mail questionnaires, telephone interviews, personal interviews, online interviews)

3. Collect information (collect information that we can easily get)

4. Analyze information (analyze information according to our needs, for example to find out our market position)

5. Present findings (obtaining findings/final results from a sequence of research processes, for example, item X is suitable for sale in areas Y, Z but not suitable for sale in areas A, B because it does not meet the needs of the people in that area).

6. Make decision (make a decision from the process earlier and then we determine the strategy for our market)

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