Consumer Analysis

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.

These are ideas to consider when marketing a product and shall be described in more detail below:-

Market research is utilized by companies to make the right decisions when it comes to

Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and

What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.

Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.

1.1: Internal customers are people within the organisation or partners you also provide your services to. External customers are people outside the organisation that purchase your products/services.

Market research is the method of gathering and analyzing information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.

It would also ensure that the products are user friendly and will satisfy the consumers’ needs. The company will ensure the products are available, at affordable prices, and maintenance costs are down. The company would use psychographic and demographic strategies to fulfill this.

Market research is the process where the marketing problems and opportunities are defined through the information gained from the customers. The Market research is also used to help understand the marketing process, which then helps increase the performance of the company’s marketing. Due to the raise of the public awareness of obesity and its consequences, the soft drink companies such as Coca Cola where heavily bombarded with negative publicity. As a result the sales of many soft drink companies have declined. In response to this major companies such as Coca Cola have embraced the idea of quantitative market research to understand the needs of the consumers. To be able to achieve an effective market research the company has spent around $132.8 million on many methods of retrieving information but one of the main method was by surveys. The surveys have shown that the image of the company was associated with unhealthy products, due to the results that were provided Coca Cola was able to understand that to attract more customer the only solution was to change the marketing plan to re- brand the business into a health conscious business.

Collecting consumer data is essential for the future growth of any business. This data can be used in many ways in order to allow businesses to forecast future sales of merchandise, track customer interests, reach customers in the future, and meet the needs of future customers. Not only is it essential to collect consumer data, but also it is necessary for companies to make use of that data in order to

Market research analysts essentially evaluate the market and the consumers consisting of the market in order to develop a marketing plan for a company. Working with data, “market research analysts collect and interpret data in order to determine the demand for potential products and services” (Market...Information” 1), they essential translate it

Market research is a way to ensure the success of marketing campaigns. This is because through market research will allow identification of new opportunities and design better marketing campaigns. This will directly target the potential customers and increase sales because potential customers will most likely to purchase the product and marketing campaign do not go in waste. Marketing research will allow consumers to be identified according to their specific needs. This will not cause any unwanted expenses on the company (Grover & Vriens, 2007).