UCLan Online: Marketing Research

Hi, my name’s Robin Carey and my name’s Peter Ashfield and today
we’re going to be talking about marketing research. Now, I’ve just got a
piece of paper in front of me Peter and I’ve got this really long quote, I’ll
just start, it says marketing research is the process or set of processes that
links producers, customers and end-users to the marketer through information news
to identify and define marketing opportunities and problems. Generate,
refine and evaluate marketing actions monitor marketing performance and
improve the understanding of marketing as a process. Do you know, sometimes when I read academic literature it’s really
hard to understand what people actually mean so what actually is marketing
research? That is an interesting question I suppose these two words within it and we look at both of those words: marketing, so we’re looking at all of the stuff within
our previous videos around markets, marketing mix and understanding how that
applies into businesses and then we’ve got this research which is all
about going finding things out I suppose from a new viewpoint going out
finding new things about your target market, your current consumers, your
product, potential products I suppose research is also finding out what other
people have done so you’re not using research that you found out you’re also
finding out about research that already exists out there. I guess, a lot of companies don’t just launch products, what they do is
they look at what the consumer wants and tries to satisfy the demand of what the
consumer or it predicts what the consumer wants and I guess they look at
their competitors and things mmm that looks like a good opportunity so, they do
that in order to compete within the marketplace. Yes, what the concept they are looking for is we have kind of analysed this in a little bit more detail, is perhaps there a gap in the market in preparation for placing their
product within that gap and I suppose the biggest question is there may be a
gap in the market but is there a market in that gap? I’ve got another quote, it says that marketing research is the systematic gathering, recording an
analysis of qualitative and quantitative data about the issues relating to
marketing products and services so I guess what we’re talking about there is
its data, so we look at sales figures, the statistics, all kinds of the math that
are involved on Excel spreadsheets and analyzing trends, are the sales going
up? Are the sales going down? Has the price of product increase? Has the price of the product decreased? That’s my take on that. But also, I guess with
the qualitative aspects of that we’re looking at what people’s views are about the product, whether they like them, whether they need them, whether they aspire to
them. Yes, the feeling about the product and you know the age-old
question that’s asked by many marketers is you know, would you recommend
this product to a friend or member of your family? So, they’re asking for almost a deeper connection with what the product does for them and
you can’t really put a statistic around that, it’s a feeling. So, we have different
ways of looking at this because we have customer marketing research so, looking
at what the customer wants and then we have effectively, what is happening
within the market. So, it could be that a market is changing so the
development of electric vehicles that was a very small market that is now
becoming a much bigger market. People like Volvo, has picked up very clearly in recent times with introducing from 2019, they are
effectively removing traditional engines from their vehicles and they’re producing
it either hybrid or full electric because that is the market research
tells them where people are going particularly with diesel engines and all
the challenges that surround them. So, when we’re looking at research and we’ll
take Volvo as an example there because they are obviously owned by the Chinese company
Jie Li. What they have done is they’ve looked at consumer preferences
whereby consumers are more environmentally aware, they’re also looking
at what governments are trying to do reducing pollution in cities so they’ve
done the research so from what is politically required, what’s good for
cities and what’s required by consumers and they’re satisfying a demand that has
been made by the marketplace. I guess marketing research is
something which is fundamental to the process of marketing. I suppose it could
be argued linking it back to the original quote there where it talks about identifiying and defining market opportunities without market research done
appropriately, correctly, market researching the right stuff,
probably you’re not doing marketing correctly. Thank you very much and
that ends another short film from myself and Peter.

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