Marketing research is so essential nowadays due to competition. In the recent years the market was the sellers market, therefore marketing was not so important, but now that it is the buyers market, marketing defiantly must be used.
Organizations more than ever must use marketing research due to competition, new products, and even if the business has not yet been established. It is very important to trget the cutomer need, therefore products may be created, tested and out in the market.
Target Customer's needs.
• Accessibility.
• Reliability.
• Credibility.
• Security.
• Responsiveness.
• Courtesy.
• Competence.
• Confidence.
• Wide selection.
• Value.
• Prestige.
• Guarantees.
• Credit.
• Comfort.
• Privacy.
• Technical advice.
• Speed.
All the above will come in action when the marketing mix are used:.
• Price.
• Promotion.
• Place.
• Product.
• People.
• Physical evidence.
• Process.
When dealing with customers, one must take into consideration to do research also on their competitors.
Who are the competitors? - market segmentation.
- competitive forces.
What are they doing? - performance.
- current strategy.
How are they doing it? - capabilities.
- competitive advantages.
why are they doing it? - structure, systems, skills and values.
- commitment.
- assumption.
.
what are their future strategies .
likely to be? - how will they react?.
Research must be done on new products. The new product will sell gradually, reach a peak and then descend due to:.
a. the markets awareness.
b. the markets acceptance of the product.
c. availability of the product.
d. uses and benefits or the product.
the marketing manager will sell the new product to early adopters by printing advertisements in glossy, sophisticated magazines or any advertising medium where by early adopters are in touch.