Market Research For Developing New Market Strategies

Marketing is the process by which organizations impart their product or service to the market. Marketing thus, refers to the entire process by which an organization undertakes to interact with its target audience, create value for a potential customer so as to capture a potential return on investment, and promote the organization in the market. A marketing strategy is a coordinated set of activities designed to promote the product or service of an organisation. There are three aspects of marketing namely identification of market, development of appropriate marketing messages, and monitoring and evaluating the results of these efforts.

A thorough analysis of each of these aspects of marketing will provide the marketing manager with a comprehensive picture of the organisation’s marketing needs and wants. The marketing manager should then be in a position to develop and employ suitable marketing concepts that address the market, thereby enabling the organisation to sell its products or services to a targeted audience. A crucial aspect of market analysis is identifying the prospective buyers and what exactly they want from the organisation. In developing marketing strategies, the marketing managers should consider the segment of the society that they intend to reach. The various aspects of societal marketing include offline and online marketing, for instance advertising in community newspapers, magazines, television, and radio, and marketing through social means, such as advertising in the fashion industry, in the music industry, and at other popular institutions. The goals of each marketing concept vary according to the size of the target market, its reach, and its type of distribution.

Market research is an essential component of the marketing strategies, which helps the company to determine the most viable product development and marketing strategies. This involves collecting and analyzing data relating to the product and the customers, analysing consumer opinions and behaviour, studying the competitors, and testing the market ideas. The research process can further be used for product development and marketing research. A company’s marketing research and development department should regularly conduct surveys on the performance of the product, to ensure customer satisfaction and to obtain necessary data for product improvement and marketing strategies.