Marketing Research – Defining Market Research
Marketing is an integral part of any organization’s success and without it; organizations would not survive long in the business realm. The basic function of marketing is to identify a need and fill that need by creating value and selling an item, service or a product to do so. Marketing thus, refers to the act or process that an organization undertakes in order to engage its target market, establish strong ties to create value for the customer so as to get value back in return, and so on.
In today’s increasingly competitive market, marketers are faced with an uphill struggle to maintain and grow sales in an environment where customers are becoming more price sensitive. As such, marketers have to adapt marketing activities to respond to changing market conditions and perceptions. There are many online sources for information on marketing. For instance, marketing research companies and organizations conduct market research, set market benchmarks, create marketing strategies, and conduct client servicing. These activities form the base of effective marketing programs. They also help in developing the corporate identity and positioning the organization within the corporate structure.
Apart from these activities, there are still a number of other activities that form important components of marketing. Marketing managers can use such marketing strategies as consumer advertising, selling to multiple markets, creating value, brand building and promotion of products and services. However, the above mentioned are just some of the marketing concepts. A comprehensive list of such marketing concepts and their role in today’s marketplace can be found in the internet and other related resources.