The tools of marketing research are borrowed from other disciplines; the research methodologies and techniques have applications over many different areas of study. Like other emerging disciplines, marketing research theory has been developed by creative adaptation rather than blind adoption.
To illustrate, one can say that –
- From statistics, marketing research has taken the theory of sampling, which is fundamental to the whole process of objective inquiry.
- From economics, marketing research has borrowed descriptive analysis of the structure of industries, business trends, and general economic data.
- Psychology, sociology, and anthropology have contributed to the concept of human behavior, which has enriched the earlier economic projections of buying behavior.
Market research is a process of great importance in the business world. After analysis and evaluation of the data found, it collects relevant information and allows strategies to be drawn up and consistent objectives set.
Its usefulness and its virtues are transferred to different environments of the company. For example, management provides valuable information to those responsible for making decisions appropriate to reflect the reality of data.
It can also be applied to optimize the profitability of the company. And we must not forget that information and knowledge translate into power, the power of decision, anticipation, and adaptation.
In this way, market research will encourage companies to adapt products to demand and make the sales system more effective. The promotion will be reinforced with information that makes it more accurate. Employees will find a stimulus knowing that your company understands the situation well it is facing.
Concept of social.class structure, group behavior, social trends, and cultural influence leading to customs, conventions, and taboos have been assimilated by marketing research. This process of selective borrowing, adaptation, and synthesis has enabled marketing research to make a unique contribution to management decision-making.
Importance of Relevant Data.
Business Managers should not expect too much from marketing research; objective data need interpretation. It is possible for the data to be of exceptional quality but for the wrong decision to be taken, perhaps because the data have been misinterpreted and/or wrong prognoses have been made.
The tools of market research reduce the element of risk in management decisions and do not absolve managers from exercising skills, judgment, and initiative. The interpretation of Market Research data may give use to different opinions, which may be hotly argued.
There is no shortage of information in organizations; the trouble is that the wrong kind of irrelevant, incompatible, and outdated information is not helpful for decision marking. On the other hand, simple and up-to-date information is helpful for management in the process of decision-making.
Care should be exercised in the selection of data. Excess data always create confusion. The management should care while selecting the source of data, keeping the nature of the exact problem. Too frequently, managers appear to be trying to solve problems that they have not identified accurately. The dynamic nature of the market specifies the need for managers to be in touch with up-to-date information. More significantly, it is folly to rely on data collected for many years in a rapidly changing business environment. The periodical monitoring of data is the need of the hour, which will make the decision-making process easy and purposeful.
Classification of Information Needs.
Policy training and day to day operation of the business need reliable and up-to-date data, which are like the raw material for management. Information for marketing decisions can be of three types – (1) Strategic Information. (ii) Tactical Information. (iii) Data Bank Information.
Such information is needed for a strategic decision, for example, to enter into new markets or to deal with foreign markets.
Here the information needed is for tactical decisions, for example: planning for sales regions, credit limit or percentage trade discount, off reason discount, etc.
Data Bank Information.
This type of information- Provides essential background workable knowledge, for example, knowledge of competitors, marketing activities, etc. Such information may be made up to date from time to time.
Tools of Marketing research applied to online marketing
Marketing research applied to digital marketing offers new ways of dealing with the collection, analysis, and tracking information. Many of these tools involve very precise studies of perfectly quantifiable data.
Regarding the habits of users in search engines, we can use Google Keyword Planner, an application that allows knowing the most searched keywords for a specific business. Google Trends, for its part, will help detect search trends.
Another aspect that is highly recommended to study is how the competition of an Internet business works. Specifically, for researching the competition in the fields of SEO and SEM, Semrush or Sistrix are two good options.
Regarding the observation and analysis of social networks, Topsy, Socialmention or Radian 6 are three good tools for marketing research, especially the last one, which will yield very interesting data to study and track in this field.
You can also know specific data such as how many followers on Twitter are real and how many are false with applications such as Audit or what are the habits and profile of followers of an account with others such as MOZ.
Surveys on the web are also another field that is answered with Google Forms if you want a free tool, or Surveymonkey, which will allow access to the number of users required to carry out an adequate study.
It should be noted that this is a small selection of the large pool of options that the digital environment offers right now to carry out market research. To get to know this world in detail, studying a Master in digital marketing management will allow the student to confront their research work in the Internet field with guarantees.
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