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Meaning:
Marketing is one of the
terms in academia that does not have one commonly agreed
upon definition. Even after a better part of a century
the debate continues. In a nutshell it consists of the
social and managerial processes by which products (goods
or services) and value are exchanged in order to fulfill
the needs and wants of individuals or groups.
Although many people seem
to think that "marketing" and "advertising"
are synonymous, they are not. Advertising is simply
one of the many processes that together constitute marketing. |
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Marketing
research:
Market research is the process
of systematic gathering, recording and analyzing of data about
customers, competitors and the market. Market research can
help create a business plan, launch a new product or service,
fine tune existing products and services, expand into new
markets etc. It can be used to determine which portion of
the population will purchase the product/service, based on
variables like age, gender, location and income level. It
can be found out what market characteristics your target market
has. With market research, companies can learn more about
current and potential customers.
Types
of marketing research:
• Advertising Research
– used to predict copy testing or track the efficacy
of advertisements for any medium, measured by the ad’s
ability to get attention, communicate the message, build the
brand’s image, and motivate the consumer to purchase
the product or service. (Young, 2005) .
• Internet Strategic Intelligence
-searching for customer opinions in the Internet: chats, forums,
web pages, blogs... where people express freely about their
experiences with products, becoming strong "opinion formers
A company collects primary research
by gathering original data. Secondary research is conducted
on data published previously and usually by someone else.
Secondary research costs far less than primary research, but
seldom comes in a form that exactly meets the needs of the
researcher. |
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