MARKET RESEARCH.

MARKET RESEARCH.

Marketing research refers to the process through which consumers and producers interact through sharing information that identifies, defines marketing opportunities as well as challenges, generate, refine and evaluate market activities while monitoring their market performance to gain the overall knowledge understanding of the activities of an organization, a product or service as well as the consumer perspective.

Marketing research involves systematic gathering, recording and analysis of both quantitative and qualitative data to deduce the issues that affect or influence the marketing activities of a product or service. The ultimate goal of marketing research is to lucidly identify and assess how changing elements of the marketing mix impacts to the customer behavior. Categorically, marketing research is divided into two approaches namely the methodological and target market approaches.

The market research tries to establish the attitudes, behaviors, demographics or firmographics. The following are the market research techniques applied in conducting the research:-

· Market Surveys

These surveys involve the use of clear and straightforward questionnaires administered to a sample population of the target market. The market surveys involve a large sample population for the more the accurate data gained. These market surveys can be conducted in the following forms:-

a) In person surveys- this involves in one on one interview conducted in outlets where there is high traffic of people that access the product or service in question. It may involve use of samples and getting immediate feedback.

b) Online surveys- these are conducted through electronic data interchange that is supported by internet networks.

c) Telephone surveys- these involve cold calling and enquiring of opinions towards generation of the data needed for the survey.

d) Mail surveys- these are administered by sending questionnaires in mail boxes of the target market who will then respond and then return their responses to the sender thereby generating the data required.

· Personal interviews

This involves personal interviews and includes unstructured and open ended questions. These provide subjective data and the statistics used are not accurate. However they gain valuable insights and the interviewee feel.

· Focus groups

This involves creating of a group of experts in which the moderator uses a scripted series of questions or topics to guide the discussion.

· Task analysis or observation

To get the accurate picture of consumers usage habits and patterns the method of observing and recording can create the data to be analyzed for use in the research to create a meaningful knowledge.

· Usability testing or field trials

This may involve placing of new products or offering of new services to test the consumer responses in real life and thereby deduce information such as product modifications, adjust prices or change or improve the packaging.

Bevco’s new beverage to make a grand entry into the market, the management through its business functions especially the research and development as well as the marketing units need to understand the market niche for their product. The use of surveys to gain knowledge of the new beverage will create awareness or curiosity towards the product thereby offer the real impression created and the knowledge the consumers have towards the new Bevco’s beverage. Personal interviews on the other hand just like the in person surveys they offer the interviewees knowhow concerning the new product while offering the market acceptability of the product or service among the target population. Focus groups made up of experts who have vast experiences in the market of similar products would provide useful information that entry strategies would be grounded upon and that would open the decision making function to carefully make informed choices. Focus groups would provide knowledge on what to expect during the execution of the new product in the market. The method of observation may just create an impression but provide no recorded or rather documented data and may serve little to assist Bevco to market their product. The field trials though labor intensive creates the physical presence of the product in the activation outlets as well as the services which create presence or experience with the commodity under research. However, to create the most detailed survey and access of the market with the perfect market knowledge of its target market the use of surveys by Bevco will provide essential and vast information that will aid in creation and implementation of strategies that will lead or result to the popularity and the success of Bevco’s new beverage.

The success of Bevco’s new beverage can moreover be guided by the following recommendations:-

· Bevco should implement reasonable pricing for its new product.

· Moreover, it should use its resources to create effective distribution channels to ensure the availability of the product.

· The management should monitor, evaluate and apply controls in the market of the new product.

· The company should understand the market diversities

· The company should conduct aggressive product knowledge creation.

References

www.allbusiness.com/marketing/market-research/1287-1.html

www.canadabusiness.ca/eng/page/2701/market-research-methods.html