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Marketing Research

a. The purpose of a market research

Market research is a powerful tool to capture attention, boosting revenue, and creating

experiences for your customers to add value. Therefore, the primary purpose of market research

aims at understanding customers' minds (Weise, 2021). Marketing research entails qualitative

and quantitative research techniques to collect and analyze customer experiences data. Marketing

research helps business owners to unlock deep customer insights, which is essential in creating

vibrant, strategic decisions about the future of their products or brands.

b. Types of marketing research

Marketing research is a critical aspect of creating a successful business. There are two types of

marketing research such primary and secondary. Primary research entails collecting insights

from the target customers (Weise, 2021). Primary research collects customer insights through

interviews, surveys, and focus groups. Primary research is integral in understanding customer

experiences since it focuses on answering specific questions of interest.

However, secondary research is done by analyzing and evaluating secondary data sources such

as marketing journals, books, and articles (Weise, 2021). It is good to understand the basic

demographic and other details about your business, including market size and competitors, to

know how your business fits in the market. For example, when venturing into a dairy business,

you can conduct primary research by asking customers specific questions. Likewise, to

understand more about the dairy business, you can conduct secondary research by accessing data
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from governments organizations such as the Bureau of Statistics or buying a dairy report from

the market research organizations and consulting companies.

Changes in the business environment are forcing management decisions to be made based on

market research. First, globalization affects the process of making management decisions.

Globalization describes the augmented interconnectedness in the global economy. Technological

changes enable the dissemination of information goods in a faster way (Weise, 2021). Changes

in the political reasoning leading to the eradication of trade restrictions require marketing

research to understand different business environments. Second, Innovative thinking has forced

brands to venture into marketing research to remain competitive globally. Brands are using

innovative techniques to increase customer value.

d. Impact of changes on the business environment on market research activities

Changes in the business environment force an organization to its marketing research activities

from internal analysis to external factors. Therefore, changes in the marketing environmental

factors affect marketing research decisions (Weise, 2021). The interaction between a firm's

marketing system and marketing business environment is essential since it affects marketing

strategies (Shital, 2021). Hence, market marketing activities are now driven towards

understanding customer behavior of the loyal and potential customer’s behaviors.

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References

Shital, P. (2021). Marketing Environmental Variables and their Effects | Marketing

Management. Www.Businessmanagementideas.Com. Retrieved October 16, 2021, from

https://www.businessmanagementideas.com/marketing/marketing-environmental-

variables-and-their-effects-marketing-management/11541

Weise, S. (2021, January 1). Market Research Foundations [Video]. LinkedIn Video.

https://www.linkedin.com/learning/market-research-foundations/the-power-of-market-

research?autoAdvance=true&autoSkip=false&autoplay=true&resume=false