The Importance of Market Research Paper
Business promotion and brand marketing is the backbone of a progressing concern. Therefore, the critical issue in promoting business is to develop marketing teams and organize resources with consideration and appropriation of cultural differences and consumer diversions. Marketing managers are supposed to be equipped with basic organizational and promotional skills so that they and their workforce can contribute its best and achieve fruitful results towards the growth and progress of an organization. However, the globalize business concepts shrunken the world into a village which made it quite hard to develop the teams with multicultural individuals and diverse consumer behaviors. Moreover, it is fact that success of a business revolves around marketing management and market research which structures the organizational persona and studies the customer needs and demands. Therefore, in current ingenious and methodical business era achievement of a standard business environment, market management and organizing the promotional teams is not only hard but, in some cases, it is impossible for an un-resourceful business approach. Therefore, it is much important to have strong business and market research strategies in current global and competitive business environment (William, 2001).
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Constituents of Marketing Research
Target Market Analysis:
Whenever any company needs to develop a marketing plan, target market analysis is first and foremost step to deal with and to find out the consumer response and need. Precise target market indication leads a marketing research and plant to straight and definite lines which will ultimately give the best results.
Target Market’s Society and Culture:
The next step after classification of target market social and cultural norms of target market have to consider realistically. However, a global product needs to consider the global scenario and marketing research would be conducted globally. So, marketing research is organized according to the social and cultural norms of a target market and if it is a global brand, so, it needs a global research and approach.
Consumer Purchasing Power:
Consumer purchasing power is the most important constituent of market research. It deals with pricing and costing which drives the ultimate business aim that is earning the profits. However, market research is a study of consumers and their purchasing power. The third element “consumer purchasing power” provides a strong base to the pricing module of a market research. An excellent and conclusive market research depends on consumer study.
After the research and study of a target market, it’s social and cultural norms and consumer’s purchasing power. Market competition evaluation is the conclusive constituent of a market research. Market competition assessment provides the final result to a marketing research. However, a global product could not be confined to single market borders. It needs an international market and consumer research. So, after consideration of international consumer and economic scenario, a product would have full and final findings.
Global Brand Marketing By Philips:
The global brand needs global marketing which is quite hard due to the cultural differences and societal constraints. For instance, if we take the example of Indian market, it is very diverse cultural society at the same time possesses a rich potential market for electronic items. Moreover, India has great potential as well as competition in electronic products which created huge economic space for electronic products. Marketing an electronic product with international as well as local competition is not an easy task. However, Philips has designed its unique marketing policy according to the Indian cultural constraints and market demands.
Philips Marketing Methodologies
Questionnaire survey is one of the marketing methodologies used by Philips. The telephone questionnaire allows for a sample population to be easily reached with responses documented and easily dissected using data entry and statistical analyzing methods. Because of their widespread use, questionnaires are non-confrontational to the sample population and do not force opinions or options, allowing for accurate and viable responses to be gathered with little bias or influence from the researchers or complicated research equipment. However, it is important to note that in any research methodology that is dealing with human responses to qualitative or quantitative questions remains the possibility of language bias. The questionnaire survey by Philips gives feedback of consumers no only for their upcoming products but also to evaluate their product’s market standing.
The quantitative research provides the direct consumer feedback. The quantitative research method often used by Philips to evaluative its consumer perception about the products introduced by Philips. It is a comprehensive evaluation process, especially for a global market player. Philips as a global leader cares about its customers to facilitate them with providing them the most innovative and cost effective solution. So, quantitative research method is very comprehensive as well as provides conclusive results about customer needs and demands.
Qualitative research is based on the searching out the technical things to make a product or upgrading the products. Philips often uses this method of research to build a working relationship with the technical persons and professionals. It provides a great technical backup to the initiatives taken by the Philips. It also helps to build good understating among the customer and technical professionals (The Time Hundred, n.d).