There are 3 Powerful methods to conduct Marketing research “Marketing Research is the function that links the consumer, customers, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process”.– American Marketing Association
Marketing research is about collecting data about the market you’re targeting and analyzing in order to know the market conditions,
Consumers’ behavior and what strategy should be used for promotion and advertisement.
Marketing research helps to overcome marketing challenges and becomes the main growth factor.
3 Powerful methods to conduct Marketing research:
1. Consumer Analysis
Consumer analysis helps to know the customer segments or group so that the effective marketing strategy can be prepared to directly target them.
This analysis helps to know the following questions:
-Who is consumer and customer?
-Does the product come in the need category?
2. Market Analysis
Market analysis helps to know of potential consumers of market sizes, trends, competition analysis, and regulators of particular markets.
There are various methods to conduct market analysis:
–Secondary research such as surveys, interviewing the customer, and experiments.
-Does swot analysis helps to know about your organization as well as competition?
-What would be your distribution channel for the product?
-Best ways of digital marketing for product?
3. Review of the Competition and Self
To review the competition and self, many organizations use SWOT Analysis. S stands for strength, W stands for weakness, O stands for opportunity and T stands for threats.
Swot analysis gives the important insights to make the strategy accordingly.
If you conduct these 3 powerful methods for marketing research properly then, you will get the useful and beneficial insights about the niche.
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Student at Acharya Narendra Dev College, DELHI UNIVERSITY
part time blogger | Aspiring Entrepreneur | Learner |
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