Marketing Research

Introduction

Marketing research is a strategy that businesses use to amass information regarding their operations from production to supply. In order to do this, the marketing research uses a systematic process of collecting, recording and assessing information dealing with marketing of the companies productions. The objective of the process is to identify and analyze how variation of the factors of marketing mix can influence the behavior of customers.

Why hire Marketing Research Suppliers

The Hamilton Health, Inc – HHI needs to find out its actual market size so that to determine its potential of growth. This will entail determining the buying behavior of its clients, its distribution channels and the type of competition that the organization is facing. This is necessary in order for it to get professional advice of what the results of this would translate to when marketing the personal treadmills that are used for managing health and exercises.

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Since the founder of the business, Eric Hamilton is devoted to see that the business expands; he needs to get professional understanding of how that growth will be achieved. This is what will form the basis for a strategic plan that the firm will adapt for its expansion which will be based on accurate information, reasoned and timely decisions. HHI can make use of the marketing research suppliers to grab the competitors’ market share and also be enlightened on how to improve its products.

Choosing a partner

There are several companies that offer marketing research services to companies. However, for Eric’s HHI, the best company for partnering with is the one that will position it better to compete well with its competitors (Wiid & Diggines, 2010, p. 134).

The criteria of selecting such a partner will include choosing a company that has specialized in doing targeted market research for medical and sports equipment.

Such a company will be very considering that the owner may know very little in terms of marketing. This will also give HHI an upper edge over its competitors. This is because the trained consultants are informed of the buying trends, marketing dynamics, ebbs and flows of customers among other facts (Wiid & Diggines, 2010, p. 137). This type of knowledge is worth spending on especially when there is observable difference in the performance of the business.

It’s important also to understand that the marketing research suppliers will not have all the answers to the company’s position at the moment. To begin with, there are several types of supplies.

The limited-service suppliers are those firms that focus their services provision of one aspect of marketing research of few stages of the entire research process (Burns & Ronald 2010, p. 178). These services are in most cases referred to as field services and may include data analyses, branding strategies and interviewing and coding of information among others.

Full marketing research suppliers on the other hand are those businesses that will offer a full range of services that deal with the process of marketing. This means that they are able to collect information by developing research questions, conduct the research, analyze the data and come up with finding which they can use to draw conclusions and make recommendations (Burns & Ronald 2010, p. 178). They utilize both the qualitative and quantitative methods of research and assessments of data.

Expectations from the Supplier

HHI should expect that the marketing research suppliers will free the company from the hustle of seeking customers and collecting information for analysis and so on. Therefore Eric Hamilton will have ample time to focus on other issues of the company which include marketing, selling and studying the business trend. This means that other business aspects that would have gone unattended will be dealt with by the owner during this time (Crouch & Housden, 2003, p. 145).

By hiring the marketing research supplier, HHI anticipates that it will be eventually a worthy investment. Basically, Eric will be at peace knowing that the investment has a good success track record and therefore expect better and reliable results. The suppliers can always send reports on weekly, monthly or quarterly basis so that HHI can begin making strategies to move forward as the marketing research continues. The reports are likely to be more detailed than those that could have been generated by HHI.

Do – It – Yourself?

In reality, the cost of company doing a research on its own is not just about the huge money that will be spent on the project, but it’s a matter of time that will be invested and the quality of work done that will be realized. There are many instances where various firms opt to carry their research on their own, but later realize that they did not have adequate skill or time for the job. Many day pass-by, they turn into months and then years of a failed project because the owner may not find sufficient time for the job (Malhotra & Birks, 2007, p. 256).

Doing it by yourself can be cheap in terms of money, but costly in terms of failed project or lack of results. Therefore it is not advisable for anyone to pursue such a project without hiring assistance from professionals (Malhotra & Birks, 2007, p. 256). This can only occur only;

When one can realistically find time for the project in his own company
When one has the skills and tool to analyze the data and draw conclusions
When one has skill for making a report that will be credible to other users
When one can be able to sustain an blind research or be able to find a sample qualified enough to take part in the study

Conclusion

Marketing research will play a critical role in the growth of HHI as it fights to establish a strong market share. The information from the marketing research will enable the company develop strategies that will help it boost its operations and market share, hence making it to grow and expand steadily.

Reference List

Burns, A.C. & Ronald F.B. (2010) “Marketing Research,” 6th Edition. Upper Saddle River, NJ: Pearson-Prentice Hall.

Crouch, S. & Housden, M. (2003) “Marketing Research for Managers,” 3rd Ed, Oxford, Butterworth–Heinemann

Malhotra, N. & Birks, D. (2007) “Marketing Research: An Applied Approach: 3rd European Ed,” Harlow, UK, Pearson Education

Wiid, J & Diggines, C. (2010). “Marketing Research,” 3rd Ed. New York, John Wiley & Sons

Marketing research

The marketing research links the marketer to the consumer through information. In order to facilitate decision making process, marketing research should aim at collecting adequate information concerning consumers because marketing forms the basis of a company’s strategy. The information may include the consumers medical condition, investments, income, phone calls, travel patterns e.t.c.Marketing research is necessary in new product execution, pricing , promotion as well as products distribution.

A firm basically survives by producing goods and services that meets the consumer needs in i.e. creating goods and services that the consumers are able and willing to buy. Thus ascertaining the demands of consumers before introducing a new product in the industry is necessary for the future viability of a firm.

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The information that a firm may collect before launching a new product includes the information about the preference of the firms’ products as compared to those of competitors, the consumers average income, information as to whether the consumers are ready to appreciate the newly launched products, the spending culture of the consumers among others.

It is essential for a firm to access data concerning the consumers so as to compare the sales of a product with another similar product or sales in a given area as compared to another area and then take the necessary marketing actions such as pricing the products in a way that is affordable for the consumers. This will enable the firm to add value to their products and also to come up with alternative products that matches with the needs of the consumers so as to maintain the existing customers as well as attracting others

It is essential for a company to access as much information as possible from the consumers so as to be able to determine as to whether the firm is up to date with the latest innovations .Innovations nowadays is the key to the organizational growth and those organizations that are lagging behind the latest technology e.g. failure to use internet e.t.c.are finding it difficult to maintain their market share because the competitors are discovering new ideas and concepts each and every day.

Therefore, the information that a firm could collect with regards to innovation includes the age of the consumers, information regarding the access to computers, phones e.t.c. so as to develop products that suits the needs of various needs.

For instance, entertainment gadgets such as iPods are mainly used by the youth as compared to old people and therefore a firm that produces i Pods needs to target the youths mostly in its advertising. There is a need for a firm to conduct market research so as to take advantage of the dynamic market place

Marketing research information enables a firm to determine the attitude that the consumers have towards a certain product or its advertising. Consumers may be consuming a certain product due to lack of alternative and so they will tend to shy away from buying the same products once another product with different features is introduced into the market and so rendering the firm to loss a portion of its market niche.

Another important reason as to why an organization needs to collect as much data as possible concerning consumers is to be able to know the trends in the market place and determine as to whether the firm will continue to offer the product at a given area or not.

If customers reveal a high level of satisfaction, then the organization may continue to offer the products with the existing features and if a certain product does not satisfy the consumers, the firm may decide to diversify the product or abolish it all together and focus on those products that are readily available.

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