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.
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
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.
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