Marketing Concepts and Market Research Essentials
Marketing Concepts
Today, there are many products on the market, and most are of acceptable quality. While good product quality is necessary to keep customers, it is not enough by itself to attract new buyers. It is essential to raise awareness of the existence of the product and the benefits or advantages that its use provides. In other words, it is necessary to promote them. Marketing is a valuable tool that companies use to reach their clients. For many, it is an art, but it is also a science or discipline. The modern approach to trading stocks of companies is based on the client, more specifically in the creation of products or services that cover their needs or solve their problems. No matter how fabulous a product or service is, it cannot be imposed on the market. In all cases, satisfying the market is easier said than done, but we can be successful if we can correctly answer three key questions:
- Where are we? To answer this question, it is necessary to determine where the company is. To achieve this goal, companies resort to what is called market research.
- Where do we want to go? Depending on the market investigation, determine the objectives of the company.
- How do we get there? Resolving this question involves putting into practice action plans appropriate to achieve the pursued objectives, known as the marketing mix, a mix of commercial actions.
The answers to these three questions set the marketing plan, a document that describes the way in which the company expects to achieve its business objectives. The marketing plan is a document that expresses the objectives, action plans, and timelines for implementing the business policy of the customer-oriented company.
Market Research
If the goal is to make a gap in the market, the first thing is to find out who are the customers that make up the market. It is tempting to say that all people are potential customers, but the fact is that, in practice, some are more likely than others. Most companies know this and therefore try to identify the best possible characteristics of the person who is, or could be, their most habitual client. The better this identification, the easier it is for the company to adjust their commercial actions. The process of dividing the market into groups of similar characteristics and needs to direct actions on the company is called segmentation. Segmentation allows you to sketch the customer profile or type of business.
The Study of the Market
The customer is the most important factor of the business environment, but it is not the only one. To analyze both the client and the variables that affect the performance of the company, it is usual to resort to the study of other market variables. Those are:
- The application: Whether the number of common and potential buyers is in a time of growth, stabilization, or decline.
- Competitors: Studying competitors well is a top priority in any sporting competition. In business, it is a law of survival, all without forgetting that at any time there can be new players. The fundamental thing is to know who they are, what they offer, as well as how they offer it in order to identify their strengths and weaknesses in terms of price, advertising methods, technology, and location.
- Providers: We will discuss who are the suppliers that serve the products we need for our company, what conditions they offer, and their power of negotiation. Certain suppliers will only serve your product if it is not cash or after a deposit. On the other hand, if you only work with one vendor, we can rely too heavily on it.
- Strategies: Marketing strategies are also being studied. Prices, quality, new products, innovative presentation… there are many factors to study, but always in relation to the competition.