Marketing research and strategy relationship

marketing research and strategy relationship

market research is to support strategic decision-making (Hamlin ; Raguragavan et al., ) raise the question “ whether the pursuit of relationship. instruments in the relationship between the organization on the B2B market in . Starting from this approach the B2B organization does marketing research of. Full Length Research Paper. The relationship between the marketing strategies and. competitiveness of four and five star hotels. 1 Antoneta Njeri* 2Dr. Oscar.

marketing research and strategy relationship

What are customers looking for? What are their needs?

Relationship Between Market Research & Market Segmentation

Which customers are the most profitable? How will I target the right potential customers? Are there groups that I can target effectively?

marketing research and strategy relationship

What's the best way of communicating with them? Could I improve my customer service? This can be a low-cost way of gaining a competitive advantage over rivals, keeping customers, boosting sales and building a good reputation.

Could changing my products or services increase sales and profitability? Most products need to be continuously updated to maintain competitiveness.

Could extending my product list or service provision meet existing customers' needs more effectively? Remember that selling to existing customers is generally more cost effective than continually trying to find new ones.

marketing research and strategy relationship

How will I price my product or service? Although prices need to be competitive, most businesses find that trying to compete on price alone is a poor strategy.

What Is the Relationship Between Marketing Research & Marketing Strategy? |

What else are my customers interested in? What is the best way of distributing and selling my products?

  • What Is the Relationship Between Marketing Research & Marketing Strategy?
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How can I best promote my products? Options might include advertising, direct marketing, exhibiting at trade fairs, PR or marketing on the web. How can I tell if my marketing is effective? Check how your customers find out about your business. A small-scale trial can be a good way of testing a marketing strategy without committing to excessive costs.

Relationship Between Market Research & Market Segmentation |

Tips and pitfalls Before looking at new markets, think about how you can get the most out of your existing customer base - it's usually more economical and quicker than finding new customers. Consider whether you can sell more to your existing customers or look at ways of improving the retention of key customers.

Focus on the market Your marketing strategy document should: Put your marketing strategy into effect with a marketing plan that sets out the aims, actions, dates, costs, resources and effective selling programmes.

Measure the effectiveness of what you do. Businesses gather this information through seeking out demographic studies, test marketing products, conducting surveys and informally requesting feedback from existing customers.

Local businesses can research statistics about their local community, including income levels and other demographic information.

An online search is a good place to start. Marketing Strategies Marketing strategy involves putting the information discovered through marketing research to work.

These are the concrete plans that a business uses to reach new and existing customers. A strategy may start with identifying a specific marketing problem, such as increasing sales, expanding the customer base or introducing a new local business to the community. Strategy takes into consideration the budget that you have available. For example, a small local retailer with a very small marketing budget may decide to put its funds toward an email and online campaign designed to raise awareness locally.

This could involve creating social media profiles, building up a customer list and sending a regular email newsletter with updates and special coupons.

Create your marketing strategy

Benefits Linking marketing research with marketing strategy has many benefits for a business. To be successful, marketing strategy needs to be properly focused.

That means knowing what customers you want to target and finding the best avenues to reach them. Marketing research can help a business put their marketing dollars into the type of advertising that will be most effective. For example, a new online business may use marketing research to understand that their best customers are young buyers between the ages of 22 and Surveys and market data could pinpoint the online sites that these customers are most likely to frequent.

The business can then purchase advertising or build up a profile on those sites.

Philip Kotler: Marketing Strategy

Customer Data Gathering customer data is a key basic of marketing research. Conduct surveys of your existing customer base to better understand who they are.