Marketing Research & Product Development

Marketing is one of the most important parts of a business. Marketing refers to actions that a business undertakes in order to promote the sale or purchasing of a particular product, service, or just generally a concept. In today’s world, marketing is the lifeline of any business and thus, it is imperative that every business apart from a handful has a marketing strategy for ensuring that maximum impact is achieved with the limited resources available to a business. In fact, in an age of cut-throat competition, businesses are compelled to take the aid of strategies like SEO, SME, Internet marketing and many others in order to stay ahead of the game.

A marketer normally prepares marketing strategies according to the needs of the product or service being promoted. This involves the development of strategies that will attract the target audience to the market salesforce consultants. This involves the analysis of current consumer behavior, consumer behaviour trends and purchasing habits etc. Research is typically done before the marketer launches a marketing campaign so that appropriate messages are sent to the right set of consumers with the right information. Marketers therefore, use various channels to reach out to consumers, like TV commercials, radio advertisements, promotional gimmicks and more.

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Marketing concept, like any other concept, can be easily improved upon in order to make it better. However, in order to ensure that marketing strategies are of maximum impact, marketers tend to adopt one concept, tweak it to suit their purpose, and then use the same concept in other instances. Unfortunately, this creates marketing myopia which is the concept, “If it is working for me, then it is working for everyone.”

Marketers therefore, have a tendency to adopt one marketing concept and bypass the rest. This means that marketers often fail to take into consideration the fact that not all marketing concepts work for all target audiences. Hence, marketers tend to think that since a marketing concept has worked for them, it is also likely to work for another target audience. While some examples of marketing concepts that many marketers have adopted include mass media, advertising, discounts, promotions and discounts etc., some marketers have adopted concepts like social marketing, media marketing, consumer marketing, lifestyle marketing etc.

Thus, it is important to realize that not all marketing concepts work for all audiences. Marketers therefore, must first determine the core marketing concept that they wish to adopt, and then build on that to find relevant marketing opportunities in each individual circumstance. Therefore, in order to avoid marketing myopia, marketers must develop multiple marketing strategies. These marketing strategies should then be coupled with effective communication and customer relationship building to increase the chances of reaching out to their target audience.

Moreover, there is an important need for marketers to perform product development activities such as researching target markets, designing a product and launching it, and then trying to find out new ways to sell the same product in the future. On an average, a product developed by a manufacturer costs about twenty thousand dollars. Therefore, if a manufacturer sells ten units during a particular month, then his product development activities will amount to about one hundred dollars. Thus, it is important for a marketer to perform marketing research and then make proper utilization of the results by developing relevant marketing programs and selling those programs. Thus, marketing research and product development go hand in hand to help in promoting a brand in a large market.

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