Is Marketing Research Worth the Investment?Posted by Hove Pratt on January 21st, 2021 Procter and Gamble, the soap company that changed into a person goods powerhouse interacts with 5 million customers in 60 countries annually. And they spend the most money on earth on marketing research; 0 million annually conducting over 15,000 studies to find which customer wants which product. Now most companies not have the resources to contend with that budget but i am not saying they shouldn't. Primary marketing research involves gathering original data about your product as well as your market. Secondary marketing research requires analysis of existing data from government publications, trade association's publications etc... investigate this site of marketing research are worth it. Just think in the missteps that can are already avoided if someone else could have performed marketing research on pricing the Pontiac Aztec? They might have identified which it was very costly for the target audience - Generation X and so they wouldn't experienced to slash the year after it had been introduced, significantly affecting its market penetration. Marketing is a component art and part science. A combination of both approaches will yield the greatest results. Online marketing scientific studies are an inexpensive means of sampling a sizable population and gathering quantitative data that could be applied to a bigger population. On www.researchsolutions.com.au/services/program-evaluation/ , the inherent non response error caused by technology (not everybody can watch the questionnaire completely due to different screen sizes, resolution etc...) and coverage error (nobody in the world has access to your personal computer) cloud the outcome. Focus groups are an effective ways of probing deeper into perceptions, attitudes, feelings and beliefs. Major drawbacks of this sort of marketing research include results that can't be applied to population and focus group sessions that are generally dominated by 1 or 2 influencers which modify the responses in the other participants. Social media can provide deeper insights into what customers and non-customers want and don't want. When businesses want to know what rrndividuals are saying about their companies in addition to their competitors they will use channels for example Twitter to observe their brands. They could survey their own customers, however they really want to locate out what their competitors customers want. Another positive facet of social media principals are being able to identify current trends in the market, and in which the market is heading through channels including Facebook or Blogger. Identifying trends in surveys is hard, however you could recognise them through blog and social websites research. Although check consumes invaluable resources in terms of time and cash, the true real question is, are you able to not afford to get it done? Please visit and see how we can design your marketing research to offer the knowledge you should proceed!Like it? Share it! More by this author |