Long before companies launch a new product or service, or even design a product, companies now do market research and test the pulse of the end user. These studies, usually carried out by brands with research companies, have determined the course of the market at this point. So, what is the main purpose of the market research studies carried out by big companies such as Google, Coca-Cola and Amazon in all fields? What do these research contents add to companies?
As it is known, such studies are not only for large companies that sell products, but also for organizations that provide services; It also affects the course of hotels, food services and many other industries. At the same time, the information provided by research companies is effective in civil and political movements. So, what does market research add to companies, why is it important? You can find the answer to this question in the article we prepared.
Marketing, Sales, Market Research and Research Companies
Marketing is the name given to all processes such as pricing, distribution, planning and execution used to exchange a product or service in a way that satisfies both the customer and the supplier. The marketing of these products or services to the customers in the most appropriate way and as a result, the exchange is also called sales. Research companies come into play at this point.
Marketing research is the process of collecting, processing and converting the correct information collected in order to eliminate the problems that may occur in the field of marketing or to increase the effectiveness of marketing. After all, the market is an area where the consumer always searches for and turns to the most suitable product and service and always the most effective work wins.
So what is research?
Research is done to obtain the result of a problem or to learn more about a topic; It is the study that uses certain methods, methods and tools. Based on this definition, we can say that the market research study carried out by research companies is the collection and processing of the correct information and the result of these in order to determine any problem in the field of marketing or to find a new way to make marketing more efficient.
The research company comes into play in comprehensive studies conducted to learn the thoughts of the end user in the most accurate way, and sometimes to reveal even the subjects they do not know they want yet. Research companies specialized in large-scale research studies with specific groups also have the knowledge to explain the accuracy of the data they have acquired and what it implies.
It should be noted that the sole purpose of market research is not to learn about the needs of the customer. We see that companies that achieve success put their target audience, their needs, and also their feedback, in their research studies. In addition to the data created by collecting customer ideas about the subject to be solved, the ideas received from experts and the data indicated by academic studies should be added to create a market research. Marketing research, on the other hand, is all research studies that are effective in the entire process starting before the production studies and reaching the end user of the product and thus facilitate marketing. This includes demography, technology, competition and the law as well as customer opinions.
In this way, companies have the chance to make predictions in many areas, from the development of the products they will launch to the market, to the adherence of the product in the market thanks to research companies.
Methods for Marketing Research
Research companies can conduct research with different fields and methods to define the needs of companies and the market. At the beginning of these researches, the need should be determined correctly. In this way, the method and the field of the research to be carried out are chosen correctly and success is achieved in obtaining the results.
Consumer Research: It is a research study conducted to obtain the information provided by the end consumer where the product and service is marketed. With the data obtained here, the reasons affecting the consumer’s final opinion, attitude towards the product and behavior are determined.
Trade Research: In this research method, studies are conducted with trade organizations to collect data. The competitors of the companies and the conditions of the market they will enter will be determined by the data obtained here.
Price Research: Another study carried out by research companies is to determine the market values of the equivalents of the product or service that companies want to market. With price research, it is ensured that the products are priced correctly so that they can hold in the market and leave the best profit margin.
Moments Needed for Marketing Research
It is possible for companies to increase their operations and efficiency with market research at every moment of their work. The aim here is to obtain the right data in the most appropriate way and to increase profits thanks to this data. Certain questions need to be answered in order to understand whether working with the right research and research company.
How much research is required for the decision to be made? While having information is useful for any decision, there must be a harmony between the impact of the decision and the size of the information obtained. There must be a harmony between the financial income that this decision will bring and the cost to be spent on research. Therefore, another question that should be asked is, can the returns of the decision to be made meet this research? at the same time it must be. Although there are many different methods of collecting information while doing research, if there is a time constraint especially for the data required during the decision phase, the study should be arranged according to the constraints at hand.
For all these reasons, it is necessary to learn very well what market research can and cannot do with a research company. As a result, no matter how much market research is done, it will not be possible to successfully sell a product that is not suitable for the market. In addition, it is always necessary to take into account the changing social conditions. It is not possible to predict the results of thirty years ahead with a market research. As a result, we can say that market research only yields results, it cannot decide for you.
Processes in Marketing Research
Research companies take into account certain criteria while conducting their work. There are scientific rules that need to be determined for the collection of accurate data and must be followed during the research.
1-Determining the problem
In the field of marketing, we may encounter both overt and hidden problems. These problems must be determined in the best way in order to conduct an accurate research study and to get the best efficiency from research companies. At this very point, problems can be determined with an in-house study by getting help from research companies.
2-Selecting the Information Source
Research companies can obtain information for all kinds of problems by using different methods. If data is obtained from non-primary or non-primary sources before conducting the research work, it is called second-order data.
3- Sampling Study in Data Collection
Usually, contacting all of the interlocutors in order to provide the information they want to obtain causes great costs and an inefficient use of time. For example, instead of getting information from all users of a product, data is collected by creating sample groups from people who use this product. In determining these groups, studies that include all kinds of demographics can be done with different methods used by research companies.
4-Data Collection Methods
Research companies can communicate with the groups they have determined in different ways to obtain their data. Although these methods differ in terms of speed and sensitivity, the decision must be made in line with the needs of the company. For example, phone calls or one-on-one interviews can be made. But these are jobs that will take a long time and will be very costly. On the other hand, with the quicker survey method, the cleaning of the incoming data will be less. At this point, answering the question at hand in the most appropriate way comes into play.
Processing of Marketing Research Data
After the research studies that will indicate the necessary solution for the questions posed by the companies are carried out by the research companies, the data they obtain should be processed and brought to the conclusion. The projections to be obtained as a result of the analysis and interpretation of the data can make predictions about the future. Thanks to these methods, many companies manage to make the right decision in developing their current strategies and having foresight about the future.