Today if we want to participate in a competitive market we should not leave our marketing actions to chance, on the contrary the best weapon is to work with reliable information that allows us to reduce uncertainty and help us make better decisions for our business. In this sense, this document is intended to make known the various market and marketing studies that market research companies usually carry out.
Definition. Market research
- Function that relates the consumer, client and the public with the manager through the information Information used to
- Identify, define problems and opportunities. Generate, refine and evaluate actions: Improve the Understanding of Marketing as a Process.
Definition of Marketing Research
Complementary to what is written, it should be mentioned that marketing research is a tool whose final objective is to provide information that helps solve marketing problems.
It should be borne in mind that a Market Research is good if it is:
- Relevant: Important related to the problem I want to solve. Timely: The information must arrive on time to make the decision. Efficient: There must be a relationship between the results and the information used. Objective: Impartial, investigate without prejudice, avoid personal biases. Accurate: Use statistical methods.
Why is it being investigated?
A company does not investigate for the simple fact of investigating, but because it needs to know something about the market or consumers to, based on this information, develop a certain strategy.
In general terms, research is sought to:
- Discover what factors affect the problem Check assumptions and hypotheses Understand cause-effect relationships Gain a greater understanding in order to minimize risk (Anticipate Results)
Something that must be clear is that the information itself does not solve the problem, it is only a tool for decision-making that will finally solve it or not.
Reasons and considerations in Market Studies
Here are some ideas and reasons that allow us to become aware of the need to carry out market and marketing studies.
- It is valid to conduct and invest in research when it will be transformed into KNOWLEDGE and with this it will be a COMPETITIVE ADVANTAGE We must carry out studies “Always” because globalization advances with inexorable steps, expands progress and generates uncertainty. Information is important to know where it is going The constant evolution of the market is forcing companies every day to create marketing strategies that allow them to differentiate themselves from their competitors and stand out by offering added values to become the best option to be taken into account by their target audience. For this, it is essential to study what is happening in the environment and take advantage of the opportunities that are presented in our favor.Information is power,Although it costs money, it is the one that allows creating sales and provides the knowledge that is a fundamental weapon of differentiation of a company from the competition Information is the instrument that executives have in committed decisions, which can be increased at will and the auxiliary more powerful in the decision-making process. You have to study the Client. When? Always. Why? The customer is a rare animal named"Camaguro" (Chameleon and Kangaroo) because it easily changes tastes and if we neglect it, it jumps towards the competition and disappears without being seen again. Every Marketing Manager must always answer the following questions: Who is the customer? Where is it? What do you buy? How do you use it? What do you value in it? Thinking that customers have our tastes and needs is a serious mistake
Below are the various studies that market research companies give and the answers they give:
Market Studies:
| Definition | Need covered by the Study | Answers to… |
| Base Studies | To know the current situation of the market, its penetration in it, who are its customers and competitors. | How does the customer value "my" product?
What characteristics stand out from "my" product? What do you like about the “competition” product? Can the product be improved? |
| Imaging and Positioning Studies | To know how your consumers see you and where they are compared to your competitors. Image plays a very important role for a product to survive before a group of consumers who are increasingly aware of the brands offered in the market and the trend towards commercial openness in the world.
|
What is the image perceived by
consumers of my product or brand? What do consumers think of my brand? How would they describe me? What do they perceive of my competitors? Why do they prefer the competing brand to mine? Can I differentiate from the other products? |
| Definition | Need covered by the Study | Answers to… |
| Brand Equity Studies | We must ensure that the product awarded to a brand such as "Brand Equity" is clearly distinguished from its competition and covers a different market segment. | I. Brand awareness?
II. Brand loyalty? III. Perceived quality? IV. Brand-related associations |
| Brand Tracking Studies | How is my brand evolving? | Were there any changes in my product image and consumption patterns? |
| Study Segmentation And Typology Of Consumers | Identify the different market segments and thus be able to direct better strategies. | Who is my consumer?
How much do they spend on similar products? |
| Definition | Need covered by the Study | Answers to… |
| Studies prior to the launch of new products |
|
The Concept test or concept test consists of a detailed description of the idea, the interpretation and the connotations that a certain product or service suggests, identifying the meaning or meanings it has for the consumer.
The Product test allows us to answer How does the consumer perceive the physical characteristics of my current or new products? Can the product be improved? What new products can we profitably develop? Who is buying our products ? |
| Definition | Need covered by the Study | Answers to… |
| Study Motivations and Buying Habits | The reasons that can drive a person to buy can be their role, playful aspects or affective situations and it is necessary to determine the reasons why a certain product and / or service is preferred. | What motivates customers to buy my product? Brand, price, quality, etc.?
Why do customers buy competitive products? |
| Consumer Uses and Attitudes Study (UYA) | This study is designed to integrate a framework for defining the Structure of Habits and Identification of Market needs for a product or service that is offered. | What are the consumer's attitudes, their consumption habits and what are the uses for my product?
How is the product actually used by the end user or consumer? |
| Prescribers Study | Who recommend my product? How can I get them to speak well of my product? | |
| Definition | Need covered by the Study | Answers to… |
| Price Analysis Study (BPTO) (Brand Price Trade Off) | It is based on a simulation of different combinations of brands or products and prices, in order for the consumer to order them according to their preferences. The responses of each individual are analyzed obtaining a utility coefficient for each brand or product, the importance they give to the brand and price factors, as well as a precise measure of the sensitivity to the price of each individual for each brand. | How do my products "resist" to increases in price?
What happens if the competition changes prices? In which range of products does the customer perceive the most “brand value”? Am I competing with private labels? |
| Price Sensitivity Study - Demand |
Is the demand for our products growing or decreasing? How much should I charge for each of our products? Should we change the price of any of them? Why or why not? Is it convenient to set our prices below, at or above the competition? |
|
| Definition | Need covered by the Study | Answers to… |
| Study of Perceived Value of Products and Services | What is our competition doing in the market?
How does the customer value "my" product? |
|
| Quality And Satisfaction Studies | Bearing in mind that the quality of the service is the measure of the satisfaction of the consumer's expectations in relation to the service received.
Studies of perceived quality and user / customer satisfaction with the product or service |
What is our record in service? |
| Definition | Need covered by the Study | Answers to… |
| Customer Satisfaction Study (Customer Relationship Assessment) | How satisfied is the consumer
with my services? Are there many returned products? Has the number of new customers grown, by what magnitude, do we know why? |
|
| Evaluation of Lost Customers (Lost Customer Assessment). | The final objective of this type of study is to be able to determine the initial reasons and segment them based on whether they are controllable or not by the company. By analyzing the profile of these clients, the study also warns us about clients in danger. | Have we lost customers, to what extent, do we know why? |
| In-person Mystery Shopping Study, Telephone | It is a technique based on fictitious clients that evaluate characteristics of the PRODUCTS / SERVICES offered, defining positive and negative aspects according to pre-established standards.
It allows discovering which are the SUBJECTIVE ASPECTS OF IMPROVEMENT, with the intention of globally satisfying the CONSUMER in the best possible way. |
Mystery Shopping programs objectively evaluate compliance with quality guidelines in service provision and allow these organizations to progress continuously towards customer satisfaction. |
| Definition | Need covered by the Study | Answers to… |
| Pre and Post-Test Advertising Studies | To design the campaign and know its notoriety and effectiveness | How effective is my advertising? |
| Media Studies | Audience profiles and habits
To know how and when they use the media Distribution control To know delivery times and availability of publications at points of sale |
What are the most economical and profitable means of communicating the value of our products and services?
What public relations events can I organize, through the support of organizations in my industrial sector? Is my campaign working? Does communication help build my brand? How can I still improve my advertising effectiveness? |
| Organizational Climate Survey (Eco) | To be sure of the strength of their human resources, organizations need to have mechanisms for periodically measuring their organizational climate. | How does the internal public perceive our organization? |
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