Quiz 5: Consumer Markets and Buyer Behavior
Following information is likely to be collected by the marketing researchers for increasing the sales: a) Furniture stores : The marketing researcher has to find out information about the design which is being preferred by people. People might go for plain trendy or classic look. b) Gasoline outlets service stations : The marketing researcher has to gather information about the number of cars used in a locality which are gasoline based. c) Investment companies : The marketing researcher has to find out about the mind-set of people, such as whether they like risky investments with high return or prefer having safe investments with nominal return. d) Medical clinics : The marketing researcher has to find out about the age group of people and keep a tab on the ailments affecting the specific age groups.
Threadless discover new way of market research for their product. Company go to the customer to design and select their product. The medium they are using for the market research is online marketing. Company display their new designs in website and ask the viewers to rank the product. If the viewers like the product then the company come up with the new product in the market. Company also invite customer to design their product. And for the selection of best designs they give perk to their viewers. Developing new product from the customer is the new way of market research. Here company not only getting idea of the customer but also know where the customer taste is going.
Marketing research is the process that designs, collects, interprets and reports the information systematically. It helps in solving specific marketing problems and in availing the advantage of marketing opportunities. Marketing research plays an important role in business decision making in the following ways: • Marketing research helps firms in staying connected with the purchasing patterns and changing attitudes of the customers. • Provides assistance in enhanced understanding of market opportunities. • Determines the viability of a particular marketing strategy. • Support the marketing mix development for matching customer requirements. • Improves the ability of marketer in making decisions.