Market
Research
Market research constitutes one of the fundamental pillars
of marketing. Indeed without the necessary commercial information,
a company would be hard pressed to design a robust marketing
strategy.
One of the most exhaustive studies into market research has
been carried out by Mariampolski and presented in: “Qualitative
Market Research: A Comprehensive Guide.”
According to Mariampolski market research can be defined
as the objective and systematic procurement, recording, analysis
and reporting of information on (1) existing or potential
markets, (2) marketing strategies and tactics, (3) the response
to current and potential products/services and (4) the composition
and dynamics of the current and potential customer base.
Mariampolski tries to give a scientific edge to market research
in so far as she tries to systematise the methodologies involved
in gathering and analysing commercial intelligence. This may
not be the best approach as there is a significant conceptual,
ideological and functional gulf between the commercial and
scientific communities.
Despite its shortcomings Mariampolski’s work constitutes
a rare in-depth study into market research. Indeed given the
importance of the subject it is surprising that it has not
been subjected to greater study and analysis by both the commercial
and academic communities.
What is even more surprising is the startling fact that marketing
services and departments allocate only a tiny portion of their
budgets to market research. Indeed according to a study carried
out by Mintel in 1990, only 2% of spending on marketing services
in the UK was allocated to market research. Over 90% of the
budget was allocated to marketing communications and promotional
activities.
In the final analysis Market Research is a uniquely valuable
exercise not only because it enhances the commercial prospects
of companies but also because it improves third party’s
appreciation of the strategic dynamics of the market place.
Commercial enterprises ignore this fact at their peril.
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