Using Market Research
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.
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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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