Marketing management plays a huge part in determining the success of a business. If the marketing strategy used by a company is proven effective, there is no doubt that the business will flourish. On the other hand, if the marketing strategy isn’t that great, then it might only contribute too little to the business. However, it is still better than not trying at all. Know the importance of marketing by understanding its meaning, kinds and elements.
What is marketing?
Though marketing is widely used word, there are still some people who do not know the real meaning of it. They think of it as one of the types of advertisements and many more. In general, marketing is the action or process in which a company promotes and sells its products and services. Market research and advertising are both considered as a part of marketing.
There are a lot of types of marketing. Among them are ecommerce marketing, field marketing, internet marketing, pay-per-click marketing, referral marketing and many more. The best marketing strategyto use for your company depends on several factors, including the nature of your business, products and services.
What is market research?
Market research is among the early phases you need to go through in marketing. It is the process of gathering details, analyzing data and interpreting information to get a hold of what people think about a certain product, service, market and many more. The information that the team will get from market research will be crucial and vital in solving marketing challenges that your business will possibly face in the future.
Just like there are different types of marketing, there are also different types of market research. Here are the three kinds of market research that each entrepreneur should know:
- Descriptive Research
This is the type of market research that finds accurate answers to certain questions like “Who are our competitors?,” “Who are the users of the products and services?,” “How do they use the product or service?” and many more.
- Exploratory Research
It is the type of market research when the researcher has little or no understanding about a certain market problem since there is no concrete and clear information.
- Casual Research
It is the type of market research for finding the cause and effect relationship of certain variables.
How important is market research?
The importance of market research is vital to the success of marketing activities. Without market research, the team won’t be able to point out what marketing strategies will be effective and what won’t be a good strategy for the company. They will also be able to identify what points they should emphasize and highlight in their marketing activities to capture the attention of their target market.
The Startup Expert ® will be more than just willing to assist you in planning out your marketing strategies. If you want to learn from the experts, choose to contact The Startup Expert ®. We are full of business ideas that will be very helpful in pushing your company to the top.