The phrase market research mix is a framework that helps researchers in designing or evaluating market research studies. This name is similar to the Marketing Mix; the name was purposely kept similar to it. Like Marketing and marketing mix, marketing research mix also encompasses the four P’s. However, different from the marketing mix, the elements are not random but sequential. The elements also match each of the phases that should be followed. The four Ps of Marketing research mix are: Purpose; Population; Procedure and Publication.
All the four Ps are explained as follows:
Purpose
The reason for conducting research is called as the purpose. “Purpose” is used in broad sense and can be defined or loosely explained .Some experts use the word “aim”, "objective” or "hypotheses" also to refer this stage but purpose is more apt usage.
Population
Sampling is a very important concept needed to properly conduct primary research as we may choose to only survey and observe those people who will give us information that may solve the problems we perceive ourselves as having. So selection of target audience becomes a prime concern for the researcher.
Procedure
This element defines the methodology of the research work. Whether it would involve a lot of people, like in quantitative research or would the research be with limited people as in qualitative research .What should be the timeframe of the research and where will the research be conducted.
To arrive at the best way of conducting a research, lot of data needs to be sampled. The best research usually starts with looking at the secondary data. Secondary data is a data that already exists for example data within an organization or the external one, published by an outside source. Internet and intranet have made it easier to access and retrieve such data. However if secondary data is not useful than Primary data should be sought out. Techniques for primary data collection can be indirect or direct; impersonal or personal.
Publication
The element “Publication” answers many key questions like who the audience is for the desired results. What should be communicated? ‘How’, ‘when’, ‘where’ and in which format the results shall be presented? Depending upon the needs and level of audience, personalized reports need to be tailored to meet their expectations. An attempt should be made to summarize the results in crisp and precise way that successfully conveys the message, without confusing the target audience. At the same time findings should also be appealing to the consumer.
It’s very important to know about your customers or your prospective customers, to understand their preferences and needs. Market research is an organized and objective method of learning about such needs and expectations of the prospective customers. It provides unbiased answers to these questions:
Who is going to buy your product?
What are the expectations and demands of your customers? How much are they ready to pay? What kind of packaging they prefer?
What is the profile your customers? How old are they? What is their gender? What is their income level? Where do they live?
What are the attitudes your customers?
Who are your competitors or in other words who is producing the same or similar product and at what cost? Will you be able to compete with their price, quality, etc?
What is your unique advantage as compared to your competitors?
What are the boundaries or constraints that you have to take care of? What are the start up costs and is there room for your company?
Is the demand for your product increasing or declining? Does trend data indicate increased consumption your product? How might your product people’s consumption of your product?
What is the projection of your business in future?
Why conduct market research?
It is a simple thing to understand that people will not buy the things that they don't want. It is a simple selling people what they do want is easier. In this are market research goes a long way for you to figure out the needs and wants of people.
Market research provides accurate and precise insight of a consumers mind and this information is used to design products and services that are well received by the customers.
Who should do market research?
All businesses whether big or small, old or new, should do market research. Many big business owners feel that they don't need a market research because they believe that they already know what is supposed to be known about their customer market, due to their long experience. However, a complacent feeling can actually be very harmful for their business future as market trends are dynamic and keep on changing. Similarly small business owners can't afford to ignore the importance of market research as an accurate and efficient market research can give them a head start in the launch of their product, saving them a lot of cost. So market research is a very critical tool.
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