through research. Research is all about fact gathering, relating facts with a focus idea, analysis, drawing conclusion and lastly acting and implementing. Over time, with technology emerging new avenues have been developed to collect data; each and every method of research is suited to particular requirements and factors and is used as per the benefit cost analysis of the situation.
The quantitative market research, obtained through methods such as surveys and polls, can provide useful objective information, hard numerical data about customer buying behaviors. Qualitative market research collects more subjective data through impromptu interviews, focus groups, and mystery shopping, offering deep insight into complex market issues such as behavioral loyalty. These methods are normally used synergistically and not alone. Market segmentation research is done by marketers to check of their market, factors influencing brand loyalty, and how both current and potential customers interact with your business, your brand.
The growing need of marketing concept towards customer orientation is requiring more and more companies to understand and uncover customer needs first and thus there is pressure on firms to coordinate all their activities to satisfy their customers' needs and requirements. ...Show more