Tag Archives: Marketing Research

Marketing Research can Make or Break the Business.


Marketing and marketing concept depends on Exchange.Goods ,Services or benefits are exchanged for cash or other services.

What is effect of marketing to charity?

What do donors get when they donate?

What is exchanged?

Money for What?

An enlightened feeling,self actualisation,good feelings,peer acceptance,guilt relief.Why do people pay to go to football matches.what do they exchange,money for what in return.marketers have to find answers to recurring questions such as what key benefits do customers want and get?

In this process of marketing exchange, customers and business both have some objectives to fulfil, customers get value ,satisfaction whereas business gets revenue and their goals are met with some monetary profit.

Customer service,it can be very expensive at times,you may not have enough sales persons to give outstanding service to clients every time.

This is the time you have to consider whether the extra service is appropriate.

1] Is it really necessary or important to the customer, [will you lose business if you withdraw this extra service]?

2] Does the competition offers the same level of extra service?

3] Can we afford it,or would customers would pay more for it?

4] Is there a more cost-effective way of giving this service?

Most customer services costs very little.A smile can make all the difference.

The same staff can give either the best or worse service depending on the level of training and motivation.

Research into what is required by the customers and delivered by the competition helps to determine what really needs to be exchanged between the organisation and its customers. Exchange is an integral part of marketing.

Needs & Wants make or break the company:

Needs v/s Wants
Needs v/s Wants

Customers are always centre of attention of marketing and advertising. Customers need and wants are not easy to see or apparent, it has to be carefully researched. There is huge difference between needs and wants, like everyone needs food, but some may want hamburgers or Indian food, The same person in different situation might only want a bar of chocolate.

Understanding customer needs and wants is absolutely vital for the survival of the organization in the long-term, not everyone can spot a new product opportunity or a market trend which satisfies customers often hidden needs.

Even the top players get it wrong in understanding the difference between needs and wants.

In 1960 Decca record company turn down The Beatles, because they thought the boy band with guitars will not work.

Recently Coca Cola misjudged the wants of American people and launched New Coke, it failed because they misunderstood that how much the people loved the old cola.

Customer wants and needs changes from time to time due to change in geographical locations, change in tastes, change in fashion, attitude,lifestyle and change in disposable income.

Who would have imagined that one day people will have record players on their heads, now known as record player.

It is not just the customers who develop new requirements ,it’s also the organization who develops new requirements, In 1950 and 60’s business did not require a computer, but now no business can survive without computer.

Who would imagine that the organizations would have paper shredder to destroy information’s today the paper shredder is a common office equipment.

So from time to time the wants and need changes,

So constant research will reveal early indications of changes which will occur on the horizon, so the company don’t miss out on an opportunity.