The most appropriate form of market research - Essay Example

The most appropriate form of market research Introduction Marketing research is the systematic approach to evaluate and analyze data for a target market and competitive market scenario and various other purposes. The base of market research is the data collection from various sources of the market whether in the secondary or in the form of primary research. Finding the appropriate research methodology and approaching the market is the most challenging action for the firm to conduct research and achieve its goal in a most cost effective manner. This report is concerned with the finding of the appropriate form of market research for the new integrated marketing campaign strategy for a more effective understanding of the consumer who plays as the heart of the 360 marketing approach. Understanding the customer need and investing in the appropriate techniques of communication for better relationship with customer is the most important aspect to be evaluated by the company for effective and cost efficient approach to marketing. Objective of Market Research In regards to the above issue the main objective of marketing communication can be derived in a simpler way with the understanding of the customers as well as brand building through effective handling of knowledge and the people handling the process. The market research will help to find the effect of different market research technique used by the company to understand their customers and the effectiveness of the different processes. Identifying the appropriate way of communication will help to cope with certain communication problems between the market and the company will be able to invest in the right field of communication. The integrated approach of marketing will help to reach the customers in an effective manner than the traditional way of marketing. Integrated marketing communication gives a strategic blending to advertising communication along with building public relationship for a more customer centric approach (ITHACA, 1999). But if company fail to identify the effective way it will not fulfil the objective of reducing cost for the inappropriate techniques and build brand recognition from marketing communication which resulted the need to conduct market research to effectively identify the appropriate way of communication with the 360 marketing communication. Market Research Process In the context of the study on 360 communication technique of marketing the market research process for the same is quiet identical to the concept of the old techniques. The processes conducted are implemented for the new techniques of communication to understand the needs of the new market and act in a more customer centric manner. The market research process first identifies the problem involved with the customers for the company. Identifying the appropriate cause of the problem helps to design the research in an effective manner. The main problem for the company is to conduct 360 communication techniques in a more cost effective manner by identifying the appropriate way of communication in a particular market. For generating more revenue from the new customers the company need to segment the market and choose the target market for the communication technique to be adapted. Then understanding the problems of the existing customers through various methods of 360 communication approach can help the company to cope with the issues and implement strategies accordingly. Finally the communication technique through public relation and social activity helps to convey the company’s approach towards the customers and receive feedbacks for the different strategies implemented by the company and understand the need of the target market which will help the company to improve in the sector in accordance with the market needs. Collection of data from the respondents through primary or secondary research reveals the attitude of the customers. 360 marketing communication is mainly focused towards the customer approach towards the products and services. Thus understanding the market through proper data collection is very essential to identify the needs and demands of the customer and design the 360 marketing communication technique in accordance with the needs can help the company to approach to the customer in a more focused and cost effective manner. Evaluating the roles of the various disciplines like advertisement, PR, promotion or direct marketing of 360 degree marketing communication and finding its importance in the particular market is the most essential task to be conducted from the interpretation of data collected through various means. 360 communications and importance for its control The modern trend in the marketing is changing with the modern trend of the market. Individual marketing techniques are no longer into existence for the firm and thus for a more customer centric approach, firms are concentrating in an Integrated 360 degree Marketing communication techniques to reach the customers. Instead of different marketing communication techniques at different areas which often lose focus on the primary objective of the firm the companies are in need to unify the concept of communication with a constant message for the target market in every sector of communication process (Shah, 2009, p. 38). The 360 degree approach of communication identifies the strength and weaknesses of the different approaches of communication techniques towards the customer. The 360 degree approach ensures messages to be communicated to the customers’ n each and every communication process and build relation for the better brand recognition. Unified theme is communicated in all the methods of communication as it also helps to pass the message in a mutually supportive and consistent manner (Egan, 2007, p. 340). 360 communication techniques can be very effective for the firm to reach to the customer. But this often leads to several consequences which can lead to severe problem for the company to balance its operations. One of the major threats to 360 degree communication technique is the control of spending money for the communication process. The various forms of communication integrated under one platform are overlooked by the managers to succeed in the process. This leads to loss of huge investment on various segments of communication process. Each department of the communication process needs special attention by the experts to evaluate the effectiveness of each investment. Controlling the cost for each segment and investing in the prospective segment is the major challenge to the organization. The quality of the communication process should also be looked after so that major focus on one sector may affect the other sector of communication and decrease sales figure in the long run. Since the companies invest as a whole in the communication process expert is needed to control the efficiency of each segment with being a part of any particular segment and should get a top view of the whole picture to understand the need of each segment otherwise it will result in the concentration to a particular segment like advertisement or promotion or public relation in which the expert might belong to. Changing Market Research for 360 Campaign In order to improve the firm’s strategy and decision for the market the company should constantly mould its strategies according to the market needs. Various factors are responsible for the changing attitude of the customers. It may be due to the demographical change or economical or can also be due to technological changes in the particular market. Anticipating the changes in the environment and acting accordingly is the major challenge for the company. The new 360 degree approach of communication is the reason for developing a more better understanding of the market and implement strategies accordingly in every communication process of the organization. The vital players of the communication process are the customers of the market. Thus understanding the customer behaviour is the main purpose of the new communication technique rather than conducting market research on the market for the development of business. In the new market research technique the experience and the behaviour of the market are much more focused than just conducting interviews to understand the market trend. In today’s market research technique more emphasis is required on the customer behaviour by understanding the needs of the customers. Market segmentation, customer engagement and understanding the market action which influences more customers are the major areas in which the company should look into (Marketing Science Institute, 2011). In traditional marketing communication technique more emphasis is given in advertising product features and the generating revenue from it. Various market communication techniques are used to reach to the customers ranging from advertisement and promotion, direct selling and conducting interviews and market research. But in the modern 360 degree communication technique more focus on customer lead to the invention of more communication processes as the changing trend in the market affecting the revenue of the firm to great extent. Many communication processes are acting in effectively for the organization. This results to the increase in cost for the firm in the long run without generating any revenue from the communication process. In 360 communications the market research is not only conducted amongst the customer to understand their taste but through various forms of media the communication is established directly with the target market. Segmentation is required to understand the market trend and the changing nature of the customers. Targeting directly to the appropriate customers generates more potential for establishing business from the process (Cant, Strydom, Jooste, 2009, p. 446). Thus the market research method of data collection is required to understand the preferences of the customers for the media. Modern trend is moving towards internet and online application and social networking rather than television. Earlier television is one of the major forms of communication for the company to reach to the customers. But in the age of 360 degree communication it is not a very effective strategy as more people are moving towards online activities most of the time generating a huge potential for effective communication through internet. Grabbing the attention of the customer is the major objective of the communication process (Saxena, 2009, p. 337). Through 360 degree integrated marketing communication the company unifies the message in all the marketing activities thus reduces the effort to handle distributed campaigns. Public relation also plays a vital role in the communication process. In the traditional way most of the companies rely on one or two form of communication (Kotler, Shalowitz, Stevens, 2010). But the modern trend of building public relation is one of the major changes undertaken in the 360 degree communication process. For proper understanding of the market and adapting the 360 communication process market research should be conducted by meeting with the media planner to recognize the most effective media channel, identify new media communication techniques other than the television, internet and then design strategy accordingly to reduce cost by eliminating the ineffective modes of communication in the market. Effect of different market research campaign The market research activity will help the company understand the needs of the customers and act accordingly with the changing environment of the market. Being dynamic in the field of marketing is the most important aspects for the firm for a sustainable growth in the business process. Understanding the changing attitude of the market gives proper evaluation of the market and the company will be able to concentrate of the particular communication process which is effective for the firm to establish relationship with the customers. With effective communication the company will be able to reduce its cost on non productive activities and concentrate on the core areas which can effectively build customer relationship and reduce the cost of communication in various sectors for the company. Market research analyzes the communication processes in a 360 degree communication approach and recognizes the areas to be developed or should be eliminated for the particular market segment. Conclusion & Recommendation With the changes in the modern lifestyle of the people traditional marketing concepts are not much effective and resulting to increase the cost for the firm. Modern trend is changing towards online advertisement and social media (Ferrell, Hartline, 2010, p. 292). Thus the 360 marketing communication is gaining popularity with the concept of reaching the customers through any form of communication and place the message for the company for a more better reach to the customers (Shimp, 2008, p. 14). But the investment involved in the process need to be very well evaluated by the company through market research to find the feasibility of the implementation and selecting the right channel of communication to eliminate the ineffective way of communication due to changing trend of the market. Reference Cant, M., Strydom, J., Jooste, C. (2009). Marketing Management. Juta and Company Ltd. Egan, J. (2007). Marketing communications. Cengage Learning EMEA. Ferrell, O., Hartline, M. (2010). Marketing Strategy. Cengage Learning, 2010. ITHACA. (1999). Integrated Marketing Communications (B.S.). [Online]. Available at: http://www.ithaca.edu/rhp/depts/stratcomm/programs/imc/. [Accessed on: August 20th 2011]. Kotler, P., Shalowitz, J., Stevens, R. (2010). Strategic Marketing For Health Care Organizations: Building A Customer-Driven Health System. John Wiley and Sons. Marketing Science Institute. (2011). PRIORITY TOPIC: Understanding Customer Experience and Behavior. [Online]. Available at: http://www.msi.org/research/index.cfm?id=271#RP1. [Accessed on: August 20th 2011]. Saxena, R. (2009). Marketing Management 4E. Tata McGraw-Hill Education. Shah, K. (2009). Advertisement And Promotions: An Imc Perspective. Tata McGraw-Hill Education. Shimp, T. (2008). Advertising Promotion, and Other Aspects of Integrated Marketing Communications. Cengage Learning. Bibliography Dahlen, M., Lange, F., Smith, T. (2009). Marketing Communications: A Brand Narrative Approach. John Wiley and Sons. Read More