Importance of Consumer Market Research

December 29, 2011 0 comments

The “real market” is the world in which factories are built, products are designed and produced, real products and services are bought and sold, revenues are earned, expenses are paid, and real dollars of profit show up on the bottom line. That is why businesses should be focused on consumers and to build the products that are relevant for the customers and strategic partners.

Peter Drucker’s foundational insight of 1973 that the only valid purpose of a firm is to create a customer. In today's world the singular goal of a company is to maximize the return to shareholders, which is turn destroys US economy and nobody even understands why customers are more important.

In order to be successful, entrepreneurs should conduct relevant, useful marketing and advertising research; constantly examine consumer behaviors and understand what products or services the consumers want and for what they are eager to pay money.

People should not underestimate importance of consumer marketing research. A wel-conducted research is the perfect foundation for the integrated marketing strategy.

There are a lot of methods for conducting consumer market research. The key is to learn how to ask questions and hear subtle but not vague customer message

I am personally not a big fun of focus groups because in most cases it is hard to get relevant information, but here is a book that is very helpful with getting started: Focus Groups: A Practical Guide for Applied Research by Richard A. Krueger and mary Anne Casey

Posted by Lisa
Categories: Marketing