The role of market research in the success of sales
1. Introduction
The success of marketing is determined by factors; thus marketing managers should ensure consideration of the various factors in laying down marketing strategies. The main purpose of marketing is to determine the needs and wants of customers and meet them. This can only be possible if market research is done (Kotler & Keller, 2013). In this paper, we critically analyze the role of market research in the success of sales. We have used credible sources to support our discussion.
2. The role of market research in the success of sales
Market research is significant to any organization as it provides reliable information that can be sued to make informed decisions about the target market. The findings of market research are essential in product development, pricing strategies, promotion, and distribution (Burke, 2007). For instance, when launching a new product in the market, a company must carry out market research to know what consumers think about the product. In addition, companies use market research to determine the most effective way to distribute their products and also to set prices that are favorable to both the organization and consumers.
From the foregoing, it is evident that market research is critical to sales success. This is because; without accurate and reliable information about customers’ needs and wants, it would be difficult for organizations to make decisions that will lead to improved sales. In essence, market research provides insights that help companies to understand their target markets better and also know how to reach them effectively.
3. Need recognition
One of the most important aspects of marketing is need recognition. This is because; before a company can sell its products or services, customers must first recognize that they have a need for them (Kotler & Keller, 2013). For instance, customers may not purchase a new mobile phone if they do not feel the need for it. In this regard, it is important for companies to create awareness about their products among potential customers so that they can recognize their need for them. Advertising is one of the most effective tools that can be used for this purpose.
4. Advertising
Advertising is a powerful tool that can be used by companies to create awareness about their products among potential customers (Kotler & Keller, 2013). It helps companies to promote their products or services and also convince potential customers about their need for them. Television is one of the most effective channels that can be used for advertising as it reaches a large number of people at once. Thus, companies should ensure that their commercials are aired on popular television channels so as to reach as many people as possible.
5. Customer
Customers play a very important role in the success of sales as they are the ones who buy products or services from companies (Kotler & Keller, 2013). Therefore, it is important for companies to segment their target markets so as to identify groups of people who are most likely to buy their products or services. Once these groups have been identified, companies should then focus on designing marketing programs that will appeal to them. Additionally, companies should also strive to provide excellent customer service so as to build customer loyalty and retain them in the long run.
6. Region
The geographical location of potential customers also plays an important role in the success of sales (Kotler & Keller, 2013). This is because; different regions have different cultures which may influence the buying behavior of people living in those regions. For instance, people living in rural areas are more likely to be influenced by family and friends when making purchase decisions as compared to those living in urban areas. Thus, companies should ensure that their marketing programs are designed keeping in mind the cultural differences between different regions.
7. Financial class
The financial class of potential customers is another important factor that can influence the success of sales (Kotler & Keller, 2013). This is because; different people have different levels of disposable income which may influence their buying behavior. For instance, people belonging to the upper-class are more likely to purchase luxury items as compared to those belonging to the lower-class. Thus, companies should design their marketing programs keeping in mind the financial class of their target markets.
8. Television
Television is one of the most important channels of communication that can be used by companies to reach their target markets (Kotler & Keller, 2013). This is because; it has the ability to reach a large number of people at once. Thus, companies should ensure that their commercials are aired on popular television channels so as to reach as many people as possible. Additionally, they should also ensure that their commercials are interesting and catchy so as to capture the attention of viewers.
9. Conclusion
From the foregoing discussion, it is evident that market research is critical to the success of sales. This is because; without accurate and reliable information about customers’ needs and wants, it would be difficult for organizations to make decisions that will lead to improved sales. In essence, market research provides insights that help companies to understand their target markets better and also know how to reach them effectively.
References
Burke, R. J. (2007). Marketing research: methodology on the move. London [u.a.: SAGE.
Kotler, P., & Keller, K. L. (2013). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall