Marketing means putting the right product at the right place in the right time. It is a simple process of presenting the appropriate product to the target group with a competitive price. Every step should be processed with great concern. You are required to identify the demands of the customers and then supply according to that.
Though the name marketing research mix is more or less similar to the marketing mix, the basic concept is not the same. The 4 P’s concept is present but the elements are different. They are namely Purpose, Population, Procedure and Publication:
At first you are required to identify the purpose of the research. It clearly explains the broad reasons for conducting the overall research. Some of the experts also use the words ‘objective’ or ‘aim’ but the word ‘purpose’ is more suitable in this case.
A section of people can be considered as the sample and the primary research can be done. The survey should be participative and should be conducted with the people who will provide the information in a proper way. The target audience should be selected wisely before the survey takes place. For example if you want to do a research on the products for the teenage girls, you should ensure that your sample contains teen girls and not women.
This component can be considered as the process of the research work. You should ensure whether the research should involve a large number of people or a very limited number of samples. The quantitative research will involve large samples whereas the qualitative research can be done with a limited number of people. The timeframe and the location of the research can be decided in this stage. The actual research starts with the secondary data which already exists. Whenever the secondary data can be gathered from the search engines, the credibility and the source of the data should always be checked. When the secondary data is not serving your purpose the primary research can be done. It is possible through the face to face survey from the target audience. While doing the primary research, the survey tool namely QuestionPro can be used for collecting responses. It can also be used for expanding your existing network for buying the sample and responses from the target audience.
The component ‘publication’ can respond to various key questions like who are the target audience and whether they are communicated in the proper manner or not. This can be termed as the final phase of the research process. It can also be called as the reporting stage, where the main aim of the document is to respond the five basic questions who, what, when, where and why. You can also add one component of ‘how much’ where suggestions and recommendations are required and can be considered as one of the essential components of the research mix. The final reports can be customized according to the expectations of the customers and the results can be summarized in a crisp and brief message so that it does not confuse the target audience. The reports should be attractive to the consumers.
How the Marketing Research Mix can be applied in Business?
Step 1: Identify USP
You are required to identify the unique selling proposition of your product in the initial stage. You can look for other products and services where they have gained success. The surveys are required to be conducted with the target customers and the focus groups to ensure the benefit. You should perform a test marketing process which can involve product demonstrations, using the focus groups and also free sampling process. The research activities can therefore be used for finalizing the features of your products and services.
Step 2: Collect Competitor’s Data
You should study the market of the competitors properly. You should look at their offers, guarantees, discounts and rebates. The comparison of the prices can be done and the final price should be competitive in nature. You should take suggestion from the distribution partners about specific charges and offers.
Step 3: Distribution Options
The distribution options are to be selected wisely. You should check out all the distribution points where your customers are willing to buy your products or services. You can conduct surveys with the target customers to know the location where they are buying the similar products or services. You can also ask the potential customers about their feedback to know their preferred distribution channels.
Step 4: Media Kits
The media kits can be collected from the magazines, newspapers, TV and the radio stations, outdoor advertising companies and the websites. Now, the audience demographics can be observed for matching the profiles of your target customers. Find out the best promotional methods by reading the trade publications or by becoming a member of the trade association. Start developing a social media strategy and apply them on your target customers. Try out some testing activities by broadcasting the internet ads on the focus groups. You can include your competitor’s ad in your presentation to observe the reaction of your target customers. You can finally create a brand message from the feedback of your potential customers.
Step 5: Analyze Findings
All the findings can be analyzed in the right way. The promotional choices, the pricing strategies and the distribution options should be chosen by a proper strategy. For example, if you are dealing with the high end products you should select the proper location where you can sell your products. Your marketing plan should ensure all the four elements of the market research mix in a proper way without conflicting with each other.
Key Points from the Article
- How the marketing research mix was introduced
- The basic concept of the mix; the 4 Ps namely Purpose, population, procedure and publication.
- How the marketing research mix can be applied in your business
The marketing research mix can only be applied if the USP of the product can be identified, competitor’s data can be collected and the research procedure can be done with surveys with the potential customers.