Market research is the study of consumers’ demand by a firm in order to assist it in expanding its output and the marketing of its product. It is the systematic and objective search for and the analysis of information to guide managers in production and marketing. Market planning and problem – solving research provide valuable information for the planning of the marketing mix – product, price, distribution and promotion. It can tell which product features are popular, which price ranges are acceptable to buyers etc. Marketing research is conducted through the following ways: personal interview, telephone, questionnaire and observation.
Marketing concept is the idea or belief that consumers/customers should be treated as ‘Kings’. The interest and desires of consumers/ customers must be taken into consideration in bringing out products or any business activities. The basic idea behind marketing concept is consumer orientation. The planning and operations of the organisation must be consumer-oriented, i.e ., having the consumers at the centre of the mind while planning. It is assumed that consumers are always right, i.e ., consumer sovereignty.
A company adopts marketing concept when all its efforts are directed towards meeting the needs and aspirations of the consumers.
Marketing concept involves these fundamental propositions:
- Consumer Needs: Ask the consumer about their needs.
- Product Development: Development of products to suit the needs of the consumers.
- Planning and Organisation: Planning and organising a marketing programme to bring the products to the customers.
- Post Sales Activities: Carry out post sales activities that will ensure that the products are satisfactory to the consumers.
- Consumer Orientation: This is the concept of marketing which begins and ends with the needs and wants of the consumers rather than that of the organisation. Consumer satisfaction is the major aim of the concept.
- Consumer Sovereignty: This concept states that consumers are always right. This is the supremacy the consumers have in determining what a firm has to produce. A firm can only determine the needs and wants of the consumers through research. The determination of what to produce should be in the hands of the consumers and not the government.