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Glossary Category: M

What market research is

An organization conducts marketing research in order to gain knowledge about the ideal customer and the larger market in order to inform its go-to-market strategy by gathering information about them. In order to gather data for this research, you might need to consult current or former clients, consumers in your niche market, or even competitors’ marketing activities.

How a market research can help a company achieve it’s goals

Research is one of the most crucial parts of the marketing process because it provides a business with both quantitative and qualitative details of what customers like and dislike about their products and services, as well as what they want from their purchase. These findings can be instrumental in empowering a company’s decision-making process. Based on these findings, the company’s strategies can be affected, not only in the level of communication / promotional material, but also in the decision on how some products/services should be functioning, and also in the ways that the company is working.

What is market segmentation

Is a group of people / customers who share similar characteristics and have the same needs. By categorizing very specific groups of people who share the same interests can help create very specific material that can convert these prospects into customers.

What are the benefits of market segmentation

As a result of segmentation, marketers are able to personalize campaigns and utilize the time and resources more efficiently.

Why marketing is important

As a business owner, marketing is one of the most valuable things you can do for your business; not only is it able to create brand awareness, but it will also help you to increase sales, grow your business, and engage customers. Marketing is one of the most critical aspects of your business.

What marketing does

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Essentially, marketing is about understanding the needs and wants of consumers and developing products or services that meet those needs.

Marketing activities can include:

Market research: Gathering and analyzing data about the target market, including information about consumer demographics, preferences, and behaviors.
Product development: Developing new products or improving existing products to meet the needs of the target market.

Pricing: Determining the price at which a product or service will be sold.

Promotion: Communicating the value of a product or service to the target market through advertising, sales, and other marketing efforts.

Distribution: Making the product or service available to the target market through channels such as retail stores, online marketplaces, or direct sales.

Overall, the goal of marketing is to identify and understand the needs of the target market and create and deliver products or services that meet those needs, in a way that is profitable for the organization.