Marketing Research Process The marketing research process related to a B2B manufacturing company differs considerably from a consumer product company. This is because the two essentially talk to different sets of audiences. What needs to be understood is how well the data goes towards developing the domains of the business under discussion. This will embody the basis of finding out what exact data is being made use of, what varied requirements there are to bring a solid basis within the results and last but not the least, how this data can be used for future forecasts and predictions as far as business undertakings are concerned.
Since the marketing research process focuses entirely on how well the data is arranged and how it will signify performance over a period of time, the B2B manufacturing concern can use it to tap newer markets which are directly speaking the language of the business professionals (Zundel, 2003). On the other hand, the consumer product company is also planning to explore new ventures yet the concentration is more towards serving them with unique and novel products that break away the clutter as marketing research suggests, keeping in mind the kind of competition and the results that have come in from the marketing research thus conducted.
The marketing research process therefore comprises of important research data that has been compiled and analyzed over a period of time, both with the B2B manufacturing concern and the consumer product company (Vecchio, 1991). If this data is for the B2B manufacturing concern, then the vendors, other channel members and sales agents would most definitely be in the loop as the B2B concern has to conduct its business in a proper manner and bring about the completion of the desired goals.
However, if the marketing data is for the consumer product company, then this data will be made use of to gather important details as per the likes and dislikes of the consumers who are being targeted and the manner in which they make repeated purchases and so on. Therefore the marketing research process for both these concerns would focus more on how well the research has been gathered, compiled and analyzed rather than the differences which are easy to decipher at any given time.
The need is thus to comprehend where the data will be assigned and how well the eventual results will be shaped up with the passage of time, which would eventually help the business develop more partners and bring new consumers towards its folds (Malhotra, 2011). In the end, it would be sound to state that the marketing research process is indeed an important one because it creates a demarcation for the companies that make use of it effectively to the one who have no idea of how to make proper use of the same.
The B2B and the B2C concerns need to find out what they want to achieve and then only go about using the marketing research facets to good effect as far as completion of business undertakings are concerned. Bibliography Malhotra, N., 2011. Personal Reflections on My Research Contributions to Marketing. Review of Marketing Research, 8 Vecchio, E., 1991. Market research as a continuous process. Journal of Consumer Marketing, 8(1) Zundel, M., 2003. The marketing management process and heuristic devices: an action research investigation.
Marketing Intelligence and Planning, 21(4)