In: Operations Management
Marketing is the most vital part of this present technological world and marketing building value, brands, image, demands, trust, beliefs, loyalty, clarity in customers decision-making process, etc.
Two key ways that marketing creates value-
1) Marketing providing education to customers about the product advantages, features, importance in life by these marketing create value for product and service.
2) Marketing creating need for products and service for customers and by these practices creates value for product and service.
Marketing research facilitates marketing efforts at value creation by finding a new target market, identifying key customer base, exploring new market opportunities, identifying the customer's trends, preferences, demands, analyzing customers beliefs through these ways marketing research facilitates marketing efforts at value creation.
The four key questions help understand to value equation for a given firm through these ways -
1) What exactly firm will do
2) What is a firm target customers base
3) What are the customers key issue and discomfort that need to identify
4) How the firm product and service will resolve the customer's discomfort and issue
Amazon Inc, SpaceX, Tesla Motor, Reliance Jio, PayPal, Facebook, etc are evaluated well before started a business operation and one thing is very clear that if a firm identifies well with problems gives a much better solution.
Market research refers to an organized process to gather information about the target market or target customer base and market research is a vital part of business strategy.
These are the following task of market research -
1) Creating a simple user personas
2) Conduct observational research
3) Conducting individual interviews
4) Analyzing the data
5) Evaluating common market research questions
Marketing research keeps focus on the target market, customer base but research in physical sciences study the inorganic world. Marketing research includes finding markets, customers, opportunities, customer trends, customers demand but on other hand research in physical science focus on physics, astronomy, chemistry, and earth science.