Marketing Research is a means to monitor change in market dynamics, business environment and consumer behavior. Changes in the market are caused by following major factors:
- Entry of New Brands / Players: Entry of a new brand and player changes the market for other brands and organizations.
- Re-launch / Re-activation of Existing Brands: Established brands are re-launched or dormant brands are reactivated.
- Pricing Changes: Pricing changes by any player in the market calls for adjustment by others in their pricing as well.
- Distributions Changes: Changes in distribution channels by one player can also cause others to adjust their distribution strategy.
Changes in the macro environment are caused by factors including Globalization of Media, Liberalization, and Mood of the Nation. Evolution of the consumers is caused by Age, Income and Exposure.
All the above mentioned reasons are just few among a lot of other factors which a marketer or organization needs to keep in mind while creating their marketing strategies. This is where marketing research comes to their rescue and enables them to monitor and understand changes in their market dynamics, business environment and consumer behavior.
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