The Concept, Nature and Importance of Marketing Research

The concept of exchange is essentially important within the philosophy of marketing. The putting in contact of bidders and plaintiffs of which we spoke previously must include a symmetry between the

Marketing concept

By way of introduction, marketing has the generic function of connecting bidders and applicants by mediating the exchange.

As specific functions we find:

Market research

It is in charge of studying the consumer and the competition to find the shortcomings of the market and try to supply them satisfactorily.

Marketing Planning

There are three main phases in marketing planning:

a) Objectives

b) Media

c) Control

Marketing Mix

In this phase, the four main marketing variables are combined:

  1. Product
  2. Price
  3. Distribution
  4. Promotion

This phase is the equivalent to the element of marketing planning previously called marketing mix.

Marketing Audit

It is the control function that marketing performs about its results.

Ultimately what underlines this process of marketing seen as a whole is that the generic function is to find what the consumer wants and give it to them.

The concept of exchange is essentially important within the philosophy of marketing. The putting in contact of bidders and plaintiffs of which we spoke previously must include a symmetry between the two parties in terms of the satisfaction they obtain from the exchange. The exchange must be settled satisfactorily for both parties.

Evolution of Marketing

Market orientations

1) Product and production orientation

It occurred during an economic period in which demand was greater than supply. The policy of the companies was to maximize production by reducing the cost.

Later, a certain orientation of the product was extended towards quality so that a new attribute is printed.

In this period the role of marketing is residual since given the fact that the supply is lower than the demand, sales are obvious.

2) Orientation to the sale and distribution

From the previous excess supply situation there was an evident increase in production that led to a subsequent excess supply (O <D). With the difficulties that arose to place the product, the companies took two alternatives:

– Increase of the commercial department (Sales)

– Intensification of the commercial promotion (Advertising)

But the increase in the number of sellers is not a solution.

3) Customer orientation

The objective at this time will be customer satisfaction. To this end, the first advances are made in the inclusion of market research within the area of ​​marketing knowledge. We try to find out what the consumer’s needs are. A particularly important concept in this new contribution is the segmentation of the market, which serves as a tool to search for the objective.

4) Strategic orientation

This evolution of marketing that has occurred in recent years develops a main idea that is the pursuit of long-term welfare, both for consumers and for society. It is what is called strategic marketing. One of its variants could be ecological marketing.

5) Relationship Marketing

It is the function of marketing that consists of establishing, maintaining and strengthening relations with customers and other participants, partners in the benefit, so that the objectives of all those involved are fulfilled.

Expansion of the Marketing Concept

Given the wide supply of the concept of product as something susceptible to exchange can come well in the form of good, service or idea, the marketing concept is automatically extended in its fields of application, since it becomes an almost indispensable element of any organization that is involved in exchange processes.

Both lucrative and non-profit organizations or even from company to company can be organizations or forms of relationship between them in the latter case that can adopt the philosophy of marketing in order to improve the conditions of this exchange.

We can thus make a new distinction, because when it is a non-profit association, it is generally intended to inculcate beliefs or attitudes, if you intend to do so through marketing you will be talking about social marketing.

When this type of marketing practice begins to develop with specifications, such as the environment or a political campaign, we will face ecological marketing or political marketing. When it transcends a certain territory we will be talking about internationamarketing. We can even talk about internal marketing, which is when the company considers employees as internal customers, which it must try to satisfy in order to keep them motivated when carrying out their work.

Featured image purchased from shutterstock by boonchoke

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