Review Centric Exploration of Marketing Research

Abstract

In this paper Marketing Research strategies are reviewed to gain an understanding of the marketing research process and its possible business implications. Based on these findings a summary of key strategies was developed to help describe practical considerations when conducting market research and an expanded model for marketing research was developed. In addition items of interest for further completing this effort were highlighted. Due to the sound and proven methods, Lepine’s review centric strategies will be utilized to “summarize previously established studies and concepts, pinpoint potential problems (such as factual errors), and inspire new discussions and directions for further research activity.” [1] This research indicates that marketing research efforts can be time consuming and involves multiple disciplines of business and social science. Four key strategies or areas of concern in marketing research are Consumer behavior studies, Consumer Surveys, Focus Groups, and Product development activities. When starting marketing research activities these four areas should be considered and a proper balance between the four areas needs to be agreed upon. Time was a major limitation when it comes to thoroughly exploring this topic. It would be preferable to have the opportunity to conduct “Real World” testing of the model generated in this article. For example introducing and testing a new product using focus groups, surveys, and data accumulated from studying the target consumer’s behavior. Due to the dynamic and rapidly changing climate of business today, sound and practical methods of marketing new products is essential to entrepreneurs and business leaders.  Trying to rush a product to market without proper market research may lead to inhibited product performance and or ultimately failure of a product.