What market research do I need? This is a question frequently asked by modern decision-makers, especially less-expert marketing research users.
A useful way to find an answer is to begin with the stage of the lifecycle your product or idea is in.
Each stage of the lifecycle points to certain information needs which require appropriate research techniques. The following image summarizes the concept.
From the point of view of marketing research, the product lifecycle can be broken down into three phases:
-
- Strategy creation. In this phase marketing research supports decisions linked to the selection of the business idea and to the creation of the brand strategies. Several different strategies define the route to follow in order to reach the overall brand objective. Marketing research can supply a useful framework to discover and describe each brand strategy.
- Strategy execution. This is the phase when marketing research helps to bring innovation to the market, within the borders set by the chosen strategies.
- Brand sentence. This is when management makes the decision to kill or relaunch the brand, and marketing research can help to make the decision.
Try LogRatio’s fully automated solution for the professional analysis of survey data.
In just a few clicks LogRatio transforms raw survey data into all the survey tables and charts you need,
including a verbal interpretation of the survey results.
It is worth giving LogRatio a try!
How to create strategies with marketing research
To create strategies with marketing research requires a thorough understanding of both marketing research and strategy.
Brands use different strategies to describe the route to follow in order to reach the overall brand objective.
The following image shows the relevant strategies every brand serious about winning in the marketplace should have in place.
The Product Strategy and the Communication Strategy are more important than other strategies because they are strong brand differentiators, which is a key requisite of the most important strategies of a brand, the Marketing Strategy.
Marketing Strategy, Product Strategy, and Communication Strategy of many successful brands owe a lot to marketing research, especially to quantitative studies. For instance, Pringles. It took P&G a while to discover the receptive target group and the effective message. Ultimately they succeeded, thanks to marketing research and to brilliant marketers.