Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy.

[1] The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Market Research
To determine your customer needs, research will provide current and relevant market intelligence, including:
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Customer satisfaction or dissatisfaction with your products or services. Opportunities for new products or services. Trends that could affect your company sales and profitability: o Population shifts. o Legal developments. o Local and national situations that could create problems and opportunities. What your competitors are doing.

Market surveys, customer focus groups, researching published reports and statistical information, and interviewing industry experts. Once we have gathered and analyzed all this market research information, It will help you determine your competitive advantages and express your superior benefits to customers through an aggressive Marketing Plan.

The Marketing Planning Process

Planning is vital for successful marketing. Business needs a plan that will help it to achieve its objectives. This involves creating a successful marketing plan. The marketing planning process is important to any business enterprise, whether small or big. It is the sure way to success if you know how to properly execute the steps. They are as follows: Stage 1: Research and planning Understanding your customer and the marketing environment, looking for opportunities for growth
Current marketing situation analysis: the marketing audit the environmental analysis SWOT analysis

This stage covers the relevant background information necessary for plans to be formulated and decisions to be made. It includes detailed analyses of the current market situation, the organization's existing products/services situation, the competitive situation and the SWOT analysis. The outcome of the current situation analysis and the SWOT analysis in particular provides a foundation for the next stage in the process.

Planning stage

Defining the requirements of the plan: objectives setting strategic outline At this stage, marketing managers are fully aware of the factors in the organization's current situation which will influence its marketing activity so will look at corporate objectives in the light of this information to develop marketing objectives and evaluate strategic alternatives. Marketing objectives should meet certain criteria: They should be stated clearly and unambiguously. They should be measurable (by sales volume, or percentage increase over the last three years, for example). They should be consistent with the organization's objectives and resources. They should be set down in order of priority.

Strategy is based on the idea of a game plan, as in chess, or in military strategy. Thus, marketing strategy sets down the game plan by which the objectives are to be achieved. Each objective should be viewed very closely and strategic alternatives drawn up. For example, a desired increase in sales revenue from a particular service could be achieved in a number of different ways; by greater market penetration, for example, or by enhancing the service offering and charging a higher price.

Strategic options should be carefully evaluated for each objective and the best possible course(s) of action selected in each case. The next step is therefore to establish plans of action for each selected strategy.

Stage 2: Developing your marketing strategy

Implementation stage

Putting plans into operation designing action programmes assigning responsibility for their execution costing the programmes

This stage is concerned with the operationalization of marketing strategy. The strategy defines the broad areas of marketing activity which must be undertaken to enable the organisation to meet its marketing objectives. These must be translated into programmes of action to be carried out by the various functions within marketing. At the implementation stage, the key questions to be addressed are: "What needs to be done?" (defining appropriate action) "When will it be done?" (scheduling and timing) "Who will do it?" (designating clear areas of responsibility) "How much will it cost?" (budget planning) The marketing plan will focus on the various marketing mix activities which make up the organization's service offering within its chosen market(s): The service package -features, benefits Pricing policy Promotional programmes Distribution - making the service accessible People aspects of successful service delivery" Process design Physical evidence Each element of the marketing mix activities proposed must be carefully costed and analysed for optimal use of organizational resources and to ensure the most suitable approaches are used so that marketing objectives can be met. Measurable targets should be built into the plan to allow for effective monitoring programmes. Clear areas of responsibility for carrying out designated tasks must be set down and understood by all concerned for successful implementation.

Stage 3: Determining actions and controls

Controlling the plan: establishing required performance targets monitoring performance against targets designing corrective courses of action where required

contingency planning The last stage in the marketing planning process sets in place control techniques for monitoring the plan's performance. Usually this entails a systematic review of all aspects of the plan against targets set, usually on a monthly or quarterly basis. The review must be carried out regularly to ensure prompt attention and action in areas when the results lag behind targets set. Managers and others responsible for implementation of all elements of the action programme should be involved in the monitoring process. Control mechanisms should be in place based on the components identified above:

The marketing planning process is made up of the following steps. Situational Analysis:
 

The situational analysis asks questions like where are we now? It examines the marketing environment, customer needs and wants. Market research is an important part of this step. It looks at the market in terms of size and growth, needs of the target market and trends in buyer behaviour. The performances of products are examined and major competitors are identified. A major part of the situational analysis is the prediction of market opportunities, this is where the SWOT analysis comes in which is explained in detail later.

Establishing Marketing Objectives:



Marketing objectives need to be established; often the objectives in the business plan can be used as a guide for marketing objectives. Marketing plan translates the businesses objectives into marketing terms.

Identifying Target Markets:



Businesses break down the market into smaller segments which is called market segmentation. The business then decides on the customers it will focus on, this group is called the target market.

Developing Marketing Strategies:

 

Management must then design marketing strategies that will allow the business to satisfy the wants of this market and achieve its marketing objectives. Strategies should:
   

Satisfy the needs of the target markets Meet the objectives of the business and marketing plans Capitalize on corporate strengths and minimize the effects of any weakness Work together in achieving overall marketing objectives