Market Research And Decision Making
Once research has been completed, the research findings are used to help the firm make decisions. Market research decisions help the firm deciding its strategies and its tactics. Different types of research help form marketing decisions. They are as follows:
This form of research looks at the marketing mix and assists the organisation in adapting their product, price , place and promotion strategies. For example an organisation may research the best place to locate its Head Office and retail shops. In this instance place will dictate set up costs, distribution cost and whether there are tax breaks available.
This form of research looks at if there are "better ways" to carry out its business i.e. How can the firm improve business performance? For example the firm may investigate the impact of promotion and if there are ways to improve their promotion.
A firm may have lots of data it holds , this may include buying pattern, gender and age information, geographical location. This data can be used if analysed correctly to help improve their product offering or target promotional material at consumers to help increase sales.
A firm may monitor certain aspects of their strategy over a long period. For example the pricing of a product may be monitored and consumers over a period may be asked on the impact of changing prices on their purchase patterns. Prices may change because of environmental issues e.g. weather, continuous research will help pinpoint these issues.
Ad Hoc Research
This is one off research, and is used for unique and special circumstances for example if the Olympics are being held in your country and you own a hotel , you may want to research the best way to attract the Olympics tourist to your hotel.