Marketing Research Executive Summary

732 Words 3 Pages
Marketing research is the systematic collection of information on existing and exponential markets for analysis and consequent action. (Marketing9.com, 2012) Marketing Research is the process of checking all aspects of a business environment. Marketing research can help determine economic trends and market demand for new or existing markets. Marketing research can also help find potential opportunities or threats to a company or product. To sustain in a competitive market place, marketing research is very important. In a highly competitive and technically updated industry like lubricant oil, Castrol needs to carry out his research program all over the year. To keep up to date with the business trends and customer needs, Castrol cannot ignore …show more content…
They can use both quantitative and qualitative marketing research to find out their current brand positioning and the mindset of the target customer in the market. After that, they can use some different and unique brand strategy to increase the brand of Castrol. If they can increase the brand value of their product, their sales will be increased eventually.

Understand the target market and target customer: Marketing research is an excellent way to find out the best geographic and demographic characteristics of the customer. Castrol need to find the best suitable geographic and demographic segmentation and make their target market. If they can successfully identify their target customer, they will be able to fulfil the changing needs and wants of the customer. It will also help Castrol to identify the buying decision behavior of the customer and formulate their marketing strategy
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This information will help the managers to understand the increasingly complex market and make strategic decision. Through marketing research Castrol can collect valuable information and set a right price for their products. This will help them to increase their sales.
Better Customer Management. The importance of market research is that you can use tools of marketing campaigns (questionnaires, meetings, discussions, messaging) to reach a wide audience of customers, reduce the timeframe within which your product/service reaches the customers, investigate current and future needs and expectations of the customers, and achieve higher customer satisfaction.
Business Growth. As due to market researching your sales tends to an increase and your customer management gets better, your company gains an opportunity for further business growth and development. You can use market research to find gaps in markets, assess new opportunities, develop new products and services, assess market potential and diagnose strengths and weaknesses or pros and

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