Marketing research: meaning, stages, effectiveness
Marketing research is the collection, classification and analysis of information that enables a company to develop strategies and minimise uncertainty.

The research stage is one of the key stages in strategy development. All ideas for a sound strategy should be based on an understanding of what is happening in the marketplace and with consumers. Research cannot guarantee 100 per cent effective solutions, but it can certainly avoid gross errors in decision making. Mafpels Cyprus specialists conduct thorough market research for our company and our clients' companies.

Marketing research is needed to:
  • Identify market trends and best practices;
  • Identify your potential customers, their needs and give them what they want;
  • Assess the prospects for demand for a product or service;
  • Refine the product or service to best meet the expectations of the target audience;
  • Supplement the product or service line with items the market is waiting for;
  • Launch more effective marketing campaigns, reallocate advertising budgets;
  • Identify and work with competitors: understand their strengths and weaknesses;
  • Improve the quality of service based on the needs of the target audience;
  • Set prices correctly so that the cost of your goods or services is competitive;
  • Adapt your business strategy to the market situation.
Why market research is important
Most losses and damages are due to ignorance or misinterpretation of the market situation - the company wastes efforts, money, wrongly chooses the point of application of efforts. Proper market research eliminates business risks and increases profits.

Customer-oriented business is impossible without taking into account the opinion of the consumer. Market research allows you to understand your target group, their needs, pains, values, behavioural patterns, etc. Conducting research will protect you from launching products that are not interesting to consumers and therefore not profitable.

It happens that company representatives say they cannot spend money on research, but are willing to invest a lot of money in expensive projects and advertising. Compared to these costs, the cost of research pales into insignificance. It is not always budget friendly to do research, but entering the market with the wrong product that consumers do not want is an even bigger waste of money.
Stages of marketing research
  1. defining the purpose of the research
  2. Finding and gathering information, taking measurements
  3. Systematising the data obtained.
  4. analyse and interpret the information.
  5. Drawing conclusions.
  6. Making decisions.

Defining the aims and objectives of the research is the first and very important stage. It is necessary to understand clearly why you want to carry out this or that research. It is important to formulate hypotheses beforehand which will be confirmed or refuted by specific research.

The most important thing in marketing research is information. However, in the process of collecting it, you may encounter respondent dishonesty, researcher bias and even incorrect data collection. When conducting market research, you must pay the utmost attention to the objectivity and purity of the data. Otherwise, you run the risk of drawing the wrong conclusions, which in turn will lead to the wrong decisions. And decision-making is the most important stage for which research is conducted. Therefore, information must be verified and validated. Accurate information is the key to the success of any marketing research, say Mafpels trading's experts.
Types of research. Combination
Traditionally, there are two types of marketing research: quantitative and qualitative. The first type, at the quantitative level, confirms or refutes the marketer's hypothesis. Its purpose is to obtain results in quantitative form using methods of statistical analysis. The second type of research aims to obtain data that is not subject to statistical analysis, aiming at a deep understanding of the consumer. It uses words rather than numbers to interpret the results.

Quantitative research is all about numbers, facts, etc. They allow you to measure, segment, test and predict. It's about accuracy, statistics, objectivity, capturing facts and figures. Qualitative studies offer depth. They are conducted on small samples, allow you to understand causes and describe facts. It is about detail, explanation, subjectivity. For research to be complete and deep, it is necessary to combine both types. In this case, the results will be more accurate and objective.

Marketing research should be carried out in any situation where a company has issues on which its stability, success and growth depend. Such business tasks as entering a new market, launching a new product, the need to optimise the advertising budget, increasing production and others require mandatory research to anticipate risks, avoid possible mistakes and determine the path to success.

Maf pels carries out various types of research for our clients. We also provide recommendations on how to optimise your business strategy based on the results of the research. The qualification of the MAFPELS team ensures the quality of the results and provides a deep understanding of the market, which will assist you in making important business decisions.
Others Mafpels company blog's articles