Relationship between marketing research, the marketing concept and marketing strategy

All businesses need to develop a form of marketing strategy. This may be as simple as focusing on building up word of mouth or it may involve a complicated multi-pronged media advertising campaign. Marketing research can help businesses formulate and focus these strategies.

Marketing Research

Marketing research is a broad term that encompasses the process of gathering and understanding data about your customers, demographics and business climate. It can also involve the development and testing of new products or services. Information is the basis of marketing research. Businesses gather this information through seeking out demographic studies, test marketing products, conducting surveys and informally requesting feedback from existing customers.

Marketing Strategies

Marketing strategy involves putting the information discovered through marketing research to work. These are the concrete plans that a business uses to reach new and existing customers. A strategy may start with identifying a specific marketing problem, such as increasing sales, expanding the customer base or introducing a new local business to the community.

Marketing concept :

The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. There are five marketing concepts that organizations adopt and execute.

They are :
Production Concept,

1. Product Concept,
2. Selling Concept,
3. Marketing Concept,
4. Societal Marketing Concept.

Therefore correct sequence will be :

Marketing research ——- > Marketing strategy ———- > Marketing concept