Which answer best illustrates the relationship between marketing research, marketing concept and marketing strategy?
Nowadays, businesses mainly focus on basic need, which is the development of the marketing strategy. It is as simple as building up word of mouth, or it may involve a complicated multi-pronged media advertising campaign. Here, marketing research can play an important role. It can help businesses in formulating and focusing on these strategies.
Marketing research is a broad term which encompasses different processes. Marketing research represents the process of gathering and understanding data about your customers, demographics and business climate. The development and testing of new products can also be included in marketing research. The base of the marketing research is none other than information. The businesses gather the data from different resources by demographic studies, testing marketing products, conducting surveys or by requesting feedback from the existing customers.
The role of marketing strategies is to put all the information discovered through marketing research to the field. Marketing Strategies includes concrete plans that a business uses to reach the new and existing customer. A strategy starts with the identification of a specific marketing problem. These particular marketing problems can be increased in sales, expansion of the customer base or the introduction of a new business local to the community.
Marketing concept comprises of the strategies which aim at satisfying the customer needs, sales increase, profit maximization, and beating the competition. There are five types of marketing concepts which the organisations adopt and execute. They are:
- Product Concept
- Selling Concept
- Marketing Concept
- Social Marketing Concept
So, the correct sequence will be:
Marketing Research > Marketing Strategy > Marketing Concept