Marketing Research for Retailers

In order for the GWC Valve International to be successful, they need to constantly do their marketing research in order to gather data following by analysing this data and then this will be able to give them the proper insights on what to do next. When it comes to marketing research for retailers, this is the collection and analysis of data relating to opportunities, issues or problems. Most companies will use both primary and secondary data that is quantitative along with qualitative data. For retailers there are many different data sources that they can use and this is for the collection of their secondary data. These different data sources including asking consumers about their decisions and their preferences along with analysing their behavior by using different surveys, conducting focus groups and interviews. Companies need to constantly be studying past patterns using records, watching their customers and studying habits. They need to also analyze census data collected by the government and different market research companies as their secondary data, along with studying scientific research and even economic reports. Another way that they can conduct a primary research is by studying the media and especially different social media platforms.

As a retailer, the GWC Valve company can make better decisions by getting companies to seek out data that can help them make decisions involving their target market(s) that are the most profitable, the potential success of strategies, products, packaging, marketing campaigns, customer needs and wants, and how they can influence their target market to make a purchase and become a loyal customer. Some retailers think that market research can be too complex and costly for small businesses and students but research can be done without corporate funds. You can simply observe customers, conduct surveys, focus groups and interviews and there are numerous free sources of data available.

 

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