Marketing is mostly neglected in the areas of small business management and also ignored by small, independent businesses.
Marketing research is mostly neglected due to complexity commonly associated with it.
This is only a misconception, as an attempt can be made straightforward to marketing research, which can be used readily by small firms.
Marketing research is just a planning to help, to determine the particular marketing strategy for a particular business.
Marketing strategy should be design by all the members of a companies to satisfy the want and needs of it's costumers and to provide appropriate guidelines for its employees.
A business also depends on the market or markets, which it is serving.
There are basically four major types of retail markets: 1.
The exclusive shop 2.
The specialty store 3.
The regular store(Which has by far the greatest proportion of buyers) 4.
The discount store For sound marketing the manager must acquire a thorough understanding of the particular market segments in which his companies will be trying to sell its goods and services.
He must also know the competitive position in relative to other companies and also the advantages and disadvantages which its company possess in the market place.
Marketing can be helpful in all of these matters.
Marketing research project mainly consists of four steps.
These may described, in the order of their accomplishment, as follows: 1.
Developing the questionnaire 2.
Designing the sample 3.
Collecting and tabulating data 4.
Preparing an analysis or forecast These basic steps should reveal the company present market share and provide the empirical basis for its future growth.
The information collected must be used either to reduce costs through more efficient expenditures or to increase revenue by expanding sales.
Thus Medical Representative is a tool for better pharmaceutical marketing, which gives the company a competitive advantage by providing a better understanding of customers need and attitudes.
Information desired Small businessman fear about the acquisition of marketing information, which is not a difficult task.
To make it easy, a questionnaire should be developed to obtain answers to the following questions: 1.
WHERE {do individuals go to make purchases?} 2.
WHY {do they go there?} 3.
WHAT {is the market potential for this business?} 4.
HOW {does this firm compare with its competitors?} 5.
ADVERTISING {how effective is it at present and how can it be made more productive?} 6.
SERVICES {what ones should the business provide?}