{"id":258248,"date":"2023-12-07T13:35:37","date_gmt":"2023-12-07T13:35:37","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=258248"},"modified":"2024-07-31T13:33:20","modified_gmt":"2024-07-31T13:33:20","slug":"market-research-and-market-strategy","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/market-research-and-market-strategy\/","title":{"rendered":"Market Research and Market Strategy: Market, Competition and Business Assessment, Customer Segmentation, Market Positioning"},"content":{"rendered":"\n

Imagine you are the life of the party, and as a result, you are given the task of planning a big party. What is the first thing you do? You start by listing the kind of music, food, and timings your friends prefer. Once you do this, you are all set to go.<\/span><\/p>\n\n\n\n

In the marketing context, market research depends upon all the information you have been able to collect to make it to the end product or service. In market research, target marketing is the work that you do to sell the product\/service in the best way possible. <\/span><\/p>\n\n\n\n

Market research helps you figure out what your customers are looking for, and market strategy refers to how you can use that information to sell the product\/service.<\/span><\/p>\n\n\n\n

While we are talking about market research and the strategies involving the same, let us quickly dive into a <\/span>CEO course<\/a><\/strong> which talks about industry standards extensively. <\/span><\/p>\n\n\n\n

Throughout this blog, we will also touch upon different terms in target marketing, especially the STP (Segmentation, Targeting, and Positioning) factor. Moving ahead, we plan to cover important statistics in target marketing along with the advantages of conducting market research in one\u2019s area of business. Keep reading!<\/span><\/p>\n\n\n\n

Understanding Target Marketing and Its History <\/span><\/h2>\n\n\n\n

The first known reference to target marketing was recorded around 1960 when Neil H. Borden, a marketer who believed in a few factors, decided to come up with the \u2018marketing mix\u2019, a term that consisted of four different factors: product, promotion, price, and place. <\/span><\/p>\n\n\n\n

Borden travelled outside his academic bounds to put out a statement that was followed only later into the century. In the 1980s, the 4 Ps were expanded to accommodate other factors namely physical evidence and process.<\/span><\/p>\n\n\n\n

Here is the timeline of target marketing as seen throughout the years -<\/span><\/p>\n\n\n\n