The Marketing Manager focuses the business on getting the right goods and services to the right people at the right place and time with the right price through the right combination of promotional activities.
In other words, the four P’s of marketing: Product, place, price and promotion. If the Marketing Manager has absolute knowledge, aligning the company’s P’s with the customer’s needs is a very easy task. Unfortunately, the four P’s are filled with uncertainty. Uncertainty is why companies fail.
This is where marketing research comes in. Through marketing research the Marketing Manager gains insights on the customer’s unsatisfied needs, when and where the customer will need the product or service, what the customer is willing to pay and the how the customer should be contacted.
Marketing research is all about understanding the customer. Even researching competitors is about understanding how they are relating to their customers . . . . . and perhaps how you can steal their customers away.
Marketing research simply reduces the uncertainty inherent in the Marketing Manager’s role. While it is impossible to completely remove uncertainty even improving decisions by as little as 10% can have a significant impact on the company’s profitability. Imagine pricing your product at $60 instead of $50 with minimal loss in unit sales because you were able to better understand what your consumer was willing to pay.
The market is constantly changing. Customers gain and lose interest. Competitors move into and out the market. Technology requires adjusts the customers needs. This means the marketing research is a necessity at all times. The Marketing Manager must continually gather new information and test old knowledge.