Market Research For New Product Development

Marketing refers to various acts that a business undertakes to advertise the sale or purchasing of a particular product, service, or item. In recent years, The New York Times has defined it as “the best art of convincing people so enthused that they lose sight of their cash”. Marketing is the practice of conveying your message to potential clients and customers so that they respond in a proactive manner, usually by purchasing your product. It is a very broad umbrella term encompassing a wide range of promotional activities. While some forms of marketing are passive and occur passively such as print advertising and mass transit advertising, others such as digital media marketing (DMM), mobile marketing, and social media marketing are active processes.

One type of marketing that many marketers engage in these days is social media marketing. For example, some marketers engage in social media marketing by creating and maintaining personal blogs, then posting engaging articles, videos, and pictures on Instagram. They then instruct followers on the steps they should take in order to purchase products from the blog. Businesses who have an Instagram account can also post pictures of their products for followers to purchase, hence the term, “instagram marketing”. This type of marketing is very effective because not only do users get to see what goods they can buy, but the marketing companies get their target audience to view their ads as well.

Other online marketing tactics include paid search advertising, web 2.0 strategies, video marketing, and mobile marketing. In essence, all of these marketing techniques allow marketers to reach potential customers and clients on a more personalized basis. Marketing is a very broad field that uses a wide variety of marketing tools, devices, and media. This makes it difficult to categorize, much less rank all of the marketing efforts within each category. The best way to make sense out of the chaos is to conduct thorough market research, conduct an in-depth analysis of your market, and then use that information to determine which types of marketing are going to be most effective for you.