By: Edward Rouxinol
Marketing research is a key component of any business marketing plan and it helps to provide organizations with the information they need to determine what influences product consumption. The four P’s of the marketing plan can be used as a base for determining what to research when developing marketing plans for a company or a product. The four P’s are Product, Price, Place, and Promotion. When putting these plans together to increase the awareness of a product or brand, the researchers are collecting data from consumers and other media sources to determine the factors that influence consumption.
The two main types of research are primary and secondary. Primary research is performed for a specific purpose typically done by the persons seeking the research of someone that they contracted to perform the research. Secondary research is data that has already been collected and published for public use. This typically is the method used when analyzing research such as the national census or other demographic information.
The purpose of market research is to reduce uncertainty in marketing decisions and provide marketers with basic information that will assist with planning and selling their product or brand. External factors will always have a significant impact on marketing trends and there may be other barriers such as finances or resources that could limit the ability to effectively market a product.
For my research article, I analyzed the marketing research data that was collected by the company SUPERDATA on the electronic sports and gaming industry, commonly referred to as eSports. SUPERDATA is a marketing research company that focuses on providing relevant market data and insight on digital games and playable media. The company uses monthly analysis and industry reports to provide data that is collected from point-of-sale data. Their purpose is to understand what people are playing and what they are spending their time and money on. After collecting this data they create a report that is available to marketers in the industry to use a resource for creating marketing campaigns in the electronic gaming industry.