Companies, who are commercially successful, have a huge amount of knowledge about both the ultimate consumers of their products and their competitors. To succeed in business a deep understanding of both are essential. Marketing research is a process which entails gathering information, which will make you more aware of how your customers and consumers will react to your current or future potential products or services.
Companies, who are commercially successful, have a huge amount of knowledge about both the ultimate consumers of their products and their competitors. To succeed in business a deep understanding of both are essential. Marketing research is a process which entails gathering information, which will make you more aware of how your customers and consumers will react to your current or future potential products or services. “Market research can provide you with data to help make informed decisions to put your business in the best position to succeed.”
Marketing research however does have limitations to be aware of, it does not itself make the decisions which marketing managers must make nor does it guarantee success. It does however help reduce the uncertainty around decisions and in the current climate this reduction in uncertainty is of paramount importance. During recessionary times many companies fall into the trap of cutting their marketing research budgets, “however you need to know more than ever how consumers are redefining value and responding to the recession.”
What does this mean for Irish food and drink manufacturers and how can Bord Bia help?
It is vitally important now, for Irish suppliers to utilise all the objective/credible marketing resources that are available to them. Many Irish suppliers do not have significant budgets for marketing information and this is where Bord Bia can help bridge the gap. Bord Bia aspires to be the top-of-mind source of authoritative marketing research and analysis for the Irish food industry. We publish reports which are typically rooted in original research conducted amongst consumers and/or trade as appropriate. Feeling The Pinch 6 – Consumer Outlook – January 2012 is one of our most recent marketing reports which explores how consumers are feeling and behaving in the current economic crisis. It identifies what the consumer outlook for 2012 will be, and the strategies and tactics that we feel could serve companies well to ride this storm.
Mairead Cassidy, Strategic Information Services, Bord Bia- Irish Food Board
Source: Bord Bia – The Growing Importance of Marketing Research
