The Science of Marketing

 


Visitors: 363

Science n 1. a systemized knowledge derived from observation, study 2. a branch of knowledge, especially one that systematizes facts, principles and methods in order to produce solutions in some problem domain. "

As Webster Dictionary’s definition suggests, marketing expertise is base on obtaining objective knowledge and using it to develop methodologies and principles. It all begins with gathering, managing, analyzing and systematizing information.

Marketing is far more than tactics. A sound marketing strategy begins with analysis. Therefore the word ‘science’ aptly reminds us that first-rate marketers do their homework by researching the marketplace, competition and customer preferences, just to name a few. The goal is to take a crap shoot and turn it into an informed decision. Is there still risk? Absolutely, but it’s greatly reduced.

There are a number of textbooks devoted solely to the types, validity, merits, descriptions, etc. of various marketing research methods. Some are quite complicated, while others less so. Since research and analysis are particular interests of mine, I’m tempted to provide you with specific details on each type. But you’re in luck… I will resist the pull.

Nevertheless, it is important that you understand and consider that the operative word is knowledge- About:

  • Yourself… your abilities, goals, beliefs, work ethic, passions

  • Your company… strengths, weaknesses, resources, culture

  • Your products/services…quality, selection, value

  • Your industry…trends, innovations, successes

  • Your prospects… ones that are already buying from you; ones who ought to be buying from you; and ones who are about to buy from you

  • Your employees… their goals, talents and expectations

  • The economy… and its effect on your those that your serve

  • Your customers…the problems they’re facing; their buying habits; average transaction amounts; level of satisfaction; additional product/service requests; number of lifetime transactions, etc.

  • Current events… events that may affect your customers’ ability and/or desire to purchase

  • The marketplace… the whole universe of people who can use your product/service; those that can purchase it; and those you choose to serve

  • Your competition… what are they doing well and where are there opportunities for your company to shine

  • The business climate… general optimism or pessimism about business, particularly as it relates to your industry

  • Your community… local news and events which may impact your business positively or negatively

    There are two basic types of information you can gather, affectionately known as quantitative and qualitative data. Don’t be intimidated by the names, because they’re really quite simple.

  • Quantitative research provides you with measurable, objective, facts… For instance, if you asked 10 people if they liked ice cream and 6 said ‘yes’ then you’d be correct if you concluded that 60% of respondents like ice cream. Caution: If your respondent numbers are low (like 10!) the information you receive is not valid and should not be used to generalize over a larger population. Your random (this is an important point… your respondents must be selected randomly) sample must be large enough to be considered statistically valid.

  • Qualitative studies are considered more exploratory. Usually a small number of respondents are asked to give their opinions on various subjects, products, companies, and the like. This data can be extremely useful but should never be used as a decision-making basis for key strategic or tactical activities.

    There are thousands upon thousands of great resources available for obtaining helpful information. Some of the best are:

  • The Internet … if you have access to the internet all you have to do is type logical keywords into one of many search engines (I like: www.dogpile.com) and you’ll be overwhelmed with information.

  • Your local newspaper… It’s a wonderful way to keep abreast of local news, community events, national and international news, business and industry trends, competition, etc.

  • The library… volumes of references books on industries, commerce, research studies, consumer data, etc.

  • Friends, neighbors, customers, family members… stay abreast of their concerns, desires, frustrations, problems. Use their answers as a jumping-off point for further research.

    As a very wise man once said, “An investment in knowledge pays the best interest. " (Benjamin Franklin)

    Mary Eule specializes in helping small and medium-sized businesses get and keep profitable customers. Formerly a Fortune 500 marketing executive; founder of two successful small businesses and award-winning speaker, Ms. Eule is President of Strategic Marketing Advisors, LLC. and co-author of a new book, “Mandatory Marketing: Small Business Edition". She holds a master degree in marketing from Johns Hopkins University. Log onto http://www.StrategicMarketingAdvisors.com for free articles, newsletter and helpful tools, tips and templates.

  • (826)

    Article Source:


     
    Rate this Article:  0.0/5(0 Ratings)

    Related Articles:

    Is Marketing An Art or Science?

    by: Kevin P. Dervin (January 07, 2006) 
    (Business/Marketing)

    Email Marketing - Science or Art?

    by: Sean Ray (February 22, 2007) 
    (Internet and Businesses Online)

    Internet Marketing is BOTH an Art and a Science

    by: Wayne Messick (December 06, 2006) 
    (Internet and Businesses Online)

    Internet Marketing is Not Rocket Science

    by: Samuel Servedio (July 03, 2008) 
    (Internet and Businesses Online/Internet Marketing)

    Effective Email Marketing is Both an Art and a Science

    by: Chris Robertson (May 06, 2006) 
    (Internet and Businesses Online/Email Marketing)

    When Science is Applied to Advertising and Marketing

    by: Peter Woodhead (July 06, 2008) 
    (Business/Advertising)

    Affiliate Marketing - It Isn't Rocket Science, As Long As You Know How To Do ..

    by: Joe Stewart (July 11, 2007) 
    (Internet and Businesses Online)

    Nature And Science Lovers Have Other Options Besides The Science Channel and ..

    by: Archie Harris (February 11, 2008) 
    (Arts and Entertainment/Movies TV)

    4th Grade Science Project Ideas - Simple Science Projects That Wow the Crowd

    by: Dee Schrock (November 18, 2008) 
    (Reference and Education/Science)

    5th Grade Science Project - Simple Science Projects That Wow the Crowd

    by: Dee Schrock (November 18, 2008) 
    (Reference and Education/Science)