Using research in industrial markets

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Most industrial markets are active users of research, and the need for good and timely information to support business decisions in this sector is as great as in consumer markets. Uses to which industrial marketing research is put are, in order of importance:

■ sales forecasting

■ analysis of market size

■ trends in market size

■ estimating demand for new products

■ competitive position of company products

■ determining characteristics of markets

■ determining present uses of existing products

■ studying economic factors affecting sales volume

■ general business forecasting

■ evaluating proposed new products and services.

This list indicates the relatively limited range of applications for marketing research in industrial markets compared with consumer markets, and marketers in industrial organizations are perhaps less likely to use marketing research data than their counterparts in consumer product and services industries.

13.13 Summary

The use of marketing research in industrial markets is growing, but there are some differences in emphasis in the way in which techniques outlined in this book are applied. This chapter considers each of the previous chapter topics in turn and indicates ways in which there are similarities or differences for using research in industrial markets.

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