Prior to the advent of advanced market research techniques, most companies were essentially product-focused. They employed scores of sales personnel to push their products or services into the market. Modern marketing methods are influenced by the social sciences, particularly psychology, sociology and economics. The market-focused businesses first try to determine what their potential customers desire and then proceed to build the product or service. The marketing theory and practice is justified in believing that individuals or businesses use a product or service, either because they have a need or the product or service has a perceived benefit.
The related tasks undertaken by the Business to Business or B2B marketing research agencies include, compilation of formats collecting information requested by the business clients and co-ordination of a variety of data collection vehicles. After all the necessary data is collected and compiled, a detailed report is prepared with the information. The report is submitted to the business client along with the recommendations and recommended actions. The company then takes it from there and works on a suitable strategy.
Market research firms typically collect the required information through a market survey. The parameters and areas of research are usually, defined by the customers. The business may be interested in finding out their market reputation. The research helps the client businesses to discover the real present market value of the firm. Often, they decide to redefine or refine their products and services to benefit from the new data and knowledge acquired. In order to maintain or grow in standard, it is important that the business communicates a consistent set of impressions to demonstrate their commitment. The research conducted enables the company to identify and target the market, with respect to demand. It ensures that their customers are retained and satisfied with the efforts made.