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The concept of market research is tremendously essential for a new product in the market to familiarize the product to the customers of PhillipMorris Company (Bradley, 2010). This is because one has to know the tastes, preferences and benefits to the customer. The following are the approaches to conducting better and efficient marketing research for PhillipMorris Company:
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Find the target customers
This is finding the right target users of the product at their right places through demand estimation. Which audience does one think is interested in their product? What will one use to make their product appealing to their prospective customers (Bradley, 2010, p. 45-47).
PhillipMorris Company should define their commodity
The company should describe the product in a clear language that the customer understands. Let the customers know about the ingredients and how to use the cigarettes. Let the customers be enlightened about the cigarettes' benefits and effects (Bradley, 2010).
Know its competitors
It is vital for PhillipMorris Company to know all its competitors, their products and their prices. In addition, know their marketing strategies so that one can compete with them well.
Choose its distribution outlets
Use a convenient, effective and affordable distribution channel. Indicate the company's distributors and retailers, for example, the supermarkets, online shopping centers or other convenient places (Joshi, 2005, p. 30-34).
Set the right price
The price should be competitive to cater for product costs and maximize profits. The price should not be higher than the competitors' prices. Specify means of rewarding and retaining customers for instance giving discounts to those who buy in bulk. Define the set of payment issues, for example, using electronic payment system or mobile money transfer services (Bradley, 2010).
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PhillipMorris Company should make a marketing plan
The company has to choose the marketing approach that is suitable, convenient and affordable for the Company. One should open a website for their company, where the customer can visit for more information. If one is selling to the youths then use social networks like Facebook, Twitter, My space just to name but a few. For older customers, one can use media advertising (Joshi, 2005).
It is therefore, crucial that PhillipMorris Company conduct a marketing research in order to understand customers' distribution channels and competitors.