Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
How can marketing research be of use to a marketer
Implementation and Evaluation of market research
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: How can marketing research be of use to a marketer
1. Explain what Market research is. (2 Marks) Market research is the process of gathering valuable information to facilitate an assessment of whether there is a market for any proposed product or service, with consideration of different demographics. It is utilized to establish an understanding of the various portions of the population which are likely to purchase the product, based on age, gender, location, income level, and several other variables. Based on market research findings, businesses can develop "target audiences," which are specific groups of customers that have distinct needs or desires for the product or service. The research can be used to determine many things such as; how frequent the target audience will purchase a particular item, how much money they are willing to pay for it, and what is their overall satisfaction from it. Upon analyzing this information, manufacturers and service providers can get a clear picture of where to focus their efforts and resources most effectively. The information acquired from market research assists budding entrepreneurs into making wise and profitable business decisions. 2. Explain why business would do market research. What information would they hope to find out? (4 Marks) Successful businesses carry out researches on a continuous basis to gauge the market trends and to maintain a competitive edge by implementing appropriate measures. Regardless of whether a business is at an initial stage or expanding, market research is considered to be a compulsory activity that provides a better understanding of the targeted market as well as increasing product sales. Businesses conduct research for a variety of reasons: Identify potential customers: Which type of people are mos... ... middle of paper ... ...rmation. The information in some cases is so valuable than one can imagine. In many cases, we like to believe so positively about our idea and we think nothing can possibly go wrong and that we are conducting the market research to simply fine tune our idea but then it turns out the to be the opposite. Hence, to those whom market research may be of the most value are those entrepreneurs who after the research, decided not to get into that particular business or product line because the research indicated that there was not a viable market to make the business profitable or there was too much competition in a limited market. However, sometimes a business could be successful without conducting market research although it’s very unlikely. Therefore, for a business to succeed it is crucial to conduct a market research to facilitate appropriate feasibility evaluation.
Market research is the process of collecting, analysing and understanding information about a market, for this instance the festival and its service and lets the parklife festival see where there customers are coming from and lets them also see the spending habits of their consumers. Market research will help provide the festival with the relevant data they need to solve their challenges like competitors or trying to attract more customers to the festival. With market research, you have two types of data that can be gathered Primary research and secondary research, primary research is the information that the parklife festival will have either complied themselves or hired someone to gather the info they need. A good idea that the parklife festival could do for primary research would be conducting a questionnaire using their own resources and deciding on how they would question their target market i.e. telephone, direct mail, or personal
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...
Marketing is anything an organisation does which is related with communicating and selling of a product or a service to an audience. “To acquire customers, satisfy and maintain a relationship with them and subsequently to generate profits for the company.” For that to be achieved, extensive research has to be carried out to target markets.
Market research is vital to any business looking to expand into new markets. Global market research is a major function for organizations to facilitate marketing decisions outside their respectable country. Effective global market research requires analyzing market data, such as environmental factors, government regulations, needs of the target market, customer interests, price, and available resources. The following is a case study analysis of architectural firm Sperry/MacLennan (S/M), based in Dartmouth, Nova Scotia, which is seeking to expand their market in other countries. The analysis includes an overview of Sperry/MacLennan’s situation, identifies their key issues as well as ways in which to address those issues, and explains how market research is valuable in business.
Marketing involves activities to find right people for the business and then gaining their attention and retaining them for life. There are many theories marketers employed to stand their business out of crowd or at least make it visible. To make any business efficiency and effective, it is important to seek the target customer market. There are primarily three main areas to consider while identifying the target market. Those are as follows;
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.
Malhotra, N.K., 2002. Basic Marketing Research: A Decision-Making Approach. Upper Saddle River, New Jersey.: Prentice Hall.
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
Advertising effectiveness refer to the changes that advertising causes in the mental or physical state or activities of the recipient of an ad (Jellis Gerard).
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
...cular market. Companies that conduct market research normally save a lot of money by understanding what type of product or service is needed, other than entering the market blindly without knowing what to expect.
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius
On the other hand, weaknesses existed. The primary research was the most difficult and frustrating sector, for it was difficult to keep in touch with the potential competitors; hence, a chance to learn more and analyse deeper from the potential competitors was missed. To conclude, the result and analysis of primary and market research which was based on the questionnaire was not convincing enough, and it was the main sector which needed to improve in the future.
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s