P3 Marketing Research Essay

P3 Marketing Research

Marketing research is the process of defining a marketing problem and opportunities, systematically collecting and analyzing information, and recommending actions (Kerin, Hartley and Berkowitz, 2009). Marketing research helps assess market potential, gives insight to into customer motivation, purchase behavior and consumer satisfaction. The purpose of marketing research is to gather, analyze, and interpret data related to the company’s market, competitors, marketing objectives, and customer demands.

Kudler Fine Foods is a gourmet grocery store that has experienced significant growth, and is now focused on expanding its services, improving the efficiency of its operations, and increasing the consumer purchase cycle as a mean to increasing the loyalty and profitability of its consumers. The organizations strategic objective is to increase loyalty and profitability of consumers. To meet the objective, the business focus includes expanding services, offering a frequent shopper program, and increased business efficiency.

Through market research the organization can obtain information needed to make reasonable estimates about what consumers will or won’t buy. The objective when research is performed is to reach a deep understanding

The five steps are; 1) Define the problem or opportunity; 2) develop the research plan; 3) collect relevant information; 4) develop findings; and 5) take marketing actions. Marketing research begins with setting research objectives that are specific, measurable goals they seek to achieve in conducting the marketing research. The objective of Kudler Fine Foods is clear, to seek consumer demand and satisfaction of their products, build loyalty, and business efficiency. Marketing research helps formulate the tactics that will be most effective for the organization to communicate and advertise its products and