The Importance of Marketing Research
This paper will outline the importance of marketing research and apply that importance to a communication to the management team at Johnson & Johnson’s Consumer Products group. The discussion with management will include the use of current marketing research tools by the company today and the application of each.
The premise behind marketing research helps provide a company’s decision makers the information intelligence needed to make daily decisions (McDaniel & Gates, 2006). The data obtained gives insight to the performance of the current marketing mix while also providing insights to potential changes to future programs (McDaniel & Gates, 2006). Marketing research is a key driver to help define new ideas and initiatives that could improve company or product performance.
The American Marketing Association defines marketing research as “The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area.”(McDaniel & Gates, 2006, p 6)
Authors McDaniel and Gates prefer to define marketing research as planning, collecting, and analyzing data relevant to decisions required for marketing. The analysis should also provide communication and insights to management (McDaniel & Gates, 2006).
Johnson & Johnson (J&J) has been important producer of consumer products for 125 years. The last 10 years have seen its stock create a 4.0 % return on investment, whereas the number generated for the S&P 500 is 1.4 % (Johnson & Johnson, 2012). J&J knows that keeping a pulse on the global consumer market is key to achieving profitable results in the marketplace. Despite recent struggles with several high pr...
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...fy those changes almost as quickly. Marketing research is poised to step in and guide decisions that can help or hurt a company’s performance.
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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...
Kotler, Philip, and Kevin Lane Keller. Marketing Management 12e. Upper Saddle River: Pearson Prentice Hall, 2006.
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, NJ: John Wiley & Sons, Inc..
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
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