Importance of Marketing Research
Companies use marketing research to identify problems or opportunities that they might encounter. Organizations may also use marketing research to identify their strengths and weaknesses, and certain trends that are forming in their market. H&R Block is a tax service company that prepares state and federal taxes for individual customers and small to mid-size companies (H&R Block, 2010). This company has defined their marketing research and has different types of marketing research techniques it uses. Furthermore, there are other types of H&R Block’s marketing research techniques that would be beneficial to if they were implemented correctly.
Definition of Marketing Research
Marketing research can be defined as the “planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management” (McDaniel & Gates, 2006, p. 7). H&R Block uses marketing research to find how well their customers enjoy their services and how they can acquire more clients. They use marketing research to find out how much their competitors are saving their clients from their tax returns and then compare the statistics. H&R Block then presents that data to future clients by promoting through television advertisements and local, face-to-face interaction, specifically during tax season. H&R Block has conducted marketing research in the South Austin, Texas area and found that a large demographic is Hispanic. The company later developed marketing campaigns that would cater to a new Spanish speaking cliental.
There are three functioning roles that marketing research has: descriptive, diagnostic, and predictive (McDaniel & Gates, p. 7, 2006). ...
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...are forming in their market. H&R Block is a tax service company that prepares state and federal taxes for individual customers and small to mid-size companies (H&R Block, 2010). This company has defined their marketing research and has different types of marketing research techniques it uses. Furthermore, there are other types of H&R Block’s marketing research techniques that would be beneficial to if they were implemented correctly.
Works Cited
Current Issues in Marketing Strategy. (2011). Retrieved from http://www.ciims.net/2008/07/h-block-positioning-around-july.html
H&R Block. (2010). Secure Your Place with the Industry Leader. Retrieved from http://www.hrblock.com/company/tax_franchise/resources/hrb_brochure.pdf
McDaniel, C., & Gates, R. (2006). Marketing Research (7th ed.). Retrieved from The University of Phoenix eBook Collection database.
As we all know, marketing is a necessary part of our daily life. Not only are products and services marketed, but we market ourselves as part of everyday business. I spent time this week speaking with a close friend of mind who is a Store Manager for H&R Block discussing the 4-Ps and how they pertain to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately grasp your attention? Well it has definitely helped H&R Block in boosting their ability to attract customers. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 P's of marketing we will review how H&R Block utilizes all of the steps in their marketing mix.
McDaniel, C. & Gates, R. (2006). Marketing Research (7th ed.). Hoboken, NJ: John Wiley &
Marketing research is the collection and analysis of data relevant to a particular market and the “communication of this analysis to management” (McDaniel, 2006). Whether the organization is a local store or a large corporation, marketing research is important for quality management, customer retention, and understanding trends. Marketing research is important for receiving feedback on the success of the marketing mix (product, price, promotion, and place) and for discovering and launching new opportunities.
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...
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
The majority of firms that have engaged in the marketing concept are also partaking in some marketing research because of the benefits it brings to a company. Large corporations spend millions of dollars on marketing research, while the smaller companies. There are seven steps that are apart of marketing research process. Marketing research is the “planning, collecting and analyzing data that happens to be relevant to any type of marketing decision” (Lamb, 158). The main purpose for marketers to use the marketing research process is to improve the decision making process, and to improve customer service. These steps are to Identify and formulate the problem and or the opportunity present, plan the research design and gather secondary data, specify the sampling process, collect primary data, analyze the data, prepare and present the report, and following up on the research that was just conducted.
According to Kotler and et al (2008),“Marketing research is the systematic design, collection, analyze and reporting of data relevant to a specific marketing situation facing on organization.”
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
Doyle and Stern (2006) also state the role of marketing research in order to retain customers and fulfil their needs. Stability, development and profit of any business totally depends upon the ability of management to orient the organisation by meeting the needs of the customers. Day (2005) states that market research also help businesses to identify different opportunities and if a business is planning to start a new service or offer a new product to customer, identifying is very much important and essential to make sure the progress of product is stable and highly focused towards demand. Market research is the only way where progress is measured in terms of customer satisfaction for their current service with customers opinions and recommendations for new products to be developed. The Times 100(2014) discuss the role of marketing research in market oriented businesses as the demands for the product can fluctuate and it is important for the company to forecast any upcoming downfalls to be able to successfully tackle them.
Marketing research provides organizations with information to aid in decision making and marketing strategies (Peter & Donnelly, 2015, p. 32). Marketing research can test consumer reactions to a new product ideas and services and tell you how your product ranks among competitors, to name a few examples. Marketing research methods can be categorized as primary/secondary data research, quantitative research such as surveys, observations, experimental and mathematical models, or qualitative research such as focus groups and interviews. Additionally, the research can be used to determine the target audience for specific products/services and can guide marketing professionals on how to best communicate the product/service.
This assignment will investigate the role of research in the academic and business life of Business to Business Marketing. Somers () defines research as the study of a subject and its sources and investigating these in a systematic manner in order to find new conclusions (Somers, H. not dated).
Research plays a critical role in decision making. It provides information that helps individuals at the agency and client better understand their product and target audience, the marketing environment, and the effectiveness of the product's advertising and media placement. Research helps inform advertisers' judgement so that they can identify their range of option and evaluate the strengths and weaknesses of each option.
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:
Apart from innovativeness and incisive management, Marketing Research has played a crucial role in helping Marriot segment the market and successfully launch and develop its line of hotels. Marketing research has been a significant backbone for the success of Marriott. Therefore, marketing research is an important requisite for Marriott to keep track of their changing consumer and business customer needs, to identify new opportunities in the hospitality service sector, to further develop and differentiate its various brands, and to develop strong brand equity. Through marketing research, Marriott has scaled magnificent heights of operational success.
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)