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How can marketing research be of use to a marketer
Market research and its planning process
Market Research and its use in a marketing plan
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Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit.
Basically market research can be identified into four main class of study. First is investment studies, this study is carry out to find out how the market will react to a new plant investment, research, or promotion. Companies want to know whether their new move is being welcome by the public before they implement it. The second is marketing studies, marketing studies focus mainly on market structure. This class of studies is carry out to find out sales opportunities for existing manufacturers. The third is new product investigations. By judging from the title we know that for this class it is use to initiate new product ideas. Companies use this to find new ideas and also the sales potential of a new product, sometimes new products are found from market needs. For example customers want a watch that can call but this product is still not in market after market research a company knows there is demand for this product so they produce it. The last is business forecasting. Business forecasting has two roles in marketing research that is to provide better analysis of market structure for l...
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...tance of values research for nonprofit organisations: the motivation-based values of museum visitors’, International Journal of Nonprofit and Voluntary Marketing, Vol.6 Iss: 2, pp.116-130.
7) Jean F.Carroll, (1938) ‘The value of Marketing Research to Corporate Chains’, Journal of Marketing, Vol.3 No.2, pp.184-188.
8) Malcolm Robert Victor Goodman, (1999) ‘The pursuit of value through qualitative market research’, Qualitative Market Research: An International Journal, Vol. 2 Iss: 2, pp.111 – 120
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10) James Williams(2013) ‘The Disadvantages of Market Research on New Product Development’. Available at http://yourbusiness.azcentral.com/disadvantages-market-research-new-product-development-20911.html (Accessed : 10 November 2013)
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
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
Once the market research data is compiled, it is then evaluated and upon which recommendations and conclusions about are drawn. This includes how the design of the product would look like, its price, initial niche markets, etc.
When researching about advertising and marketing it is important to utilize the more recent the research is more credible one can become as a writer implementing the facts about the product to the audience. Research is the first step to identifying the customers and new opportunities by compiling information from credible sources to compare your thoughts with other research and writing a strategy for marketing and advertising. The purpose of current research is to inform you more about your topic enabling you to organize the information in written format to create a systematic approach to the research process which is how you will develop the answer to the question.
Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.
Kotler, J., & Keller, K. (2012). A framework for marketing management. Essex: Pearson Education Ltd.
Marketing Analysis is “the study and evaluation of market trends. The goal is to determine what products a company should produce and how to sell them. Business strategies and tactics
Benabou, R. & Tirole, J. (2003) Intrinsic and Extrinsic Motivation', The Review of Economic Studies, vol.70, pg.489-520.
Malhotra, N.K., 2002. Basic Marketing Research: A Decision-Making Approach. Upper Saddle River, New Jersey.: Prentice Hall.
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:
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, July 1943. 370-396. Print. 8 Feb. 2014.
...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.
Maccoby, M. (2010). The 4 Rs of Motivation. Research Technology Management, 53(4), 60-61. Retrieved from http://search.proquest.com/docview/726801562?accountid=27313