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how does market research contribute to marketing planning
implementation of market research
implementation of market research
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Introduction
In today’s competitive economy, marketing research is vital for a growing organization. So much so that having thoroughly gathered market information should be a prerequisite for any startup business. Market research helps a business excel by providing help with factors such as advertising, marketing, pricing, market trends, customers, competition among others. Effective market research can be so useful that a company can psychologically condition their customers to believe that they are in need of the product they are selling even if they can’t even afford it. One perfect example of exemplary marketing research and strategies would be a little company known as Apple Inc. Today’s research will demonstrate the importance of marketing research as well as the different methods used to accomplish this research by using Apple Inc., one of the world’s leader in technology and marketing genius as an example.
Market Research Defined
Then, what is market research? Market research is “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”(Burns & Bush, , 2006). A company gathers this information to learn more about its targeted market as well as their existing customers. Learning this information is indicative of a company’s organizational and corporate tactics as market research helps discover the public’s needs and/or wants. Typically, research is done by gathering statistical data in conjunction with business analytics of the gathered information. This type of research can help determine buyer trends, and therefore help companies learn how to market their product by increasing demand and sale...
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Whenever a company has a new product or service it would like to offer to the public there are always questions it needs to answer and analyze first. For instance, who is the target market or markets we want to appeal to? Is the market receptive to a new entry or are the products or services already there sufficiently entrenched barring any successful new release into the market? How well will our product or service address the wants and needs of our customers? The answer to each of these questions requires this firm to conduct research, specifically market research, to gain the knowledge they seek. Using the Valley Yellow Pages Company as an example, this paper will define market research, identify the different types of marketing research used, and describe the importance of this research to the organization.
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McDaniel, C. & Gates, R. (2006). Marketing research (7th ed.). Hoboken, NJ: John Wiley & Sons.
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