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How does market research contribute to marketing planning
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Many businesses are Product Orientated. This means that they design and make a product, and then try and convince consumers to buy it. Business can also be “Market Orientated”. This is where they try to find out what consumers want before making the final product. Finding out about what consumers want and need, and what makes them buy, is called “Market Research”.
Businesses which are mainly product orientated risk spending a large amount of resources launching a product which proves to be a failure. Researching the market helps reduce this risk. It should focus research and design effort onto products which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing.
Market research attempts to find the answers to questions a business might have about its market. A market researcher must then decide what information might help answer the question brought forward. The market researcher then decider how best to collect this information. There are two ways of doing this, desk research and field research. The information is then collected and analysed. Finally, the business has to make a decision about what to do in the light of the information formed.
Desk research involves the use of secondary Data. This is information which is already available, both within and outside the business. Information within the business is information collected routinely. Invoices, for instance, will tell them how much they selland who they are selling to. Accounts will give information about the value of sales and costs of production. Businesses can also collect information which is available from sources outside the business e.g. Government, the media, Trade associations etc. The results of that research are given in a table.
Field research involves the collection of Primary Data information which no one has yet collected. It is collected specially for the particular piece of research. Primary data is collected through direct investigation, usually in one of three ways-observation, survey and expreriment.
Observation is looking at and recording what people do and how they behave can be important.
Surveys usually involves asking questions of Respondents- people or organisations who reply to the questions asked. There are different ways of conducting surveys. A postal survey, where questionaires are sent through the post, or a newspaper survey, where readers are invited to fill in and return a questionnaire in a newspaper, are cheap. Telephone surveys, personal interviews and consumer’s panels are more expensive because an interviewer has to be employed to interview customers.
To begin with, some people would say they enjoy a horror movie that gets them scared out of their wits. They go see these movies once a month on average, for fun, each time choosing a newer sequel like “Final Destination” or “The evil Dead”. King says “When we pay our four or five bucks and seat ourselves at tenth-row center in a theater showing a horror movie we are daring the nightmare” (405). As a writer of best-sel...
During his life in Sudan, Francis was taken away from his family to become a slave. He lived with Giemma who was his master. Francis job was to take care of the herd. When he first tried to escape Francis took the animals deep into the forest, and started running but got caught by a man
The process of market research is assembling information, analyzing its value, and interpreting market information about products or services to be presented for sale in a particular market (McDaniel & Gates, 2006). Market research is also about historical, current and future customers for the product or service being researched. Market research as stated by McDaniel and Gates, (2006) is a combination of characteristics, spending trends, position and the needs of the firm’s target market, the industry the firm is working in, and the firms competitors.
Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the
Overall, in Stephen King’s essay, “Why We Crave Horror Movies”, his suggestion that we view horror movies to “reestablish our feelings of essential normality” (562) and there is a “potential lyncher in almost all of us” (562) has brought forth many aspects that I have never really thought about. Why do we have so much excitement when it comes to horror films? Everyone has their own opinion, which will never end with one definite answer. Stephen King thinks there’s and evil in all of us, but I don’t think so. The evil only comes out if you make it, we do not need horror films for psychic
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
It makes sense that McFadden chose to name the granddaughter Mercy and not Mary herself. While she almost seemed like an unnecessary character at first, Mercy was needed to show what kind of change love and compassion can invoke in a person. Prior to Sugar’s first departure from the Bedford house Mary took on a much more distant role in her life, similar to that of the role of the Lacey sisters. Mary may have cared about Sugar, but it was certainly less direct and there was a financial gain to keeping Sugar around. Sugar returns to St. Louis cut up and bloody from a violent client presumably expecting to work for Mary again, however she is greeted by Mercy and becomes aware that the Bedford house is no longer operating as a brothel. Mercy, at this point, represents an angel. The word “mercy” continues to be a trend throughout Sugar’s time spent in the Bedford house. Sugar finally begins to understand love and compassion. Her time with Mary is one of the first times in the novel that she has a genuine smile due to a good memory and is pointed out when Mary says: “You having one. You having one I see it don’t try and deny it!” (103). Sugar’s time with Mary and Mercy is somewhat of a turning point in the book. While she does go back to being a sex worker, in general her life seems to get better after having spent time with them, especially after meeting
Abel, Donald C. Freud on Instinct and Morality. Albany, NY: State University of New York Press, 1989. Print.
This is presented through the emotive language of Miranda “I have suffered with those that are suffering”, through the empathy that is displayed by Miranda the violent action of Prospero on the ship that carries Antonio and the royals are demonstrated. Through this violent action Prospero demonstrates his desire to get revenge on all the people that have harmed him and his daughter. However, Prospero also commands Ariel to protect the people on board, coupled with this, the metaphor “The government I cast upon my brother and to my state grew stranger” shows that he is on the path to self-enlightenment due to his acknowledgement of his own downfall. Prospero through the order to protect the people and the use of the personal pronoun in the metaphor displays that he has identified his own role in his downfall. By accepting his role he is able to start to forgive Antonio and progress on the path to enlightenment. However, he is presented to not have reached complete self-enlightenment through his vengeful treatment of Caliban seen through the metaphor “A devil, a born devil on whose nature, nurture can never stick”. Through this metaphor, he illustrates that he
The Information System is aimed to further assist the marketing departments in local and foreign regions. By looking at human activity in the organisation, we can develop a more successful approach to obtaining and analysing market research.
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.
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:
On the other hand, weaknesses existed. The primary research was the most difficult and frustrating sector, for it was difficult to keep in touch with the potential competitors; hence, a chance to learn more and analyse deeper from the potential competitors was missed. To conclude, the result and analysis of primary and market research which was based on the questionnaire was not convincing enough, and it was the main sector which needed to improve in the future.
...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.
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.