Marketing Research

This paper will discuss and differentiate among the various tools used in primary and secondary research as well as discuss the differences when using qualitative and quantitative approaches. This paper will further identify which tools are used for each approach and why. The primary purpose of marketing research tools is to assist companies in decision-making. Therefore, the view and understanding of marketing research, its tools, and its methods are adapted in business decisions. Primary and Secondary Research Effective marketing is applying the right research tools at the right time for successful decision making.

(Aaker, Kumar, & Day, 2001). Overall, market research provides a planned approach to achieving company goals and objectives. Understanding the differences in primary and secondary research when using qualitative and quantitative approaches will help any organization gain a better perspective of the various ways market research can be applied to meet company goals. Secondary Research It is important to assess the current situation prior to jumping straight into market research because it can be both timely and costly. The first step in market research is to use a cost-benefit analysis and decide if the cost of the research is worth more than the value of the data retrieved.

Marketing research is the first important step that a marketer has to do before creating marketing plan and launching a product or service domestically or internationally. Knowing that creating an effective marketing strategy will help identify the target customer needs then find ways to capture the intended customer's attention with a unique value proposition and finally get the customer to perform the intended action. Marketing research requires company to spend resources to obtain in many different research activities such as marketing testing, surveys, finding out more data and statistics. There are primarily two types of marketing research, primary data research that a business can do itself or hire someone to perform. This data is collected specifically for the purpose at hand and is customized for your business.

Marketing Research Tools Strategic and tactical decisions need to be made when an organization needs to achieve the objectives of the research. Market research is a strategic step in determining the best solution for discovering opportunities and acquiring clients. This is the first critical step in the marketing department that creates a foundation for what a company needs to research to identify what opportunities are given and what steps need to be taken to achieve the goals. The process provides information for managers and necessary tools for the marketing mix, which can help with customer satisfaction and retention. It is important for proactive management because it helps develop marketing options through market segmentation, consumer attitude, product usage studies, and market opportunity analysis (McDaniel & Gates, 2006).

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”.

This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers.

Companies that are aware of this fact tend to hone in on the tools and resources that are going to best benefit them as quickly as possible to avoid unnecessary costs and time. Identifying the best tools can be critical to the successful implementation of a market research plan. This paper will discuss some of the differences between the different types of marketing research and the tools that each approach uses. Primary Research versus Secondary Research Marketing researchers must decide what is going to work best for their purposes. This begins by understanding the fundamental differences in the types of research that are available to them.

Secondly, we will discuss more about the product itself. Goldsport will need to evaluate its product thoroughly if it wishes to meet the needs and wants of its consumers and hence customer satisfaction. Analysis of product design, packaging, branding and legal protection will be emphasised. Introduction Marketing a new product can be a challenging experience and time consuming for a business. Especially, new businesses starting in a market.

Marketing needs to determine the location the goods and services are needed and how will the product get there, decide types of promotion necessary to inform potential consumers about the product, estimate how many competing companies are producing the same type of product and figure out how what type of warranty service may be required. These a few items are required to market a product. (Perreault & McCarthy, Jr., 2004, 2/1) Marketing is important to the success of the organization. If the organization does not lay out the groundwork properly, the organization may not be able to adequately sale the product. The must be a market for the product that and organization wants to sell and the distribution network must be thought out.

Moreover, marketer needs to advertise it and sustain a product on a market among its competitors. Further, the study indicates intentions of consumers to buy or not to buy certain products. Moreover, it represents motivation theories and what is to be considered to influence customers. Basically, marketers need to consider various psychological factors before launching a product. Before establishing a market, products undergo different analyses, various motivational theories (Maslow’s hierarchy of needs, trio of needs), cognitive learning theory, customer perceptions, consumer buying behaviour, moments of truth, customer relationship groups, external and internal factors, advertisements, promotions, sales and other tools that makes a difference on customers’ minds.