Introduction
In almost every business companies look to improve their bottom line, keep existing customers, and make non customers new customers. Several ways to achieve these corporate goals are available. Trial and error is one method. Following the industry and the competition is another avenue is taken. However, there is one way that many companies don’t utilize enough. It is through the process of market research. Take a local hair salon as an example. It is likely they will do plenty of marketing to increase their client base, yet probably do very little in terms of research. Perhaps the importance and value is overlooked. Through defining market research, identifying the various types of, and understanding the marketplace, a local hair salon could reach their full potential with the use of this process.
Define Marketing Research
In defining marketing research several definitions exist. According to Ronald Heimler, “Marketing research refers to the process of collecting, analyzing and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.” (2008). Market research is obtained when specific information is required to make the best decisions. Market researcher does not make any management decisions on behalf of the company. Their function is to gather, analyze and report the data to empower management in making effective decisions. The American Marketing Association uses different language but has a similar definition. Their definition states it is a systematic data collection process referring, “to a specific customer group in a specific geographic area.” (2006). The research process helps managers influence the direction of the marketing mix; promotion, placeme...
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...stand where improvements to the system can be made.
Conclusion
Hair We Are is presented with a bit of a challenge. There is little start up money yet the salon can benefit from marketing research. Some of the question can be answered through syndicated research. The Government Census Bureau and offer demographic information that will help in some of the decision making. This type of research is public record and easily obtained through the Census Bureau website. This can help leave the budget for the more specific questions that will help the salon get to know their clients individual wants and needs when it comes time to personal grooming.
Works Cited
McDaniel, C. Gates,R. (2006). Marketing Research (7th e.d.) John Wiley and Son
Heimler, R. (2008). Marketing; Real People Real Choices (5th e.d.) Solomon, Marshall, Stuart
Pearson, Prentice Hall
In order to solve our research problem, we used a descriptive research design with two types of sample surveys that estimated the strength of competition, what attributes students value most in a haircut, and the potential effect of promotional tools on demand. The answers to our experiment will ultimately give us a general idea of how promotional tools will affect the demand of our target market, what our target market wants, and an overall sense of competition intensity.
Roxie Photography is a photography business located in Fort Wayne, Indiana. Roxie Photography specializes in Newborn Photography and Boudoir Photography. The company is new to the Fort Wayne Area, having moved to the area from Guam. Roxie Photography owns a physical location, on East State Boulevard. The company currently offers two services, Boudoir sessions and Newborn sessions. Roxie Photography’s main focus is on the Boudoir service.
Aaker, D. A., Kumar, V., & Day, G. (2007). The Marketing Research Process. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx.
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.
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.
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...
Marketing is anything an organisation does which is related with communicating and selling of a product or a service to an audience. “To acquire customers, satisfy and maintain a relationship with them and subsequently to generate profits for the company.” For that to be achieved, extensive research has to be carried out to target markets.
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
Marketing research helps keep companies up to par with current market trends and can also keep a competitive edge. Market research helps lead to understanding your target market and can increase sales, and or reach more of an audience. The whole idea is to help identify potential customers and understand what your current existing customers want and or need. This is great for any business to also identify and opportunities that may be in their market, and examine and solve a particular problems that they may currently be seeing with their products.
As part of my marketing mix I plan to use market research for aspects such as pricing, promotion, and distribution.
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.
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:
In order for my product to be successful, I strategize a marketing plan. Market Research is one of the main steps taken in the initial process of strategizing a marketing plan, The primary function of market research is to identify the customers needs and views. During the market research of my product, I discovered that because of the competition, (Herbal Essence Shampoo brand) my product would really need to stand out on the market. Also, during that research I discovered that Herbal Essence?s sales had dropped 6% over the last 2 years, because of their marked up prices. These were great pieces of information, as they will serve helpful during the marketing mix portion of my marketing strategy. The marketing mix is one of the first steps taken in applying an overall marketing strategy for your product. A Marketing Mix is the combination of product offerings used to reach a target market for the organization. (Armstrong & Kotler 2007) The marketing mix includes product, price, promotion and place (also known as distribution)