Primary and Secondary Research Effective marketing is applying the right research tools at the right time for successful decision making. It is important to consider marketing research information, such as primary and secondary, as part of the marketing strategy as well as the tactical decision process. It is important to consider the various methodology tools so that an effective marketing plan can be implemented for the company and its needs. Primary Research Primary research is the most common marketing research approach that involves survey methods such as questionnaires and observation methods. Primary research would include using questionnaires or interviews to gather information to find out if their customers are happy with their products or services.
Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
Marketing Research. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx#ch08term1 Higley, S. (2011). Research Tools Used in Primary & Secondary Research. Retrieved from http://www.ehow.com/info_8457824_research-used-primary-secondary-research.html Qualitative Market Research. (2011).
In this case qualitative and quantitative approaches can help ensure that the hypothesis is tested properly. This can help managers to base their data results, define their target market, and help with the distribution function. As more information is disclosed, the risk level can decrease because the facts are considered into the decision-making process. This helps the management with making strategic decisions that positively could influence the outlook of the company. Works Cited Aaker, D. A., Kumar, V., & Day, G. S. (2007).
Based on market research findings, businesses can develop "target audiences," which are specific groups of customers that have distinct needs or desires for the product or service. The research can be used to determine many things such as; how frequent the target audience will purchase a particular item, how much money they are willing to pay for it, and what is their overall satisfaction from it. Upon analyzing this information, manufacturers and service providers can get a clear picture of where to focus their efforts and resources most effectively. The information acquired from market research assists budding entrepreneurs into making wise and profitable business decisions. 2.
Within a company, brainstorming sessions are valuable since a lot of great ideas and products come out of those sessions. Consumer feedback is another great way to accurately identify what consumers wants from a product. (Kotler & Keller, 2009) Marketers must manage and plan affectively new ... ... middle of paper ... ...ging their marketing methods to increase consumers’ confidence towards their companies. (Kotler & Keller, 2009) Therefore, marketing implementation as well as the evaluation and control of it are critical factors in determine how well a company does or did concerning their efficiency towards their marketing structure. (Kotler & Keller, 2009) Furthermore, annual plan control “ensures the company achieves the sales, profits, and other goals established in its annual plan.” (Kotler & Keller, 2009, pg.
If, for example, an organization is trying to figure out the customer satisfaction rate of it shoppers for a particular product by use of an online survey, the information gathered is considered primary data research. Se... ... middle of paper ... ...he target market. It is apparent that comprehending, examining, and executing the data information resulting from market research, is a strategic approach in translating data into a higher potential for maximizing profits. Specifically, organizations need market research to assist in the decision making that will drive their business to the next level with the intent of maximizing the organizations returns. Works Cited Aakar, D. A., Kumar, V., & Day, G. S. (2007).
It can be used to develop options through market segmentation, opportunity analysis, or studying product usage. It can be used to test new products or advertising. It can also be used to assess product performance. Of course, the research is only beneficial to the organization if the benefits outweigh the costs, so it is important to know when to decide research is necessary. Some types of marketing research could be studying product usage, corporate image, and customer satisfaction through surveys.
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin . Works Cited Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California. Rommaniuk, J & Byron, S 2004, ‘Marketing Theory’, Conceptualizing and measuring brand salience, vol.4, no 4, pp.
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.