Businesses want information to make decision about their management as well as specify their strategy to survive in market. Managers need to access, develop, analyse and distribute information to help them making decision. Marketing research is the way to gather information in area that link to consumer to figure out what they want to contribute company opportunity in market as well as organization developing because of uncertainly market need. There is several method of marketing research that company can use for improve their products or services. Depending on analysis procedure, qualitative research and quantitative research are used to highlight.
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. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.
Conclusion As this paper has shown there are numerous ways to conduct market research. A successful marketer and organization will understand how to choose the marketing tools that will work the best for their intended desires. However, the most effective way to oversee market research is to utilize both primary and secondary research to attain an organizations research goals and success. References: Burns, A., & Bush, R. (2006). Marketing Research.
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. If the benefit of the research outweighs the cost, it... ... middle of paper ... ...rther test their hypothesis. Secondary and primary research may also include both qualitative and quantitative methods. Using both qualitative and quantitative analysis is the best way to understand customer needs and will give companies more insight into why customers make the decisions that they do. Marketing research is an essential to tool to organizational success because it allows companies to evaluate themselves and make smarter business decisions.
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).
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. There are so many reasons why marketing research is beneficial to an organization of any size and success rate. It can be used to develop options through market segmentation, opportunity analysis, or studying product usage.
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.
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.
The planning phase consists of a SWOT analysis as well as organizing specific marketing strategies and tactics for each marketing mix element. The implementation phase puts the marketing plan into action by obtaining resources, designing the organization and executing the marketing program (Logman, 1997).The control phase compares implemented program with the plan's goals to decide if the plan is effectiveness or needs adjustment. The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer.
Managing customer relationships effectively and efficiently is made possible by having a customer management relationship solution in place. Being able to track customer data is critical to an organization, this allows them to develop targeted and effective marketing campaigns and accurate sales reports. Interacting with customers frequently is a very important part of a business and by having a customer relationship management program in place supports that and makes this possible. CRM makes it easier for businesses manage a large supply of customer information and supports customer loyalty. The editors of CRM Magazine also point out, “Once thought of as a type of software, CRM has evolved into a custome... ... middle of paper ... ...anagement.