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.
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 has been defined as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives." One of the key aspects of any marketing strategy is research. Research is the way in which a firm gathers information so they can make intelligent business decisions.
It is an element of the marketing intelligence process. Key information is acquired, analyzed, and preserved by allowing the organization to make decisions utilizing statistical information found by primary and secondary research. It is also used as key tool in search of innovative ways to enter and remain within a specific target market. When an organization makes the analytical decision to aim and reach for its target market, it uses both qualitative and quantitative research methods, to analyze the similar interests, beliefs, and preferences of the consumer group. Primary vs.
(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.
Sales Strategy A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. (Gluck, S., 2014). Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions.
It is from this aspect that the public gets to know an organization and have a view for it depending on how they interact with the marketers. An organization also has to plan a direction and scope on how to integrate its marketing goals through marketing strategy. To come up with a result oriented marketing strategy there are several factors that has to be taken into consideration. They include: market situation, the organization size, the industry in which the organization operates, the geographical location of the organization, the products they produce or the services they offer, the consumer buying behavior, and the target group among other marketing concepts (McGrath ‘et al’ 1999). An organization has to gather information about markets or customers, their prod... ... middle of paper ... ...vestor.com 2011, Managing Downside Risk.
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.
The Strategic Planning Marketing Process An organization must use a strategic marketing process to distribute its marketing mix resources to reach its target markets. The elements of a proper marketing mix are price, product, place, and promotion. They are the four P’s of the marketing process (Goi, 2009) Good understanding of the marketing mix is important for an organization. When a company is developing a marketing plan, it must consider each element. Just as important is an understanding how to use the element in the marketing process.
Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit. Basically market research can be identified into four main class of study.
Market Research Market research is carried out by a business before they launch a product, to find out what the target market wants and what they could do to increase the appeal of their product. It involves thoroughly gathering, recording and analysing data and can often take a large amount of time. A wide variety of market research techniques are used to find out what customers want. Depending on the product, customers are asked questions like: Where are they? Can we satisfy them?