The Importance of Market Research Essay

The Importance of Market Research Essay

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The Importance of Market Research
This paper will examine the steps of Marketing Research and the role that it plays in the marketing mix of product, place, price and promotion. The marketing mix is guided by marketing strategy made up of factors that are under company control and collected into four groups of variables known as the four P’s: product, place, price, and promotion (Kerin, R.A., Hartley, S.W., Berkowitz, E.N., & Rudelius, W., 2009). The organization selected for this examination will be the current company with which I am employed, Apartment Management Consultants (AMC).
AMC
AMC is a fairly new full service property/asset management company, established in 2000. The company has already become a premiere apartment management company. AMC has an owner friendly management structure with a focus on maximized earnings of the client’s real estate investment. Individual attention is given to each property with a thorough analysis, a variety of resources to yield high returns, and comprehensive property management skills. AMC has over 200 management properties in 10 states and large number of partnership value to offer their clients (About Us: AMC, 2011.).
AMC is structured to operate in a long-term capacity and can operate as a buffer between management and ownership. We can provide monthly reports to our clients consisting of; monthly financial statement review (providing trend reports of any fluctuation in performance), impartial market reviews, physical condition reports (providing pictures and descriptions of any deferred maintenance items), capital improvements (tracking owner or lender mandated repairs), quarterly resident surveys, and an overall monthly summary of operations. After intense market study, we wil...


... middle of paper ...


...mand, the price residents are willing to pay, and where the advertising dollar will benefit most.
AMC uses marketing research daily to determine traffic, advertising, expiring leases, maintenance, spending, and bank deposits. Marketing research is an important process that gives AMC, and the owner’s, a real-time view of the progress that is made at any given property. The information that is received can be analyzed and proper adjustments can be made in order to help management and business successful.



Works Cited

Apartment Management Consultants Corporation. (2011, August 19). About Us: AMC. Retrieved August 19, 2011, from AMC Web site: http://www.amcllc.net.
Kerin, R.A., Hartley, S.W., Berkowitz, E.N., & Rudelius, W. . (2009). Marketing. New York, N.Y.: McGraw Hill.
McDonald Jr., C. G. (2007). Marketing Research, Seventh Edition. John Wiley & Sons.

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