The process of market research is assembling information, analyzing its value, and interpreting market information about products or services to be presented for sale in a particular market (McDaniel & Gates, 2006). Market research is also about historical, current and future customers for the product or service being researched. Market research as stated by McDaniel and Gates, (2006) is a combination of characteristics, spending trends, position and the needs of the firm’s target market, the industry the firm is working in, and the firms competitors.
Precise and comprehensive information is the basis of all successful commerce activity because it provides a vast amount of information about possible customers, existing ones and the firm’s competition. Market research allows business proprietors to establish the viability of a business venture before committing sizeable resources.
At present, AAA Travel Auto Club South utilizes a variety of marketing resources and methods some internal and some external. Primary information is compiled internally through the marketing and data base analytics department. According to the Managing Director of Travel Agency Marketing Chip Morgan “the marketing research department is an energetic resource, the marketing department analyzes target au...
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...tomer and members would agree to be worth changing their loyalty or refer new business to AAA Travel. Additional information was gathered through on-line surveys using the travel department’s on-line focus group made up of 500 past passengers of the travel agency.
Market research provides information to help unravel marketing obstacles that businesses face in today’s business climate, an essential part of the business planning process. As shown in the example certain strategies such as segmentation or differentiation are almost unattainable without relevant market research.
De Sarlo, L, Riley, E. & Paderni, L.S. (2011 March). Branding Value of Paid Search
Forrester Research, Retrieved from http://www.forrester.com/Research/branding
McDaniel, C & Gates, R (2006). Marketing research (7th ed.) Hoboken, NJ: John Wiley
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