The Importance of Marketing Research
This paper will outline the importance of marketing research and apply that importance to a communication to the management team at Johnson & Johnson’s Consumer Products group. The discussion with management will include the use of current marketing research tools by the company today and the application of each.
The premise behind marketing research helps provide a company’s decision makers the information intelligence needed to make daily decisions (McDaniel & Gates, 2006). The data obtained gives insight to the performance of the current marketing mix while also providing insights to potential changes to future programs (McDaniel & Gates, 2006). Marketing research is a key driver to help define new ideas and initiatives that could improve company or product performance.
The American Marketing Association defines marketing research as “The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area.”(McDaniel & Gates, 2006, p 6)
Authors McDaniel and Gates prefer to define marketing research as planning, collecting, and analyzing data relevant to decisions required for marketing. The analysis should also provide communication and insights to management (McDaniel & Gates, 2006).
Johnson & Johnson (J&J) has been important producer of consumer products for 125 years. The last 10 years have seen its stock create a 4.0 % return on investment, whereas the number generated for the S&P 500 is 1.4 % (Johnson & Johnson, 2012). J&J knows that keeping a pulse on the global consumer market is key to achieving profitable results in the marketplace. Despite recent struggles with several high pr...
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...fy those changes almost as quickly. Marketing research is poised to step in and guide decisions that can help or hurt a company’s performance.
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Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, NJ: John Wiley & Sons, Inc..
Focus on the customer is often lost and innovation becomes a common area of neglect. The objectives for the study are: 1. To examine and present current market industry research, 2. to provide a brief summary on the study of market research and consumer behavior, 3.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
The principal to any successful marketing strategy is to understand the customer and their needs. The ability to satisfy customers' needs better than the competitors, will first be, as PepsiCo builds customer loyalty and increases sales (Business Link, 2007). Marketing research uses many methods to obtain results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo, such as Coca Cola, Jones Soda, and Mott’s Company.... ...
When researching about advertising and marketing it is important to utilize the more recent the research is more credible one can become as a writer implementing the facts about the product to the audience. Research is the first step to identifying the customers and new opportunities by compiling information from credible sources to compare your thoughts with other research and writing a strategy for marketing and advertising. The purpose of current research is to inform you more about your topic enabling you to organize the information in written format to create a systematic approach to the research process which is how you will develop the answer to the question.
Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.
A research design is an arrangement and analysis of data support or draft for conducting the marketing research project. Research is a plan of action in efficient ways
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
As part of its innovation strategy, Colgate Palmolive (CP) decided to manufacture a new product-toothbrush in the early 90s. This was after some extensive research was done to determine consumer purchase behavior and the extent of competitive rivalry in the industry. According to Allprojectsmba.com (2010), research can be done by using a number of methods to collect the data that are analyzed to draw conclusions. Such methods include interviews, focus group, questionnaires and online research. Interviews can be done either one on one or via the telephone where the researcher/interviewer selects a sample that is representative of the whole consumer population. The interviewer asks and interacts with each person in the sample to pick up the information he needs. Alternatively, questionnaires can be produced and mailed to respondents who fill them and ...