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.
Articlesbase. (2009, December 28). How to use POS data. Retrieved from http://www.articlesbase.com/strategic-planning-articles/how-to-use-pos-data-1634784.html
Johnson & Johnson (2012). Investor relations. Retrieved from http://www.investor.jnj.com/investor-relations.cfm
Kantar. (n.d.). Who we are. Retrieved from http://www.kantar.com/#/who-we-are/in-brief
Krum, J. R. (1969). Perceptions and evaluation of the role of the corporate marketing research department. Journal of Marketing Research, 6(4), 459-464.
McDaniel, C., & Gates, R. (2006). Marketing research (7th ed.). Hoboken, NJ: John Wiley & Sons.
SymphonyIRI Group. (2012). About. Retrieved from http://www.symphonyiri.com/About/tabid/59/Default.aspx
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