Many companies face a dilemma today as they consider how to effectively promote and manage their products in the future. In order to create an effective marketing strategy, your company must conduct some basic market research to obtain a clear understanding of the future direction of your product or service platform. Market research does not have to be complicated, in fact, simpler is much better. No one understands their market and product attributes better than you, your research study needs to generate meaningful and relative information pertaining to both your short term objective and long term growth platform.
Market research consists of compiling data collection relative to the following list.
Conduct an investigation into your competition. Examine their product attributes, service platforms, promotion strategy, color selection and quality attributes, and customer engagement.
Determine if there are any deficiencies in your product design, packaging, distribution, advertising, product attributes, color selection etc, and propose corrections to these deficiencies to improve the overall market acceptance.
Identify if there are any unmet customer opportunities or customer groups your company has overlooked either intentionally or inadvertently and determine if this market segment warrants entry.
Evaluate if your advertising and promotion program is effective and is targeting your desired demographic or psychographic.
Evaluate the best method to conduct a market research study (either systematic or intuitive) consisting of one or more of the following activities of information resources.
Employee surveys - your first line since they interact daily with customers.
... middle of paper ...
Target emerging markets. Hispanics are the fastest-growing segment of the US population and they represent 25% of new births. US population growth by age from the period 2010 through 2015 shows that people from 25-34 will grow by 6%, 35-44 will decline by 2%, 45-54 will decline by 5%, 55-64 will increase by 13% and 65+ will increase by 16%. These demographics will have a high impact on your business in the next few years, take advantage!
Organizing and cataloging this information into an effective marketing strategy will produce results for your company unlike anything else. As Einstein said, "I do not know have to know everything, I just need to know where to find it when I need it." Knowing how to access and collect relevant data from a marketing perspective and suing this data to target specific markets will prove to be very profitable for your organization.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
Market Research : An Process Of Gathering, Interpreting And Evaluating Information About A Particular Market
- I would define market research as the process of gathering, interpreting and evaluating information about a particular market. It consists of information such as characteristics of the market, spending habits, location, and needs of the business in the market order for it to be successful. Looking at who will be your competitors is also a vital consideration. Other definitions are, “market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product”.... [tags: Marketing, Market research, Secondary market]
932 words (2.7 pages)
- Marketing research empowers firms to understand their customers’ wants and needs as well as their industry’s competitive environment. By obtaining customer insight and understanding the marketplace, companies can enhance customer value and relationships. When a high-end adult clothing and accessories retailer considers launching an exclusive line of high-end children’s clothing, the firm should utilize market research to analyze the current competitive environment for high-end children’s clothing and the social factors that influence consumer behavior.... [tags: Marketing, Marketing research, Market research]
882 words (2.5 pages)
- Importance of Marketing Research Companies use marketing research to identify problems or opportunities that they might encounter. Organizations may also use marketing research to identify their strengths and weaknesses, and certain trends that are forming in their market. H&R Block is a tax service company that prepares state and federal taxes for individual customers and small to mid-size companies (H&R Block, 2010). This company has defined their marketing research and has different types of marketing research techniques it uses.... [tags: Marketing]
926 words (2.6 pages)
- Importance of Marketing Concept Marketing is one of the most important aspects of the business industry today. As noted early on in class lecture, the customer is the center focus of a business, however it is marketing that essentially bring the business functions together. The Marketing Concept focuses on making a decision based on the needs and wants of target markets to deliver value better than competitors. The Marketing Concepts helps an organization or company operate with greater efficiency by reducing costs and risks, having competitive advantage against competitors and increasing profitability and customer equity.... [tags: Marketing, Target market, Product differentiation]
844 words (2.4 pages)
- Strategic Marketing Plan Company Overview and Market Research Overview of Company Caninantics is a start-up company based in Atlanta, Georgia specializing in making pet food dispensing equipment and toys for the American market. The company is also planning on diversifying its market to include other canine care supplies and accessories, such as Bluetooth LE-enabled pet tracking device by the end of the year. The company has been in business for one year and after getting venture capital from various companies has planned to take on the market leaders and gain a substantial market share in the six months through commercialization of its major product, CaninFeeder.... [tags: Marketing, Marketing research, Food, Research]
933 words (2.7 pages)
- Market research is an essential component of an organization's marketing strategy. The results of market research provide information about customers, products, trends and competitors. Market research can be defined as, “A business activity that discovers information of use in making marketing decisions.” (Mktg textbook, p. ) The results of market research influence decisions regarding; market segmentation, sales performance, product features, distribution options, promotional and pricing strategies and consumer attitudes and behaviour.... [tags: Marketing ]
2326 words (6.6 pages)
- The Importance of Market Research: The Marriott Company The Marriott Company is a successful lodging and hospitality company. It is a company that is internationally recognized and has nearly 3,700 properties, 18 brands in 72 countries and territories worldwide (Marriott, 2012). With such success and worldwide prominence, it is no mistake that it operates with a winning formula that includes market research. "Our relentless focus on innovation and action fuel the way we do business" (Marriott, 2012).... [tags: Market Research ]
988 words (2.8 pages)
- Trends in the Hospitality Industry Nowadays trends are everywhere. You can find them in every industry and they play a huge role. The retro trend in clothing, the SUV trend in the car industry, but nowhere else are trends more important than in the hospitality industry. But what exactly is a trend. A trend describes usually the time measurable course of a development into a certain quantitative and/or qualitative direction. In economics, trends are changes of the behavior of the society. In marketing research this describes the change and development of the consumerism and consumption behavior.... [tags: Industry Trends]
1440 words (4.1 pages)
- Introduction In almost every business companies look to improve their bottom line, keep existing customers, and make non customers new customers. Several ways to achieve these corporate goals are available. Trial and error is one method. Following the industry and the competition is another avenue is taken. However, there is one way that many companies don’t utilize enough. It is through the process of market research. Take a local hair salon as an example. It is likely they will do plenty of marketing to increase their client base, yet probably do very little in terms of research.... [tags: Marketing ]
839 words (2.4 pages)
- Safaricom is the leading telecommunications company operating in Kenya. It provides a host of products and services for telephony, GPRS, 3G, EDGE and data and fax. It has been faced with a number of problems with time, one of which is the entry of many other telecommunication companies into the market over the years. The companies include, Telkom Orange, Yu and Zain. So far the main rival is Zain. The problem caused by the entry of other companies is that they bring about unwanted competition (decrease in market share).... [tags: Business Marketing Research]
756 words (2.2 pages)
- Global Business Challenges Of The Global Marketplace
- Thomas Jefferson 's President Of The United States
- Mandatory Renewal Requirements For Seniors
- The Abc Healthcare Is Equipped With A Poor Network Security
- The Allocation Of Water Rights For Agriculture
- Colon Cancer : The Uncontrolled Growth Of Abnormal Cells Or Tumor On The Layers Of Tissue