Market Research And Marketing Trends Essay

Market Research And Marketing Trends Essay

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Market Research and 2013 Marketing Trends


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.

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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.

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