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. Perhaps the importance and value is overlooked. Through defining market research, identifying the various types of, and understanding the marketplace, a local hair salon could reach their full potential with the use of this process.
Define Marketing Research
In defining marketing research several definitions exist. According to Ronald Heimler, “Marketing research refers to the process of collecting, analyzing and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.” (2008). Market research is obtained when specific information is required to make the best decisions. Market researcher does not make any management decisions on behalf of the company. Their function is to gather, analyze and report the data to empower management in making effective decisions. The American Marketing Association uses different language but has a similar definition. Their definition states it is a systematic data collection process referring, “to a specific customer group in a specific geographic area.” (2006). The research process helps managers influence the direction of the marketing mix; promotion, placeme...
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...stand where improvements to the system can be made.
Hair We Are is presented with a bit of a challenge. There is little start up money yet the salon can benefit from marketing research. Some of the question can be answered through syndicated research. The Government Census Bureau and offer demographic information that will help in some of the decision making. This type of research is public record and easily obtained through the Census Bureau website. This can help leave the budget for the more specific questions that will help the salon get to know their clients individual wants and needs when it comes time to personal grooming.
McDaniel, C. Gates,R. (2006). Marketing Research (7th e.d.) John Wiley and Son
Heimler, R. (2008). Marketing; Real People Real Choices (5th e.d.) Solomon, Marshall, Stuart
Pearson, Prentice Hall
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