Whenever a company has a new product or service it would like to offer to the public there are always questions it needs to answer and analyze first. For instance, who is the target market or markets we want to appeal to? Is the market receptive to a new entry or are the products or services already there sufficiently entrenched barring any successful new release into the market? How well will our product or service address the wants and needs of our customers? The answer to each of these questions requires this firm to conduct research, specifically market research, to gain the knowledge they seek. Using the Valley Yellow Pages Company as an example, this paper will define market research, identify the different types of marketing research used, and describe the importance of this research to the organization.
Marketing has been defined as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives." One of the key aspects of any marketing strategy is research. Research is the way in which a firm gathers information so they can make intelligent business decisions. One company that utilizes market research is the publisher of the local print telephone directory, the Valley Yellow Pages. For a business like Valley to succeed with its marketing plan, they must be able to locate, satisfy, and retain customers while making a profit. In addition, they need to know who their key demographics are and what the public’s perception is of the print yellow pages ("Morebusiness.com", 1998-2011).
What is Market Resear...
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...und marketing plan. It provides a firm with the data required to make the crucial business decisions necessary to make proactive changes to their operations. In these weak economic times, the Valley Yellow Pages depends upon their investment in market research not only to guide their marketing decisions, but also to provide sales training tools to help them stand up to competitors and other external threats to their continued operations. After all, information is power.
Talebzadeh, S. (2011). Brainmates. Retrieved from http://www.brainmates.com.au/contributions/the-importance-of-market-research?cat=5
Morebusiness.com. (1998-2011). Retrieved from http://www.morebusiness.com/running_your_business/management/Market-Research.brc
Suttle, R. (2012). chron.com. Retrieved from http://smallbusiness.chron.com/companies-marketing-research-643.html
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