The Value and Importance of Market Research Essay

The Value and Importance of Market Research Essay

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Introduction
In today’s competitive economy, marketing research is vital for a growing organization. So much so that having thoroughly gathered market information should be a prerequisite for any startup business. Market research helps a business excel by providing help with factors such as advertising, marketing, pricing, market trends, customers, competition among others. Effective market research can be so useful that a company can psychologically condition their customers to believe that they are in need of the product they are selling even if they can’t even afford it. One perfect example of exemplary marketing research and strategies would be a little company known as Apple Inc. Today’s research will demonstrate the importance of marketing research as well as the different methods used to accomplish this research by using Apple Inc., one of the world’s leader in technology and marketing genius as an example.
Market Research Defined
Then, what is market research? Market research is “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”(Burns & Bush, , 2006). A company gathers this information to learn more about its targeted market as well as their existing customers. Learning this information is indicative of a company’s organizational and corporate tactics as market research helps discover the public’s needs and/or wants. Typically, research is done by gathering statistical data in conjunction with business analytics of the gathered information. This type of research can help determine buyer trends, and therefore help companies learn how to market their product by increasing demand and sale...


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...search (5th ed.). Retrieved from The University of Phoenix eBook Collection database November 7, 2011.
Apple Product Feedback. (2011). Retrieved from http://www.apple.com/feedback/
McDaniel, Jr., C., & Gates, R. (2007). Marketing Research (7th ed.). Retrieved from The University of Phoenix eBook Collection database.
McQuarrie, E. (2005), The market research toolbox: a concise guide for beginners (2nd ed.), The University of Phoenix eBook Library database November 7, 2011.
Perreault, W., Cannon, J., & McCarthy, E. (2009) Basic Marketing: A Marketing Strategy Planning Approach. 17th edition. McGraw Hill Company, NY
Magee, D. (2011, July 21). Apple's Competitive Advantage: Multiple Products That Integrate as One . International Business Times. Retrieved from http://www.ibtimes.com/articles/184577/20110721/apple-dominance-smartphone-ipad-iphone-mac-marketshare.htm

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