Market Research

1278 Words Jan 20th, 2014 6 Pages
Market research has proven to be a vital piece of successful business plans today. It has revolutionized the way companies go to business. This paper will reflect the importance of market research along with challenges it continues to face. There are a number of benefits that market research provide to companies doing business in todays very competitive market place. I have seen first hand in my company how they utilize market research to determine how we go to market with existing products as well as utilize it to develop new ones. The key is knowing the difference between market research and marketing research. Market research, as opposed to marketing research, is the systematic gathering, recording, and analyzing of data with …show more content…
Now that we have taken the time to capture all this data, what on earth do we do with it? a question many of us sales people ask as we spend our time in the field dealing with consumers day to day and do not always agree what the numbers come up with. Once the data is collected it is now time to figure out what it all means. In our case, who is drinking our brands, and what do they want to see from us as a company. Innovation is key in this industry given the selection, and this is how we determine what the next innovation will be. We take the data we have collected and interpret it into what each demographic is doing and what they want to see next. This is exactly how we innovate against Smirnoff. The data collected at our consumer events determines who of those groups are Smirnoff drinkers and what flavor they want to see next. The use of data collection has helped us to determine that our main consumers for Smirnoff ice is in fact Hispanic and African American males. The use of focus groups have allowed us to determine what works and what does not. It has allowed of to add flavors to the Smirnoff Ice family as well as alter our marketing campaigns to something this consumer can identify with. Most recently we were able to have a direct marketing opportunity with BET and Centric which were a direct result from ideas and information taken from a focus group. We learned that

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