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
Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim
Market research is a vital process in starting up a business or organizations. The key word in that phrase is “Research”. Gathering information, analyzing each information, adjusting to negative feedback and implementing everything that was gathered will lead companies in to a positive path of success. Investopdia has defined Market Research as “The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups”. Introducing focus groups and product testing to the up and coming product can provide a real time person interaction with their personal feelings about the product. Investopedia also explains that “Market research allows a company to discover who their target market
A wide-range of marketing research tools is available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and
Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.
Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.
Market research is utilized by companies to make the right decisions when it comes to
Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and
What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.
Identify what consumers might want in the future, thus making more informed choices to be one step ahead of their competitors.
Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.
Market research can provide companies with vital information which allows them to make choices based on what the customer wants. It can allow businesses to predict what might happen in the future of a
Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.
A company’s future is never certain. Any number of outcomes may take place that either further or ends a company. Marketers must learn as much as possible about customers, prospects and its surroundings. Research and information give insight that fuels innovations, strategic planning, and forecasting. Marketers can use several types of sources to gather information
The current one on one market research tool is insufficient to gather the relevant market information needed by the company since it takes a lot of time for a single company representative to interview a single consumer to get relevant feedback (Smith, 2013). Other efficient market research is tools be employed to collect more information in a short span of time. These alternative tools include, focus groups, which will aim at determining effective messages that sent to clients. Additionally, use of surveys such as online questionnaires to collect ideas, opinions. and information from consumers may be effective especially for collection of quantitative and qualitative data (Freeland, 2012).
“The second step of the marketing research process calls for determining the information needed, developing a plan for gathering if efficiently and presenting the plan to marketing management. The plan outlines sources of existing data and explains the specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather new data”(Phillip Kotler: Principles of marketing)