Essay on Market Research

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

10. Conducting a Market Opportunity Analysis (MOA) is the first step in developing a marketing strategy.

“Primary research delivers more specific results than secondary research, which is an especially important consideration when you're launching a new product or service” (SFGate, 2012, para 3). This type of research is used to find answers to a predetermined problem using “statistical methodologies that involve sampling as little as 1 percent of a target market” (SFGate, 2012, para 3). The main downside of primary market research over that of secondary is that is expensive to conduct.

Establish guidelines for researching and gathering information and work with the staff to gather and evaluate the data.

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

3. The policy should be changed and this impact AAA to acquire more Wholesalers and grow their profit margin by allowing the label.

Discuss what is meant by the term “customer orientation”. Illustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix.

Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.

Primary research involves collection of data directly from the consumers. It is quite an expensive method of research though quite effective. Customer feedbacks are collected through telephonic interviews, surveys and group discussions. The primary research is further categorized into quantitative and qualitative research.

In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:

When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the

By analyzing consumer preferences and satisfaction across different areas of fast food and especially those of Wendy’s fast food stores and those in the macro fast food environment and employing proper analysis to gain an in-depth understanding into these trends, will allow for the understanding of trends in the market and to then be able to target weaker areas where Wendy’s might be lacking. The successful application of strategy to this areas could potentially lead to a number of results or a combination of, including an increase in profitability, market share and/or customer satisfaction, among others.

In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the

They can also measure this through sending out a survey to customers who did not accept the organizations quote. Survey questions can include reasons for the quote being rejected, such as cost, quote turnaround time, and delivery lead time. One of the major advantages of primary data is that it can be “more specific to the problem being studied” (Kerin, R.A., Hartley, S.W., Berkowitz, E.N., and Rudelius, W., 2006) and one of the main disadvantages is the cost associated and time associated with collection. So what is the difference between primary and secondary research?