Essay about Marketing 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

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

This web assignment will review two research firms and the type of tools they use in their firms as well as determining if those tools are effective as well as does the firm provide a valuable service to its customers. The two firms being reviewed include The NPD Group and Kantar TNS Global, each company was ranked in the top ten market research companies in the AMA Gold Report for 2016 as noted by Bowers & Brereton (2016). These two research firms are globally accomplished, have collectively helped thousands of clients succeed using their innovative techniques in a tailored program for each company they serve as well as being able to evolve in an ever changing research environment.

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.

Brown, T. (2014). Basic Marketing Research, 8e, 8th Edition. [VitalSource Bookshelf version]. Retrieved from http://online.vitalsource.com/books/9781305178571/page/24

Market research is utilized by companies to make the right decisions when it comes to

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.

Marketing research is not about how many TV commercials or ads a company runs it’s about how well the target market is understood. When JC Penney, lead by Ron Johnson, tried to turn around its failing business model took away the very thing that kept their customers coming back. This move clearly showed Ron Johnson’s lack of understanding of what motivated JC Penney customers.

Marketing research defined is “the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company” (Kotler & Keller, 2009, p. G6). Juice Guys methodology to obtain

The CEO of the company has maintained a steady visit to some of his stores but this was not really any type of market research. These visits were more of an internal

Hyman, M. R., & Sierra, J.J. (2010). Marketing research kit for dummies. Wiley Publishing, Inc.

The CEO of the company has maintained a steady visit to some of his stores but this was not really any type of market research. These visits were more of an

When looking to add a new product to the market, traditionally five steps occur in marketing research and lead to marketing actions. Of these five steps, step number three covers the collection of marketing data. Marketing data can be collected through either primary research or secondary research. The goal of this assignment is to describe both primary and secondary research, provide examples of each and determine how the author’s organization could benefit from each. The author will begin with a description of primary marketing research.