Marketing Research Association Quiz

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.

In order to achieve the best outcome, the proper execution, and management must be implemented. It is also essential that management consider what strategy the product, market, geographic region, and competitive perspectives will be. This leads to establishing if capital is available to

Strategic management also includes implementation of plans. The overall ability of ability to have effective implementation of your strategy allows to assess the effectiveness of your formulaic planning and data consumption.

To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in realizing the importance of marketing to an organization's success and to be globally competitive.

First, the research strives to explain in greater details the important aspects of the service innovation and service dominant logic concepts. This can be achieved through extensive and critical review of current body of knowledge regarding the definition, models and frameworks of service innovation and service dominant logic.

Marketing research can determine things such as economic growth prospects in the external environment, pricing and cost structures of competitors, customer responses to new services, channels of distribution for the marketing mix and sales trends by region to name a few. Marketing research is vital to not only finding out about the environment and the customers, but also the necessary changes that might be required to the marketing mix following analysis of the research information.

a. What was the marketing problem/opportunity/issue addressed? Give a brief description of the company and its products.

For this first assignment I will provide a manual that shows the main types of market research. Market research is the method of gathering and analyse information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.

Marketing research also known as consumer research comprises an element of applied sociological case study which focuses on understanding consumers the behaviors, notions and preferences. This mostly deals with the present and future of consumers in an economy that depends on the market. Marketing research is done by companies to study their customers and other businesses. It seeks to find the best methods of connecting with consumers and a commodity, with the expectations that the customer will buy. This involved assessing the present marketing presently being undertaken for that commodity or similar products created by the same firm.

Marketing Research plays an instrumental role in all three phases of the marketing management process in: planning, implementation, and evaluation.

• Marketing research is defined as the investigation of factors related to the marketing activities of a company. Marketing research aims to reduce risk by providing information about the factors involved and possible outcomes of particular actions. Market research involves gathering information about the market

Marketing research is a study of an industry or area to analyze whether there is a potential market for a company or its products. It involves analysing market segmentation to measure the potential for business prior to entering that market. Marketing research not only finds gaps in a market but also finds whether there is a market in the gap.

What are consumer goods? Consumer goods are new items intended for sale to consumers, and are different from capital goods. There are three major types of consumer goods. The first is durable goods. These are meant to be used continuously or repeatedly for over 3 years, such as appliances and cars. The second type of consumer goods is semi-durable goods, which can be used on multiple occasions and have an expected lifespan of 1 to 3 years, such as clothing, shoes and linens. The third type of consumer goods is non-durable goods. This are designed to be used only once, such as food and gas, but could also include goods of little value used a few times, such as cleaning supplies.

Strategy is a plan of action to achieve certain goals and/or objectives. A good strategy takes into account obstacles, both seen and unseen, as well as uncertainties. It is a high level plan that becomes extremely necessary if there are limited resources at one’s disposal. Good management is sometimes defined as good execution of a good strategy. Max McKeown (2011) argues that “strategy is about shaping the future”. In other words, humans struggle to get required results with the available means.

Market study is a process of collecting, analyzing and interpreting information about the market, about the products or services offered for sale on the market, and about the past, present and potential customers for your products or services, research into the characteristics, spending habits, location and target market needs of business, industry as a whole, and competitors.