Essay on Marketplace Research Kenny Zink GB500 U

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Marketplace Research: The Why and the How
Kenny Zink
GB500: Business Perspectives
Unit 4

Marketing Research Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing
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This gives businesses the opportunity to create product differentiation strategies that will help them establish and maintain a competitive edge in the market. This information also helps identify specific opportunities for further growth and development with existing products and services as well as potential opportunities for new products and services. The data gathered in this way helps businesses create successful marketing strategies that will appeal to customers personally and help promote great brand recognition. This area is so intriguing and worth more knowledge and development because it creates opportunity to get a better understanding of how people personally identify with the product or service they use and the why behind it. This method goes against the grain of management skills in which they stress the idea behind information is only as valuable as the money it can produce as this often refers to concrete numbers or dollars and sense and qualitative data is not captured in that way. It brings back the idea of getting to know your customers on a more personally level which helps to build trust and relationships that can be lost when looking at big box industries. Quantitative data deals more with, “providing a measure of how many people think, feel or behave

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