What are the real value of marketing research and marketing information and how that value is attained?

What is the importance of marketing research in customer satisfaction with superior value?

When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company's products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.

What is definition of marketing research?

Market research and marketing research are often confused. 'Market' research is simply research into a specific market. It is a very narrow concept. 'Marketing'research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the Internet. Here are a couple of definitions:"Marketing research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications."American Marketing association - Official Definition of Marketing Research"Marketing research is about researching the whole of a company's marketing process."Palmer (2000).This explanation is far more straightforward i.e. marketing research into the elements of the marketing mix, competitors, markets, and everything to do with the customers.Today the world is defined by the term "information age." All businesses require accurate and timely information to be successful. Whether the company is large or small, the right amount of financing, equipment, materials, talent, and experience alone are not enough to succeed without a constant flow of the right business information and to find the accurate top management need a marketing research. In a word Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.Marketing managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. Another factor in this mix is the complexity of consumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.Traditionally, marketing researchers were responsible for providing the relevant information and marketing decisions were made by the managers. However, the roles are changing and marketing researchers are becoming more involved in decision making, whereas marketing managers are becoming more involved with research. The role of marketing research in managerial decision making is explained further using the framework of the "DECIDE" model:D = Define the marketing problemE = Enumerate the controllable and uncontrollable decision factorsC = Collect relevant informationI = Identify the best alternativeD = Develop and implement a marketing planE = Evaluate the decision and the decision processAction (controllable factors) and uncertainties (uncontrollable factors) are enumerated. Then, relevant information on the alternatives and possible outcomes is collected. The next step is to select the best alternative based on chosen criteria or measures of success. Then a detailed plan to implement the alternative selected is developed and put into effect. Last, the outcome of the decision and the decision process itself are evaluated. Below are some prime situations where marketing research can be of value to the success of your business:· Determining the viability of a new market for your company to enter.· Estimating market size/share/adoption rate for investment or business planning.· Identifying new product/service opportunities and value-added offerings.· Risk management - identifying what risks pose the greatest threat to your business.· Understanding what customers expect of you and how well you are delivering.· Root cause analysis for lost business or customer defections.· Identifying your most profitable customer segments and how to protect them.· Developing the right price points/identifying bundling opportunities.· SWOT intelligence on competitors to plan business strategies/identify M&A scenarios.· Understanding how customers perceive your market positioning relative to competitors.· Determining the most effective marketing/advertising channels to support your business.For more mail meTriple-six@live.com RonYYYAIUB

What is the official definition of psychographic?

Psychographics is the study of consumers based on their attitudes, values, interests, and lifestyles. It aims to segment consumers into distinct groups based on these characteristics to better understand their preferences and behavior. This information is valuable for businesses in creating targeted marketing strategies.

What is value in marketing?

what is value exploration

The Value of Marketing Research?

All businesses want to understand their target market, or customer, and identify problems in reaching their target market. The target market can be other businesses, or it can be consumers. The best way to do that is to carry out marketing research. This is done in a variety of ways and can be very expensive, but it does help management avoid costly strategic decisions and satisfy its customers. Marketing research is a statistical science. As such, its purpose is for a service or product provider to gather, organize, and analyze information about their customers in order to determine the best way to reach and satisfy them. A large company may hire a marketing research firm to create a survey to be completed by current customers, for example. The information gleaned from the survey is applied to the advertising and marketing efforts of the firm, or the marketing mix. The intention is to know how to reach their customer in the most effective and efficient ways possible. Marketing research can reveal the attitudes, ideas, and behaviors of a company's customers. It is in the understanding of these that a company can determine the most effective ways to reach their customers. It can reveal which combination of marketing is the most effective for the product or service provider while also identifying problems and opportunities. A marketing research project is systematic, well planned, and objective. It must yield accurate results that reflect the current state of the market. After a marketing research project is completed, a company will use this data to avoid costly decisions and find solutions to problems. This data will guide management to make tactical and strategic decisions that will ultimately satisfy their target market's needs. Marketing research is also an important element of a business plan. It must convince investors that the business idea is strong and will be worth investing in. It will also reveal any weaknesses, opportunities, and threats the potential business may face. Marketing research is a very effective way of identifying problems for any business, and without it, businesses would not be able to solve those problems. As such, it holds a high value and is effective for small businesses and large corporations alike.

What are some major companies offering business to business marketing research?

B2B Market Research Companies for Modern Marketing Solution -MyMrPlace MyMRPlace provides an excellent online platform for B2B long-term relationships. B2B marketing research demands a specialized approach since it involves studying business users, who have their own unique perceptions and behavior patterns about B2B products/ services. The B2B value chain is the individual, the B2B buyer’s mindset is different, the way he chooses/ rejects products/ services is different. Hence the necessity of conducting b2b marketing research.

Is there a possible conflict between roles of an investigator and manager?

The key issue is underlying the difficulties existing between managers and marketing researchers seem to be the responsibility and involvement of both parties. To be effective, the researcher must understand and be sympathetic to, the needs and views of the manager the user o research. On the other hand, of managers are to make the most effective use of marketing research they should understand the process of research, as well as their involvement an responsibility to it.The following discussion of the manger's responsibility and involvement in marketing research is addressed to the manager for two reasons. First, a many readers of or website aspires to management rather than research careers. Second, as most of this article is addressed to the research, it is appropriate somewhere to point out the role mangers should ply in obtaining and using research. If the reader is interested in a research career, the following discussing serves as guide to the things a marketing researcher should through discuss with management to ensure he letters understanding of and involvement in, the marketing research process.There are five occasions when mangers should contribute inputs to the marketing research process or participate in decisions relating to marketing research.Initiating Research Projects:Occasionally marketing researchers may privy to information that will lead them to propose specific research projects to management of approval. However, as individual researchers are no likely to have all of he information available to manger they cannot be expected to know all the problems mangers face. One of the manger's responsibilities is to initiate marketing research when it is needed and to do so at the earliest possible opportunity.Specifying information needed for Decision Making:In their written problem statements, mangers should include detailed descriptions of the information they need to make a decision on each of the alternatives begin considered. These detailed descriptions of needed information can form a basis or further discussions between mangers an researchers, where the letter can ask questions that will lead to a more complete picture of the information required by managers. The final version of the research project will be much more useful to mangers if in the early stages of the project's design the mangers and researchers get together and develop a clear understanding of the information the managers the expect from the research and how it can lead to a decision. In this way mangers can provide the inputs researchers need in order to design a useful research project.Evaluating proposed Research Projects:Typically research studies are authorized only after a study proposal has been approved by management. In order to avoid misunderstand or poor communications a manager should require a written proposal and carefully evaluate it prior to approving it. The managers written problem statement and specified needed information should be the basis for such an evaluation. After such an evaluation, the mangers should ask key questions and suggest changes, if needed prior to approving the proposal not after the study is underway or after the findings have been reported.Evaluating Commercial Research Services:Today a firm can purchase a wide variety of information from commercial research services that is, from independent companies whose main business activity consists of compiling marketing information. Although marketing research personnel will take the major responsibility in evaluating which service to purchase, the marketing manager should be involved. In order to make an evaluation, the manger should first specify the purpose for obtaining the information and the information needed and then compare things with information that can be obtaining from commercial service.Accepting or Rejecting Research Findings:Decision making is the mangers responsibility, not the researcher's. It is the mangers responsibility to avoid a decision based on valid research findings. Just as an evaluation should be made on a proposed research project it is authorized an inquiry should be made into the validity of the findings from completed research. Along with the researcher, the manager should review the research project to assure that it has been carefully carried out. Once assured, the manager will have confidence in the validity of the research findings and can then incorporate them into the decision making process.Charisma Versus Technical Competence of investigator & ManagerOur research indicates that effective personal relationships between leaders and members result primarily from three factors, which can be used to select the ideal team.First, charismatic leaders forge more meaningful relationships with team members, and thus awaken the best in their reporters. So it makes sense to ask charismatic people, rather than technical superstars, to lead project teams. This is not to denigrate the importance of technical expertise, which R&D personnel insisted was important among mangers but not as essentials the ability to inspire, motivate, and energize. Second, these charismatic leaders are excited, inspired visionaries. Interpersonal attraction is important even in technologically intensive areas, and these mangers create a sense of urgency among the scientists and engineers who report to them. In turn, these scientists and engineers adopt more positive attitudes towards innovating and the need to be more innovative in the future. These leaders also foster creativity by generating higher levels of commitment, among subordinates, towards the company. Third, these team leaders are able to establish strong relationships because they are positive role models: its hip to resemble them.Finally, some common ground is necessary for the development of relationships. Our research indicates that team leaders are often more compatible with employees who have similar education levels and beliefs about the dignity of work, the need for growth, and the role of rewards. Apparently, similarities of work values an education give leaders and subordinates a common language on which to base relationships.Scientific Method. Effective marketing research uses the principles of the scientific method: careful observation, formulation of hypotheses, prediction, and testing.Research Creativity. At its best, marketing research develops innovative ways to solve a problem.Multiple Methods. Competent marketing researchers she away from over reliance on any one method, preferring to adapt the method to the problem rather than other way around. They also recognize the desirability of gathering information from multiple sources to give greater confidence.Interdependence of models and data. Competent marketing researchers recognize that the facts derive their meaning from models of the problem. These models guide the type of information sought and therefore should be made as explicit as possible.Value and const of information. Competent marketing researchers show concern for estimating the value f information against its cost. Value/ const evaluation helps the marketing research department determine which research projects to conduct, which research designs to use , and whether to gather more information after the initial results are in research costs are typically easy to quantity, while the value is hard4er to anticipate.Healthy skepticism. Competent marketing researchers will show a healthy skepticism toward assumptions made by mangers about how the market works.Ethical marketing. Most marketing research benefits both the sponsoring company and its consumers. Through marketing research, companies learn more about consumers needs, and are able to supply more satisfying products and services. However, the misuse of marketing research can also harm or annoy consumers. There are professional ethical standards guiding he proper conduct of research.

What is the highest stock value Exxon has ever attained?

The highest stock value Exxon have ever attained is $500 billion. Apple and Exxon are two of the very few companies that have ever reached this amount.

What are the real value of marketing research and marketing information and how that value is attained?

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What is the importance of marketing research in customer satisfaction with superior value?

What is definition of marketing research?

What is value in marketing?

The Value of Marketing Research?

What are some major companies offering business to business marketing research?

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What is definition of marketing research?

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What is value in marketing?

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The Value of Marketing Research?

What are some major companies offering business to business marketing research?

Is there a possible conflict between roles of an investigator and manager?

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