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While it's possible to make sound marketing decisions without formal marketing research, doing so often increases the risk of errors and misjudgments. Decisions based solely on intuition or anecdotal evidence may overlook critical consumer insights and market trends. Effective marketing research provides valuable data that can inform strategies and enhance targeting, ultimately leading to better outcomes. Therefore, while not strictly necessary, marketing research significantly improves the quality of decision-making.
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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.
Why marketing is the art of the possible?
Why is marketing the key to the possibility? Marketing is the vision or the plan to see that the product or service sells through different channels. Without a vision for your product or services, there will be no sales.
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
How marketing research is part of marketing strategy?
Marketing research is necessary to effectively continue and justify the deployment of a marketing plan into a specific geographic or demographic market. You need research to predict outcomes of marketing efforts.
What is difference between marketing and marketing research?
Marketing is about promoting products (goods or services). Marketing research is about how potential a market is... how promising the buying power of the consumers is... and how tight the competition is. Marketing can not be done without market research. Market research has to come first, from this research you should ask questions like: What will consumers pay for my product? What are my clients needs and wants? Who are my target market? Who are my competitors? etc Once you have answered these questions you can develop a tailored marketing plan which will meet your customers wants and needs whilst also targeting the correct market. Essentially Marketing is the 4 P's Deveoping your PRODUCT/ brand... Understanding your USP. Having a PRICING strategy that suits and product, competition and client. PLACING your product in the correct location, shop, online, area... Where ever your customers want it! PROMOTION meeting your customers needs with valuable relevant advertising etc. None of this can be done however until Market research is done! Marketing is often studied in Business Administration and Communications.
The lack of proper marketing research can be the reason for the failure of the new version of any product?
Yes, without proper research, the marketing team can get it wrong. This can lead to the company losing millions in revenue.
Is it possible to do the research without literature and literature survey justify the answer with suitable writeup?
Yes, it is possible to do the research without literature and justify your answer using a suitable write up.
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.
Is it possible to develop a website without coding If it is possible!Is it as good as the website developed by coding?
How digital marketing benefits your business?
Why marketing is the art of the possible?
Why is marketing the key to the possibility? Marketing is the vision or the plan to see that the product or service sells through different channels. Without a vision for your product or services, there will be no sales.
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
Is it possible to gain admission to a PhD program without any prior research experience?
Yes, it is possible to gain admission to a PhD program without prior research experience, but having research experience can strengthen your application and increase your chances of being accepted.
Is it possible to make sound managerial decision without business research?
yes
What is marketing with and without ethics?
what is marketing with and without ethics? why do many people see ethics and marketing as intention?
Can you have a degree in journalism and work at a newspaper but then get into marketing without going back to school?
It is possible, if they organization feels that hiring you or moving you into that position makes good business sense. Your going to have to somehow show them that talent. Remember to look at the requirements for the position. If the firm states, a degree in marketing is a requirement, then you have your answer. However, in most cases they will say a bachelor's degree is required etc. In this case you have that opportunity. Still, you will need those marketing skills and somehow convince them you are the best fit for that position.
How would you reply to a small business person who says. Marketing research is too expensive so the firm will just have to get by without it?
N RELEVANCE TO THE TOTAL MARKETING COST, THE MARKETING RESEARCH COST IS MINIMAL, BUT OFFERS VALUABLE GUIDE TO THE SUCCESS OF THE PRODUCT. THE OBJECTIVE OF THE MARKETING RESEARCH IS TO PROVIDE THE MARKETING MANAGEMENT, A RANGE OF VITAL INFORMATION ON Business Intelligence Business Performance Management Business rules Data Mining Predictive analytics Purchase order request Enterprise Architecture Information technology management Knowledge Base Online analytical processing ETC ETC
Do you need a college degree to get a fashion marketing career?
No you do not need a degree to get involved into the fashion marketing career but without one it will be difficult to prove your experience and get clients to trust you with their marketing. It is possible with a well planned portfolio you may be able to get your foot in the door without college and after you attain some experience you can be well on your way.
