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In order to answer this question we must first define what marketing research is Marketing research is a systematic approach to gathering facts and figures related to the marketing of goods and services Tull and Hawkins 1992 This is a very simple but useful definition that can be expanded to underline the purpose of this activity to a formalised means of obtaining information to be used in making marketing decisions These marketing decisions are the answers that organisations must answer in response to questions about their customer base Marketing research is all about gathering information to encompass a wide range of issues relating to an organisation and its environment Marketing research can either take place internally within the firm or externally using a specialist marketing research firm I will examine the ways in which marketing research can improve performance and the benefits of using a specialist research firm Marketing research is an important part of a firms business strategy This is reflected in American Marketing Associations statistics that states 77 percent of the nations consumer goods manufacturers maintain formal marketing research departments This stresses the growing need for marketing research particularly in the face of the change towards stiffer competition by other firms in the same markets Marketing research is a must if organisations wish to get ahead of the pack to find out more about their customers needs the rivals prices and ensuring the consumer is happy with the product after purchase Approximately three out of four new products will fail to attract enough buyers to remain available for purchase Most marketers give the reason as a failure to understand market needs Firms view the matching of a new product to potential customers to improve the chances of a products success A firms own sales analysis is also a reason for marketing research to see how their own products are selling and contrasting the figures to competitors This is useful if a firm realises
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