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Word Count: 343
Marketing Research Marketing research is so essential nowadays due to competition In the recent years the market was the sellers market therefore marketing was not so important but now that it is the buyers market marketing defiantly must be used Organizations more than ever must use marketing research due to competition new products and even if the business has not yet been established It is very important to trget the cutomer need therefore products may be created tested and out in the market Target Customers needs Accessibility Reliability Credibility Security Responsiveness Courtesy Competence Confidence Wide selection Value Prestige Guarantees Credit Comfort Privacy Technical advice Speed All the above will come in action when the marketing mix are used Price Promotion Place Product People Physical evidence Process When dealing with customers one must take into consideration to do research also on their competitors Who are the competitors- market segmentation - competitive forces What are they doing- performance - current strategy How are they doing it- capabilities - competitive advantages why are they doing it- structure systems skills and values - commitment - assumption what are their future strategies likely to be- how will they react Research must be done on new products The new product will sell gradually reach a peak and then descend due to athe markets awareness bthe markets acceptance of the product cavailability of the product duses and benefits or the product the marketing manager will sell the new product to early adopters by printing advertisements in glossy sophisticated magazines or any advertising medium where by early adopters are in touch Once the product has matured and the early majority starts buying it the marketing management will print advertisements in magazines with more general appeal Ex when personal computers were introduced to the market they were advertised in specialized computer mags aimed at computer programmers etc There is a
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