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"Marketing Research and Strategy"
Marketing Research and Strategy
Leonard Herriman
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 formalized means of obtaining information to be used in making marketing decisions'. These 'marketing decisions' are the answers that organizations 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 organization 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 firm's business strategy. This is reflected in American Marketing Association's statistics that states 77 percent of the nation's 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 organizations wish to get ahead of the pack to find out more about their customer's needs, the rival's 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 product's success. A firm's own sales analysis is also...

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"Marketing Research and Strategy." Aug 16, 2018
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