MR DB1 The Basics of Marketing
Comment on the importance and role of marketing research. Identify the circumstances when marketing research is worthwhile.
Marketing research plays an essential role in the processes of decision making by providing pertinent, latest and accurate data to the decision-makers. Managers require the latest information so as to access the needs and wants of the consumer, the condition of the market, changes in technology and the degree of competition (Bradley, 2013).
Several circumstances would warrant marketing research, and they include the following:
• When there is the need to point out the problem areas in the business
• When the business wants to comprehend the needs of the current consumers and the reasons why they chose the business’ service over competitors
• To identify new areas for expansion, and augment the base of customers
• So as to point out new business opportunities and the changing trends in the market
• To make well-informed market decisions regarding the business’ services and come up with efficient strategies for the success of the business
• To identify potential consumers and the needs they present, which can then be integrated into the services that the business offers
• When there is the need to set attainable goals for the growth of the business, sales, and up-to-date product developments
• To make well-informed market decisions regarding the business’ services and formulate effective approaches
Define marketing research, and include a description of the scientific method.
Marketing research denotes to the process of collecting, examining and deducing information regarding a market, regarding a product or service to be provided for sale in that market, and regarding the past, present and prospective consumers for the product or service (Bradley, 2013)
Distinguish between basic and applied research.
Basic research denotes to the study that is conducted with the goal of increasing the current base of scientific knowledge. On the contrary, applied research denotes to research that is formulated to solve explicit practical problems or to provide answers to particular questions (Kaldewey & Schauz, 2018).
Apply marketing research to the 4 Ps of the marketing mix (product, price, place, and promotion).
The 4ps of the marketing mix can be very helpful in marketing research. For instance, during marketing research, focus is put on describing the products offered by a business, the factors that influence the setting of price, identifying the best way to promote the product, and the place where the consumers are likely to look for the product
References
Bradley, N. (2013). Marketing Research: Tools and Techniques. New York, NY: Oxford
University Press.
Kaldewey, D., & Schauz, D. (2018). Basic and Applied Research: The Language of Science
Policy in the Twentieth Century. New York, NY: Berghahn Books.
