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Marketing Research - Essay Example

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Marketing Research 1. In what ways can marketing research influence the development and implementation of marketing strategy? Does that mean that organizations that conduct market research will perform better than organizations that does not? Please provide adequate references and examples for each of the points in your discussion…
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Download file to see previous pages The marketing strategy depends a good deal on the research which has come about with the passage of time. The marketing research realms find out the exact dynamics of the market and then study the basis of how products and services would be targeted to the relevant market domains. The last part signifies the real role of the marketing strategy and how it has been instrumental at shaping up actions and behaviors by the people who matter the most within any marketing scenario. Organizations conduct marketing research so that they could know what kinds of preferences are being followed by the people who fall under the category of the target audience1 (Fahy, 1996). These elements are severely important because these emphasize the need for getting the act together to make the marketing strategy a success in the long run. However, if the marketing research realms are not properly worked upon, there would be serious predicaments within the understanding that is reached upon within the ranks of the marketing strategy that has been drawn up. There is a dire need to set things right within the marketing research dynamics so that the organization grows as a whole, and the business practices are given the required room and expertise through the proper inputs of the people who matter the most, and their preferences which remain quintessential on any given day. Marketing research is the amalgamation of data that has been taken over a period of time within the reins of business realms. It takes into account the qualitative as well as the quantitative details which are pursued for a particular area of study and hence the results are envisaged only after the research has been completed. Marketing research is a fact finding exercise and it requires extensive planning and allocation of much needed resources on the part of the researching party. The purpose of marketing research is to seek for answers that are raised in the wake of different queries and questions, all of which form the vital part in the implementation of the marketing strategy for an organization. There are two different marketing research methodologies – the primary research and the secondary research, both of which require extensive finding of data and knowledge on the organization’s part. The primary research methods include sampling through questionnaires, survey methods and one-on-one interviews. The questionnaires could be open ended where there is room for respondents to spell out as much information as needed or these could be close ended where the respondents are tied to certain answers from which they need to choose. These could also be mixed ended – having a combination of open ended and close ended questions and queries. The survey could be through interviews and questionnaires. This is basically a case of quantitative research where quantities and figures could be tabulated rather than quality which is judged through the use of secondary research methods. The secondary research methods include the usage of books, journals, websites, encyclopedia and other related information and knowledge which have already been sorted out and has been documented for pretty much the same purposes. Moving ahead further, a marketing strategy is a long term end point where the business organization wants to see itself in a particular duration of time. It indeed is the end goal where it wants to reach before it draws up another vision statement. ...Download file to see next pagesRead More
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