The Importance of Market for Verizon Wireless - Research Paper Example

IMPORTANCE OF MARKET RESEARCH OF IMPORTANCE OF MARKET RESEARCH Introduction In this study I focus on what is marketing research and the importance it has on Verizon Wireless as a telecommunication company in this century. It also analyses the benefits that it can bring to a corporation in different dimensions. Body Marketing research is a broader aspect of the business that focuses on different thing such as the competitor, the product, the price and also the need for its product and identifies the possible way of how to stamp its market share in its industry (Howard, 2012). It focuses on market research of different types but the core type of marketing research is product research. The focal company in this task is Verizon Wireless that in the telecommunications industry. There are different strategies that Verizon uses and I will analyze each one of them. One it deals with product research this it ensures that clients have different varieties to choose from and this is important as it ensures that clients have enough choice. This helps boost taste and preference of the employees and it is also important to note that in product research a lot of analyzes are done to ensure that the business can stand diversification (Austin, 2013). For a product to be set up to a final entity a lot has to be done and research and development come into place. This brings out the question that also marketing research is included for Verizon products. For example the new offer that will keep the telecommunications customers have to be influenced by conducting marketing research to identify the best suitable offer. It is not only the idea of choosing whether to use marketing research it is important but the best method of marketing research. It is important to ask whether to use survey, personal interview, observation and free trials. These are best regulated by the cost which they will incur and what is the best effective way. Verizon wireless cannot also ignore the importance of using advertising research. It is important to note that consumers need to receive information about a product and the company they are following closely as this will be important to further their agenda in progress and also help in receiving feedback. Verizon wireless been in the communication industry has to be up to date with any new changes and see to it they have adjusted this will ensure some new sanity to the firm and its client. The art of communication cannot be complete without the root to feedback as this is what ensures that what was accessed by the viewers was received by the targeted or focus group (Victoria, 2013). There are different aspects of trying to identify the market research process but there has to be an objective to be achieved and no solutions can be found on the business itself. In the world of today where change is inevitable marketing research share a lot of achievements where they cannot go unnoticed. The first importance of marketing research is that it helps to solve the gaps in the business cycle of a business therefore leading to high satisfaction compared to their counterparts .This can be in the in two different forms of data whether qualitatively or quantitatively. The data to be collected is one that determines which method to use. The different type includes causal research which is mostly practiced by marketers to influence or understand the variables in the world of business. This can be well understood or helpful when the cause for maybe low sales is experienced. Descriptive research is also important as it helps understand what will be the impact of the decisions of the company. For example the impact of what will occur if Verizon reduces their charges. It is in descriptive research that will help in identifying the result o this. This brings another importance of conducting research as it helps bar losses and avoid unavoidable mistake. Marketing research also helps in identifying other ways of presenting a product if in service like Verizon it can include a free service but if it is a product decision can be made to even packaging of the goods. It can be used as a risk minimization process this can help in the company being able to avoid significant decision. It is important for the marketing and sales team as this helps making their work easier and identifying gaps in the business cycle that in future will cost the company (Watson, 2009). It is also creates clear communication between Verizon wireless and its customers as each and everyone understands what they want to achieve and the direction they are taking the business. It is through marketing research that business can identify new opportunities in the world of business. There are different segments of any business and it is important that we identify how to seal these gaps so as Verizon can maximize sales and improve growth. With proper marketing research Verizon will be able to build good reputation for its employees and it is important we understand the positive flow of feedback will grow tremendously. Marketing research can help uncover underlying problems that the business had not identified in the earlier on and this is important as it will help in growth of a stable brand that brings about loyalty and progress. Marketing research as it helps the organization in positioning in the industry. As we earlier stated that progress should be done then it is important we first take in feedback this can be by research and it will help in the business growth. During business day to day challenges occur and it is important that organization find compromise in their objectives. Profit maximization and wealth maximization should be identified so thus they can benefit all the stakeholders that is the shareholders, customers and even the employees. Finding an amicable solution in such business is key to its goal of attaining its organizational objectives. CONCLUSION Marketing research is a necessity for any business that needs to stand the test of time. The merits outweigh the demerits which can be said as costly and also take a lot of time to be conducted. They also should be done by a professional firm which can identify the obstacles and be able to navigate through. REFERENCES Austin, S. (2013). Diversification and Need for Research. Marketing , 57. Howard, G. (2012). Importance of Marketing research. Sales and the Role of Marketing , 56. Victoria, R. (2013). The Five basic methods of Marketing Research. All business , 56. Watson, N. (2009). Benefits of Market Research. Chronicles of Research , 114. Read More