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Marketing - Essay Example

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This work called "Marketing" describes market research of the Four Seasons Hotel at Park Lane, London. From this work, it is clear about the collection of primary and secondary data related to customer demographics and their satisfaction level…
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Marketing
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Download file to see previous pages It is defined as a comprehensive process that helps in answering particular marketing questions, for instance, what new types of products should be launched in the market, how new customers should be approached, etc. From a broader perspective, all the components of a marketing plan including environmental analysis, segmentation, and pricing are actually based upon research (Kolb, 2008). The market research also involves the study of competitors and the changing customer preferences which facilitate organizations in developing new products and creating marketing mix.
Market Research plays a very significant and crucial role in the overall progress and development of the organization. For instance, it helps in identifying the least satisfied customer group while exploring the unmet needs of the target market. Subsequently, it defines measures that must be ensured when developing a new brand and gaining a competitive edge in the market (Hague, 2004). Organizations are now facing tremendous competition due to globalization hence many products leave the market before entering into the maturity stage. Market research is important in rejuvenating such products by incorporating different product features and identifying new markets (Hague, 2004). In addition to this, the importance of market research is expected to increase in the near future because of two major reasons i.e. managers now require more quantitative results from their investments and the market power has actually shifted from sellers to consumers. Thus market research is important to understanding the driving forces of consumer’s purchasing power (Burns, 2007).
The Four Seasons Resorts and Hotels are a significant part of the United Kingdom’s hospitality industry. The organization started its operations in 1961 with a firm belief in innovation, dedication to the highest hospitality standards, and expansion. It is a Canadian company that has been functioning in the UK for around 50 years now. Their primary values include efficiency, friendliness, maintaining traditions as per the international hotel services, and providing luxuries to contemporary travelers (Four Seasons History, 2014).  ...Download file to see next pages Read More
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