What is marketing research? How has the Internet affected marketing research? As a part of your answer, address time, cost, approaches, and validity. Why is marketing research important to developing marketing strategy? Marketing research is the process of determining exactly what the consumer wants. This would involve determining if there is adequate market space to bring in a new product. Marketing research also determines what is happening in the economy. So basically market research is the collection of information before beginning a product or service. The internet has helped in marketing research. First it is quicker to find the answer the company is looking for. No longer do they have to employee people to do surveys at malls or send out mailers. They can set-up surveys online to get quick answers. The company can set-up blogs so customers can talk about what they want or changes that they feel need to be made. All of this is less costly than the old way. Using the internet allows companies to watch their competitors and be able to tell if they are testing a new product. There are several approaches like I mentioned above, but the best approach is to set-up test ads and determine how often consumers will click on it to check out the new product idea. All of these are cost effective and that is part of the research. To spend a lot of money to determine if a new product is worthy is not necessary anymore. With blogs many times the researchers can determine the honesty of the conversations instead of trying to figure it out on mailed in surveys. Without market research, market strategy cannot happen. Market strategy is basically the four P’s. So this means you already know if the consumer wants your product, now you can determine what price to put on it, where to sell it, and how to promote it outside the internet. The research is the beginning; the market strategy is a means to the end. A company cannot have a strategy if they do not know how the...
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