The Importance of Market Research Paper
Define Market Research
As stated by the American Marketing Association, market research is defined as “the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area” (McDaniel, 2005). Market research is used by a large majority of organizations today to determine the best way to market to the organization’s target audience. In using market research, the results provide the organization’s management team with information on how the product and or brand are currently being perceived by the public. This is important because if the public does not have a positive outlook on the brand or product, then the organization must change the current outlook to generate a positive attitude towards the brand but also to increase revenue through demand of the product. The results of the market research must also be applied to the marketing mix’s 4 Ps, product, price, place, and promotion. Through the example of the organization, Signature Events| PR & Marketing, marketing research will be further explained. Signature Events| PR & Marketing
Currently, Signature Events| PR & Marketing does not have marketing research in place. Since it is an organization that specializes in marketing, public relations, and events to help clients generate awareness of their brand and or products. Due to the downturn in the economy, many organizations have opted to do market research to determine how the external factors are affecting their target demographic to be able to better accommodate to their audience’s needs, but more importantly make sure the audience purchases the product. Signature Events saw an increase in clients because it is a service the organization outsources to use in the development of a new marketing mix, marketing strategy, with public relations, and advertising campaigns. Marketing research is not something the...
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