Marketing Research Paper
Ledley B. Stephens III
University of Phoenix Online
Facilitator: Beth Carls
Market research deals specifically with the gathering of information about a market's size and trends. Marketing research covers a wider range of activities. While it may involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing situations and solutions. Managers need information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a subjective one, and what customer’s value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deduced from common knowledge. Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions. In this paper I will attempt to compare and justify the importance of marketing research as it applies to the marketing overview of an in class virtual company Kudler Fine Foods and their marketing strategy and tactics. I will also evaluate the marketing overview and identify where Kudler Fine Foods could employ additional research within there marketing strategy.
Businesses just like products go through a life cycle. The life cycle consists of the initial introduction period, growth period, maturation period, and declining period. During this cycle markets, competition, and market mix change.
• Introduction: marked by low sales/little knowledge of the product. This is experienced at the beginning of the product’s life, immediately after launch
• Growth: during the growth phase sales and awareness both increase. This phase is also marked by the competitors’ entry into the market.
• Maturation: as the product matures so will the growth... [continues]
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