Marketplace Research Kenny Zink GB500 U
Marketplace Research: The Why and the How
Kenny Zink
GB500: Business Perspectives
Unit 4
12/2/2014
Marketing Research Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing research can be freed to do what it can do well: provide information about the past and present to enable insights that can help decision makers use their judgment,” (The Market Research Magic is Gone, 2011). Marketing research is a key component in any business because it helps the organization identify how they will gather, analyze, and interpret information about a product or service they offer in the market along with the past, present , and future potential customers for that specific product or service offering. It also provides information on the characteristics, spending habits, and location of the businesses target market, the industry, and competition they will face in the particular market. Marketing research will also identify the specific strategies with regard to marketing segmentation and product differentiation that is best suited for the organization in order to achieve their goals and expand their product offerings. Entrepreneur best describes the benefit of marketing research, “It allows business owners to determine the feasibility of a business before committing substantial resources to the venture,” (Market Research, 2014). Market research is conducted for several reasons and the most common reasons are:
Kenny Zink
GB500: Business Perspectives
Unit 4
12/2/2014
Marketing Research Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing research can be freed to do what it can do well: provide information about the past and present to enable insights that can help decision makers use their judgment,” (The Market Research Magic is Gone, 2011). Marketing research is a key component in any business because it helps the organization identify how they will gather, analyze, and interpret information about a product or service they offer in the market along with the past, present , and future potential customers for that specific product or service offering. It also provides information on the characteristics, spending habits, and location of the businesses target market, the industry, and competition they will face in the particular market. Marketing research will also identify the specific strategies with regard to marketing segmentation and product differentiation that is best suited for the organization in order to achieve their goals and expand their product offerings. Entrepreneur best describes the benefit of marketing research, “It allows business owners to determine the feasibility of a business before committing substantial resources to the venture,” (Market Research, 2014). Market research is conducted for several reasons and the most common reasons are:
References: Bont, C., & Hamersveld, M. (2007). Market Research Handbook. Chichester, West Sussex, England: John Wiley & Sons Duboff, R. S. (2011). The Market Research Magic is Gone. Marketing Management, 20(4). Entrepreneur. (2014). Market Research. Retrieved from http://www.entrepreneur.com/encyclopedia/market-research Sheldon, R. (2014). Qualitative or Quantitative-Which Method is for You? Retrieved from http://www.marketingdonut.co.uk/marketing/market-research/qualitative-or-quantitative which-method-is-for-you- Small Business Development Corporation. (2014). Why Do Market Research? Retrieved from http://www.smallbusiness.wa.gov.au/step-1-why-do-market-research