Marketing Research Questions
1. What is marketing research? How has the internet impacted marketing research? As part of your answer, be sure to address the time, cost, approaches, and validity. Why is marketing research important to developing marketing strategy?
Marketing research refers to the systematic design, collection, analysis and reporting of data that are relevant to a specific marketing situation that the organization is facing. Basically, marketing research is used by the marketers for wide variety of situations. Through marketing research, the marketers are able to learn the possible retail price, types of consumer’s behavior of the target market, proper location to distribute the product, appropriate promotion activities to be applied, and probable direct competitors. Marketing research comprises with four processes which includes the objectives and problem recognition, research plan development, research plan implementation, and findings interpretation (Armstrong & Kotler, 2005). The research validity measures the concept or attributes through a scale or set of questions. Basically, validity is optimized by giving answers to alternative questions that measures the concept. Although market research is done to make sure that the company will gain profit on a designed product, market research can be an expensive activity for the marketers.
The amount that the company invests has an effect on how much the company wants to do in marketing research. Moreover, research should have an organized time plan to have an organized gathering of ideas and information. A realistic and detailed time frame is needed to complete the process of the research so as to get the accurate information needed for the activity (Dobney.com, 2007). Apparently, before a company develops a marketing strategy, the marketing research process has to be completed first because it will serve as the backbone of the marketing plan. The marketers cannot develop strategies if they are unaware of the information about the marketplace. Absence of marketing research would mean failure or vulnerable marketing strategy of the marketers.
2. What is competitive intelligence? What is the importance of competitive intelligence and analysis in modern-day marketing? How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute and effective marketing strategy in response to these competitors?
In marketing, competitive intelligence is necessary to be able to create better products, conceptualize superior promotion strategies, and be ahead of the intense competition in the marketplace. Competitive intelligence refers to the systematic collection and analysis of available information about competitors and growth in the marketplace. It aims to improve the concepts, evaluate the competitors, and provide solutions to the possible conflicts that the company as well as the product may encounter in the future (Armstrong & Kotler, 2005). The marketplace today has been improving to a certain extent level of success which now requires more advanced and more creative strategies from the marketers. Nowadays, the marketers need to be more innovative in generating ideas for a certain product or service in order to have an established position in the marketplace. Marketing has conformed to the progression of technology which makes it harder for the marketers to create new ideas that would make them on top of intense competition. Information about the competitors and their strategic plan cannot be hard to obtain if the marketers also have tactically mapped the actions that will be done to acquire it. Marketing intelligence also refers to the strategic way of getting much information from the competitors that the company needs in order to create a well-organized marketing plan. In this aspect, the marketing research answers all the inquiries of a business organization to be able to prepare the company and plan necessary actions to respond to the competitive movements and decisions of the competitors.
3. What are the types of buyers and consumers? How does the type of buyer or consumer impact marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market?
The term consumer may refer to a personal or organizational buyer of a certain product. Personal consumers are those who buy a product for their own personal use while organizational consumers refer to a company or organization that purchases a product or service to run their business. However, there are many factors that affect the buying behavior of consumers regardless of their type that has a great impact on the marketers’ strategies. Cultural, social, personal, and psychological factors affect the behavior of the consumers in purchasing a certain product (Armstrong & Kotler, 2005). The marketers need to analyze the culture of the target market because it has a great effect on their decision on whether to buy or not the product being offered in the market. On the other hand, family, roles, and status of the consumers in the society also have impacts on how the consumers would decide to purchase the product. The personal factors such as age, occupation, lifestyle, and economic situation are taken into consideration in targeting a market because these factors have the largest coverage to be assessed. Lastly, the consumers decide in buying a certain product based on perception, beliefs, attitudes, and motivation. Marketers call these factors as the psychological factors that affect the behavior of the consumers toward a certain product. As a whole, these factors are carefully evaluated in creating a marketing strategy to be applied before and during the time that the product penetrates the market and this is the reason that the marketing research is done by the company. In other words, the types of the consumers and their buying behavior are taken into consideration upon developing the marketing strategy. Marketplace can be filled with a lot of challenges for both the marketers and the consumers. Making the right decision and purchasing the right product are the tests for the consumers, while developing the right product, creating a proper marketing strategy, keeping ahead of the competition, and gaining an appropriate profit can be the greatest challenge for the company. The marketing strategy still plays a big part in the marketers’ and consumers’ satisfaction. The right product for the wrong market is definitely still considered as a wrong product.
Armstrong, G. & Kotler, P. (2005). Marketing: An Introduction, Seventh Edition. USA: Pearson Education, Inc.
Dobney.com. (2007). Basics of Market Research. Retrieved December 4, 2008, from http://www.dobney.com/Research/MR_basics.htm