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Research Theory - Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

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Introduction

Research Theory Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Marketing Principles Customer Satisfaction Market research must work out whether customers' expectations are satisfied by current products or services. Customer Perception The images customers have of the organisation and its products for example value for money, product quality, fashion, reliability and are they valued Customer needs and expectations Is anticipating the future and forecasting tomorrow's customer needs and expectations Generating income or profit Is to be profitable by bring as much income as possible for growth and to satisfy shareholders and stakeholders. Satisfactory Growth This is achieved by entering new markets by creating new products or the business may choose to merge, takeover or joint venture with another business. Coordinating marketing activities Means having a clear plan of action and the whole emphasis of the planning process is for the organisation to think about the customer and the market. Awareness on change A business has to be aware of changes so that it can react to them to benefit their business. ...read more.

Middle

Only a very limited amount of information can be obtained Focus Groups Provide information regarding a particular problem using group dynamics. Focus groups are usually a small group of people, guided by a moderator, that openly discuss attitudes and ideas about a particular issue regarding a product or service. This usually provides more information than administering questionnaires individually. Good Points 1. Good for collecting in-depth views about what the customer thinks Bad Points 1. Have to make sure the group is representative of everyone's opinion 2. Can be expensive if you have to hire someone In-person / Intercept Surveys The interviewer and respondent speak face-to-face while the interviewer administers the questionnaire. Good Points 1. Good for collecting in depth information such as what consumers think 2. You can decide what you want to ask - so tailor make it to your needs 3. The interviewer can explain the question if the interviewee does not understand Bad Points 1. Expensive to carry out 2. Time consuming 3. ...read more.

Conclusion

May be bias - just giving one point of view 2. May be out of date 3. Information may not be relevant Demographic Analysis Provides population information such as, age, race, gender, household populations, household income, population numbers in a particular geographic area, family size, marital status, and education levels. Psycho graphic Analysis Provides lifestyle information such as, spending habits, consumers' self image, influences of social status on spending, occupations, image consumers want to convey, and other lifestyle indicators. Quantitative and Qualitative research Quantitative Research Is collecting numbers, for example the number of items bought, the price paid, the number of outlets stoking a product, and so on. In such a numeric form the information it is easy to collect and analyse. Qualitative research It is examining opinions and is a growth area of research, as consumer opinions are sought by products and services providers, politicians, town planners and virtually every organisation that exists. The only problem is that of information collation. Open-ended Questions collection chatty responses tend to confuse, not assists, the opinion seekers. Therefore opinion research is usually quantified. Gary Harrison ...read more.

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