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Introduction to Marketing Research.

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Introduction

Introduction to Marketing Research Market research and marketing research are often confused. 'Market' research is simply research into a specific market. It is a very narrow concept. 'Marketing' research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the Internet. Here are a couple of definitions: Marketing research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyses, and communicates the findings and their implications. American Marketing association - Official Definition of Marketing Research Obviously, this is a very long and involved definition of marketing research. Marketing research is about researching the whole of a company's marketing process Palmer (2000) This explanation is far more straightforward i.e. marketing research into the elements of the marketing mix, competitors, markets, and everything to do with the customers. The Marketing research Process Marketing research is gathered using a systematic approach. An example of one follows: 1. Define the problem. ...read more.

Middle

2.0 Mystery Shopping Companies will set up mystery shopping campaigns on an organizations behalf. Often used in banking, retailing, travel, cafes and restaurants, and many other customer focused organizations, mystery shoppers will enter, posing as real customers. They collect data on customer service and the customer experience. Findings are reported back to the commissioning organization. There are many issues surrounding the ethics of such an approach to research. 3.0 Focus Groups Focus groups are made up from a number of selected respondents based together in the same room. Highly experienced researchers work with the focus group to gather in depth qualitative feedback. Groups tend to be made up from 10 to 18 participants. Discussion, opinion, and beliefs are encouraged, and the research will probe into specific areas that are of interest to the company commissioning the research. Advantages of focus groups * Commissioning marketers often observe the group from behind a one-way screen * Visual aids and tangible products can be circulated and opinions taken * All participants and the research interact * Areas of specific interest can be covered in greater depth Disadvantages of focus groups * Highly experienced researchers are needed. They are rare. * Complex to organize * Can be very expensive in comparison to other methods 4.0 Projective techniques Projective techniques are borrowed from the field of psychology. ...read more.

Conclusion

This means increasing our revenue by, for example, promoting the product, repositioning the brand, and so on. However, the product is not altered and we do not seek any new customers. Market Development Here we market our existing product range in a new market. This means that the product remains the same, but it is marketed to a new audience. Exporting the product, or marketing it in a new region, are examples of market development. Product Development This is a new product to be marketed to our existing customers. Here we develop and innovate new product offerings to replace existing ones. Such products are then marketed to our existing customers. This often happens with the auto markets where existing models are updated or replaced and then marketed to existing customers. Diversification This is where we market completely new products to new customers. There are two types of diversification, namely related and unrelated diversification. Related diversification means that we remain in a market or industry with which we are familiar. For example, a soup manufacturer diversifies into cake manufacture (i.e. the food industry). Unrelated diversification is where we have neither previous industry nor market experience. For example a soup manufacturer invests in the rail business. Ansoff's matrix is one of the most well know frameworks for deciding upon strategies for growth. Business studies GCSE Marketing Coursework information ...read more.

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