Sample Term Paper
The components that are in the marketing mix gives the marketer an idea to make decision based on them. These factors include product, price, distribution, promotion. All these factors are taken into account while formulating the strategy of a product or service.
The main reason behind conducting a research is a question which instigates in the human mind and which we seek answer by using specific methods, the question is often termed as the problem. What we know from this understanding is that research is all about the investigation about that popping question thoroughly (Kuhfeld, 1992).
When it comes to marketing research it’s also known as consumer research the basic objective of conducting a marketing research is to get an idea about the customer’s needs and wants. Some of the questions that are being asked by the marketer in the research process are
- What are the customers’ needs and wants and how by time they are changing?
- What the customer expects from the product
- How the organization would deal with the changing needs of the customer
- What are the strategies used by the competitors in retaining the customers
- What are the external factors that can affect the organization’s strategy
- How to cope with the external environment
Te basic purpose of conducting a marketing research is to analyze the situation thoroughly so that it could help in making decision making. Apart from tat the marketing research also addresses the problem that the organization is facing currently reason being the core of marketing is to satisfy customer needs and marketing research helps the organization in doing so by gathering facts designing various models etc.
A good and effective marketing research covers the following areas the product management which gives information about the current product and the new product, competitive intelligence which analyzes the competitor’s product, test marketing which would help in understanding the acceptance that the product is getting from the market etc (Geld, 2006).
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