Importance of Market Research and Marketing Activities - Report

Added on - 22 Jul 2020

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MARKETING FORBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................11) Benefits and process of conducting market research and how it supports the chosencompany and product..................................................................................................................12.) Ways to target customers and consumers through marketing activity..................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
INTRODUCTIONMarket analysis is the blood and soul for an organisation. The effective market analysiswill help in development of effective business strategy that will support a business firm to gain asustainable productivity and profit margins. Besides this, it will help in developing of innovativemeasures to cater the need or requirement of customers (Kotler, 2015). For this report, Cadburyas the organisation of context and Bournville as the product for marketing. The businessorganisation is a UK based confectionery firm. The report will analyse the importance of marketresearch and various sort of marketing activities that helps in the better growth and developmentof cited business organisation and gain a better profitability.1) Benefits and process of conducting market research and how it supports the chosen companyand product.The effective and extensive market research will help a business organisation to gain abetter insight about the needs and requirements of the company so that in can develop andpromote its products and services accordingly in a market. The major objective behindconducting the market research is to get effective idea about ongoing market trends and hoepeople will react to the launch of a product or service. Other than this, the relative good marketresearch will help in meeting the needs and demands of its customers. The effective marketresearch process will involve following processes that will be taken into action by Cadbury areas follows:Problem definition:The defining of problem is very vital for a business firm as it willgive a broader view to the firm about the actions it requires taking to meet needs anddemands of its customers. For example, Cadbury will find out the problem or the issue inmarket, to make effective process plan.Developing research plan:Once the problem is been identified, Cadbury will developan effective research plan that will involve all the processes which will help cited firm todevelop and promote its products in market (Mosca and et.al., 2017).Collection of relevant data and information:Once the plan is been decided anddeveloped, Cadbury will see through the better data and information about the chocolatemarket and to identify the needs and requirements of its existing as well as the potentialcustomers of company.1
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