MKT202 Market Research Essentials
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MKTG202 Marketing Research (MKTG202)
Added on 2020-04-01
MKT202 Market Research Essentials
MKTG202 Marketing Research (MKTG202)
Added on 2020-04-01
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Running Head: Market Research Essentials 1MKT 202 Market Research EssentialsInstitution Lecturer StudentCourse Date
Market Research Essentials 2Table of Contents1.1 Introduction: Background to Marketing....................................................................................21.2 Research Problem......................................................................................................................31.3 The Objectives of the Research.................................................................................................41.4 Study Design..............................................................................................................................51.5 Areas of Questioning.................................................................................................................52.1 Research Methodology..............................................................................................................62.2 Data Analysis.............................................................................................................................72.3 Specifications.............................................................................................................................72.4 Services......................................................................................................................................82.5 Proposed Outcomes...................................................................................................................82.6 Conclusion.................................................................................................................................9APPENDIX....................................................................................................................................11
Market Research Essentials 31.1 Introduction: Background to MarketingMarketing is a practice that dates back to the earlier 20th century even before the phase of industrial revolution wave that swept across the western nations of the world. Marketing as a process involves more than just one element. It is the systematic process of promoting goods andservices for the potential buyers to access [ CITATION Iso09 \l 1033 ]. Additionally, the process involves market research and mechanisms used for promotion, including advertising and other promotional activities. The ultimate goal of marketing is hitting the profit targets set by the organizations in their business activities [ CITATION UnL \l 1033 ]. It is widely understood that firms that employ a comprehensive marketing strategy, with huge budgets set for promotional endeavors have a perfect track record of posting high profits from their business ventures.In the modern day marketing, organizations are increasingly utilizing the marketing concept. It isa concept that proposes that for any organization or a firm to fulfill their objectives, then they should anticipate customers’ needs and wants and satisfy them more efficiently than the competitors [ CITATION Ray08 \l 1033 ], and there is a direct link between marketing and the marketing concept. The early 1960s saw Prof. Neil Borden of Harvard Business School suggest that all the company efforts to convince consumers to buy goods and services represented “marketing mix”, and this was further elaborated by Professor Jerome McCarthy of the MichiganState University that the marketing mix contains four elements: Product, Place, Price and Promotion [ CITATION Ehm \l 1033 ]. Marketing is operations are undertaken under environmental factors, and these include Micro environment of the external factors within the control of the organization such as suppliers[ CITATION Pro13 \l 1033 ] and competitors; to Macro environment which consists of external factors beyond the control of the business such as the political and economic states of a country within which the business is set [ CITATION Sam15 \l 1033 ].
Market Research Essentials 41.2 Research ProblemThe increased organizational competition is becoming a headache for the management of most business organizations a situation that results in scramble for market space and market share. Theavailability of the market does not guarantee success for the firm’s products, which means; only the clearly defined strategic marketing plan and positioning of the product within the market willearn you reputation that will generate sales for your products [ CITATION Ist16 \l 1033 ]. Most companies have had to shut down as a result of employing poor marketing strategies that eventually leads to low customer approval. Producing high quality products is one of greatest aspects of the successful organization, and having all the required resources is an added advantage; but having a poorly targeted marketing plan nullifies all the other great efforts undertaken by the company. Companies flourish with perfectly designed marketing plans and strategies; therefore this research will seek to elaborate the roles marketing plays for the success of biggest business enterprises, and the consequent impacts it has in the business sector.1.3 The Objectives of the ResearchThis research seeks to debunk the marketing process as employed in various organizational set ups and eventual aftermath of its effects on the business as well as the marketing contexts in which these businesses are established. Therefore, with all comprehensiveness, this study seeks to:1.Identify what marketing techniques are undertaken by the large business enterprises.2.Establish when and where the marketing techniques are used by the organizations, and3.Elaborate how the marketing processes undertaken by the firm affects overall business performance and the market share.
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