Limited-time offer! Save up to 50% Off | Solutions starting at $6 each  

MKT202 Market Research Essentials

Added on - 01 Apr 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 11 pages
Running Head: Market Research Essentials1MKT 202 Market Research EssentialsInstitutionLecturerStudentCourseDate
Market Research Essentials2Table 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 Essentials31.1 Introduction: Background to MarketingMarketing is a practice that dates back to the earlier 20thcentury even before the phase ofindustrial revolution wave that swept across the western nations of the world. Marketing as aprocess 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 processinvolves market research and mechanisms used for promotion, includingadvertising and otherpromotional activities. The ultimate goal of marketing is hitting the profit targets set by theorganizations in their business activities[ CITATION UnL \l 1033 ]. It is widely understood thatfirms that employ a comprehensive marketing strategy, with huge budgets set for promotionalendeavors 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 theyshould anticipate customers’ needs and wants and satisfy them more efficiently than thecompetitors[ CITATION Ray08 \l 1033 ],and there is a direct link between marketing and themarketing concept. The early 1960s saw Prof. Neil Borden of Harvard Business School suggestthat 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 andPromotion[ CITATION Ehm \l 1033 ]. Marketing is operations are undertaken under environmentalfactors, and these include Micro environment of the external factors within the control of theorganization such as suppliers[ CITATION Pro13 \l 1033 ]and competitors; to Macro environmentwhich consists of external factors beyond the control of the business such as the political andeconomic states of a country within which the business is set[ CITATION Sam15 \l 1033 ].
Market Research Essentials41.2 Research ProblemThe increased organizational competition is becoming a headache for the management of mostbusiness 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; onlythe 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 ].Mostcompanies have had to shut down as a result of employing poor marketing strategies thateventually leads to low customer approval. Producing high quality products is one of greatestaspects of the successful organization, and having all the required resources is an addedadvantage; but having a poorly targeted marketing plan nullifies all the other great effortsundertaken by the company. Companies flourish with perfectly designed marketing plans andstrategies; therefore this research will seek to elaborate the roles marketing plays for the successof 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 setups and eventual aftermath of its effects on the business as well as the marketing contexts inwhich these businesses are established. Therefore, with all comprehensiveness, this study seeksto: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 businessperformance and the market share.
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document