Marketing Research and Planning 2022

Running Head: MKTG101 0
MARKETING
FUNDAMENTALS

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Table of Contents
Marketing Research and Planning.............................................................................................2
Competition for my favourite product.......................................................................................2
Implications for future and Recommendations..........................................................................4
Conclusion..................................................................................................................................4
References..................................................................................................................................5

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Marketing Research and Planning
Marketing research is undertaken by a business that helps the management to explore various
information relating to the marketing strategy and plan. It is known to be one of the critical
components of marketing and operational success. Once management has developed an
important base of marketing research, marketing campaigns can be developed as per the
requirements and needs of consumers (Johanson and Mattsson, 2015). Any firm undertaking
significant marketing research can strategically build marketing objectives for the segmented
market and thus move closer to its vision. One company that excel using marketing research
is the IKEA who use ‘chatbots’ to retrieve response from consumers rather than putting
traditional form of questionnaire (Rezvani, 2016). This also develops a sort of social aspect in
relation with online surveying process. Today’s market demands a deep insight into
consumer minds and thus IKEA marketing strategy seems to be a sign of their efficiency as
using this tactic help the company to well assess responses of customers and modify their
activities as per respective opinion.
Competition for my favourite product
Competition is related to external behaviour which influences the targeted behaviour through
various elements like attitudes, perceptions and resources. Every business goal and marketing
intended is to surpass the competition by offering more satisfaction to the customers through
their products and put some influence in the industry. My favourite product from the products
of Nike is the Nike shoes. Nike stands with monopolistic competition in the footwear
industry with including a diverse portfolio (Axelsson and Easton, 2016). The intense
competition from Adidas, Puma and Reebok has pressurised Nike to reposition in the market
on various other elements such as premium design and product differentiation. Hence, it
requires Nike to takeout advance market research by combining advanced technology so as to
offer superior products. One of the company differentiated product is HyperAdapt 1.0 that
eliminates a multitude of distractions and really advantage performance (ndtv.com, 2016).
This shows that Nike offers innovation and better value products through its market research
in various areas like metabolic cart, kinematics and ankle range of motion. However, Adidas
shares are rising in the U.S. dive stock price of Nike in relation with shifting customer