Importance of Market Research
The Importance of Market Research Paper Define Market Research As stated by the American Marketing Association, market research is defined as “the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area” (McDaniel, 2005). Market research is used by a large majority of organizations today to determine the best way to market to the organization’s target audience.
In using market research, the results provide the organization’s management team with information on how the product and or brand are currently being perceived by the public. This is important because if the public does not have a positive outlook on the brand or product, then the organization must change the current outlook to generate a positive attitude towards the brand but also to increase revenue through demand of the product.
The results of the market research must also be applied to the marketing mix’s 4 Ps, product, price, place, and promotion.
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Through the example of the organization, Signature Events| PR & Marketing, marketing research will be further explained. Signature Events| PR & Marketing Currently, Signature Events| PR & Marketing does not have marketing research in place. Since it is an organization that specializes in marketing, public relations, and events to help clients generate awareness of their brand and or products.
Due to the downturn in the economy, many organizations have opted to do market research to determine how the external factors are affecting their target demographic to be able to better accommodate to their audience’s needs, but more importantly make sure the audience purchases the product. Signature Events saw an increase in clients because it is a service the organization outsources to use in the development of a new marketing mix, marketing strategy, with public relations, and advertising campaigns.
Marketing research is not something the organization has never considered in the past nor had time for. Recommendation My recommendation for the organization would be to definitely pursue the option of marketing research. However, I would recommend the company begin with secondary research used by our competitors for their advertising efforts and then go on to primary research to determine how the organizations clients and publics perceive the organization overall.
In using the results of this research, it is important to use the information to adjust current advertising and marketing efforts, and the marketing mix for the next six months. It is important for the organization to go ahead and do the marketing research because a company should always have an idea of what the public thinks of the organization. The public not only incorporates the possible clients but the employees as well. It is important to get their perspective of how they feel about the organization, what they would like to see changed or what they like, and the feedback they receive about the organization.
It is also important to adjust one’s marketing efforts from the strategy to the marketing mix as well as the advertising campaign. Since the external factors are what affects a consumer, the internal factors also affect the employees. These factors can better allow the organization to correct problems internal and make employees more efficient and happy, as well as changing the marketing strategies to generate awareness of the organization’s accomplishments as well as bring in additional revenue.
Conclusion Market research is the gathering and analyzing of data regarding issues pertaining to marketing products and services. While market research is a term that is used interchangeably with marketing research, it specifically deals with the research of market trends where as marketing research is more concerned about marketing processes. It is important to any and all organizations because it allows them to analyze their target audience to be able to market to them accordingly and efficiently.
Signature Events is a perfect example of an organization that currently does not use marketing research, but it is something they would greatly benefit for not only for their target audience but for the company’s image. In applying the findings to the marketing efforts, the organization can see which one of the four Ps it must constantly adjust. References McDaniel C. , Gates R. (2005) Marketing Research (6th Ed. ) Wiley