Luis A De Leon
Marketing Research BUS339
Understanding Marketing Research
Instructor; Johnson- Gilbert Rebecca
(Revised) November 07, 2010
Understanding Market Research; market research is when a company needs to understand what the consumer wants and needs are. In order for “any” company to be able to provide what the consumer wants, it needs to research what the market is. According to; Microsoft ® Encarta ® 2007. “Marketing research helps businesses identify consumer needs and wants so a company can develop and promote products more successfully. Such research also provides the information upon which important advertising and marketing decisions are based.” It is ...view middle of the document...
According to; Burns & Bush (2009) Basic Marketing Research Using Microsoft Excel Data Analysis, 2nd Edition “it is to link the consumer to the marketer by providing information that can be used in making marketing decisions.”
Companies; regardless what they do or how they do it, the research is important for them to make a stand in this world of economy. We the people are always looking for something new that makes our lives much easier to live. Such things like remote control car starter is something that most Americans cannot live without if they live in a cool state. What separates a remote control car starter from another is distance. There are various remote control but consumers want certain ones that has certain features like, door opener, trunk, side door on vans, and remote entry.
Buy a marketer doing their research, they would find out what the consumers wants and is looking for as well what are their needs. Once they accomplish this, then they start marketing their product which will fit to what is needed. The research also helps a marketer keep track of what particular remote control is selling the best and which ones are still seating on shelves.
Define the problem
A problem can occur when a company / business does not do enough research before introducing a new product or changing a product to the consumer. These problems occur randomly but when it does, it cost millions to correct it. Lets take a look at McDonald (McDe’) competing with Burger King (BK). BK is well known for their Whopper, and McDe is known for their Big Mac. What McDe wanted to do was change their selling brand into the McLean burger which was to replace the BK Whopper. McDe did not do its research and has time gone on, the infamous McDe was dropped from the menu because of weak sell. BK in the stream of bringing back costumers; introduce what is now their famous sandwich the steakhouse XT.
Other companies have faced similar problem. Wal-Mart for example was faced with similar transformation. According to; Brotspies & Sellani (2010) Getting back to growth old guard Vs change agent conflict and the impact on growth. “Wal-Mart has been successful in opening retail discount mass merchandising stores across the United States, mainly in smaller, rural cities, where limited competition exists from small mom and pop retailers. As part of growth plans, Wal-Mart began opening stores in larger, suburban and urban areas and now faced competition from Target and other specialty retailers. Several managers were hired to craft a new strategy moving away from price into more stylish fashion and "value propositions." The fashion initiative failed and management brought in outside marketing people to select a new advertising agency to attract upper income shoppers to Wal-Mart, a difficult strategy given the current Wal-Mart customer was lower income. Conflicts soon arose within Wal-Mart on strategy changes with merchandising and marketing departments having...