...Running head: Unit 4 Market Research Assignment Learning from the Experts - The Importance of Market Research Abstract In business, demand is always changing and therefore it is essential to know how things are changing. For example, a retail business might be considering opening new stores, expanding internationally, or diversify its product. Before proceeding, the business will need specific information in order to make such changes. The process of collecting this information and understanding it is known as" Market Research". In this paper I will give an overview of what Market Research is and what techniques that I found interested that I would like to know more about. I will conduct an interview, with policy and procedures manger, explaining how their agency conducts their market research and how this information that I how information that I read and research will help me to succeed in the Marketplace Stimulation. Learning from the Experts - The Importance of Market Research Market Research is a continuous process of analyzing data and interpreting information about a market, product or services that would be offered for sales in the marketplace. This research can help with past, present and potential customer of the products or services you wish to sell. Market Research shows the characteristics of the customers, their spending habits, it help companies to determine locations and needs of their target market, it helps to understand the industry as...
Words: 1375 - Pages: 6
...Importance of Market Research Chris Ostorga University of Phoenix MKT/441 Marketing Research Angila Romious Nov. 6, 2013 Market research consist of any prearranged attempt to obtain information dealing with their target markets or consumer base. Market research plays a vital role in the business strategy and is used to continue competitiveness over the company’s competitors. One of the key roles to market research is to provide imperative information to categorize and evaluate the market need, size and competition. Market research is broken down into social and opinion research and is the organized assembly and explanation of information that involves individuals or groups that use statistics and a variety of analytical methods and or techniques of the chosen social sciences to obtain some sort of perception in order to support decision making. For many businesses market research involves discovering the needs, wants, and believes, of the targeted market. This can also involve the discovery of how the targeted market audience’s actions or reactions to a product. The two types of research that are conducted during the market research period are primary research that is divided into two categories which is quantitative and qualitative research and the second type of research being secondary research. Primary research focuses merely on the collection of original primary data. It is usually gathered after the researcher has obtained some understanding or awareness into...
Words: 774 - Pages: 4
...Abstract “Market research is a pragmatic process and, as such, cannot be considered to adhere to “pure” scientific method, but nonetheless most research projects do adhere to a quasi-scientific approach” (Bont, 2007). In the past companies struggled to be market oriented but with todays companies that all you see. Most companies when they start their marketing the first thing they do is think what the customer wants or needs and design off of that. In this paper, I interviewed the vice president of marketing and public relations from my local bank. I asked her questions related to how she gathers her data for market research, which is her research target area, and what types of marketing she does to get customers familiar with her bank. The Importance of Market Research “Market research is a way of investigating and answering questions about human behavior” (Bont & Hamersveld, 2007). There are many marketing opportunities but not only do you need to determine your audience you also need to understand what your audience wants and needs. In my report, I choose two types of qualitative research. I focused on interviewing and workshops. Market Area and Research Process I chose to assess the marketing strategies for a credit union because I would like to work in the area of finance or banking. The areas of market research that I will be focusing on is the marketing research process and how to find a target market. For my research, I interviewed my local credit...
Words: 1192 - Pages: 5
...El ensayo que se estará desarrollando será basado en la definición de lo que es las investigaciones del mercadeo y seleccionar una organización que conozca y que la organización use los diferentes tipos de investigación del mercado que hay. Para mí las investigaciones de mercadeo son herramientas para conocer el mercado al cual unos se van a dirigir o mejor dicho al consumidor o las personas con las cuales queremos impactar. Esto se puede hacer varias formas con encuestas, estudios del consumidor, grupos focales y otros. Las investigaciones de mercadeo son un método donde nos ayuda a trabajar las estrategias del plan de mercadeo. Según el libro de texto “La investigación de mercados juega dos papeles claves en el sistema de comercialización. En primer lugar, como parte del proceso de retroalimentación inteligencia de marketing, investigación de mercados proporciona a los responsables de decisiones con datos sobre la eficacia de la mezcla de marketing actual y ofrece ideas sobre los cambios necesarios. En segundo lugar, la investigación de mercados es la principal herramienta para la exploración de nuevas oportunidades en el mercado. Investigación Segmentación y nueva ayuda de productos de investigación a identificar las oportunidades más lucrativas para una empresa.” Según la definición del libro “La investigación de mercados es la planificación, recolección y análisis de datos relevantes para la toma de decisiones de marketing y la comunicación de los resultados de este...
Words: 735 - Pages: 3
...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory Join Search Browse Saved Papers Home Page » Other Topics The Importance of Educational Research In: Other Topics The Importance of Educational Research The Importance of Conducting Research in an Educational Setting Human beings conduct research every day. They do so in many different ways and in many different settings. One important area is education. Conducting research in an educational setting should be an important aspect of every educator’s professional life. Best and Kahn (1993) describe research as “the systematic and objective analysis and recording of controlled observations that may lead to the development of generalizations, principles, or theories, resulting in prediction and possibly ultimate control of events” (p. 27). Education in a research setting is done to improve school practices and at the same time to improve those individuals who strive to improve those practices (Best & Kahn, 1993). The importance of research in an educational setting is often overlooked, however. Those in academia often consider research as a way to earn tenure or remain in favor by the university that employs them. Faculty who wish to thrive in the university setting must publish or perish in order to remain employed. Educators often forget that they are failing to fulfill their pedagogical responsibilities if they do not remain current in their...
Words: 486 - Pages: 2
...company. The research draws attention on various factors involved in expanding company’s business in two potential markets i.e. France and Israel like market size, legal and political considerations, economic conditions and etc. The main purpose of conducting trade research is to diversify its risk through splitting the business in foreign markets and compete with other companies dealing in the same product with foreign market exposure. TABLE OF CONTENTS EXECUTIVE SUMMARY RESEARCH PLAN Key objective Key topics to be researched Importance of key topics to be researched...
Words: 640 - Pages: 3
...Chair in Entrepreneurship at Bradley University and he chairs the annual Research Symposium on Marketing and Entrepreneurship. His current research interests include entrepreneurial marketing and opportunity recognition. Claes M. Hultman holds a chair in Marketing at Swedish Business School at Örebro University and he is the author of many books and articles in marketing & entrepreneurship. His current research interests include entrepreneurial marketing and commercialisation processes in innovation based firms. Abstract Research in Entrepreneurial marketing is about 30 years old. During this period research has followed many trajectories. Two important but divergent routes are small business marketing versus entrepreneurial marketing mirroring the discourse of small businesses versus entrepreneurial firms. Today small business marketing and entrepreneurial marketing are regarded as separate research fields, however related. EM-researches have been very openminded towards different approaches in methodology, especially compared to research within mainstream marketing in the US. During this rather long period of time advances in other disciplines have been beneficial for our own research. One such example is the development of Effectuation theory allowing us to understand entrepreneurial decision-making and consequently, important aspects of entrepreneurial marketing behaviour. Many of the research questions,...
Words: 4924 - Pages: 20
...Marketing Research Paper MKT/421 Marketing Research Paper Kudler Fine Foods is a local upscale food store in San Diego metropolitan area and has three locations in LaJolla, Del Mar, and Encinitas. Kathy Kudler was the founder of Kudler Fine Foods and started the first location in June 1998. Each store is approximately 8,000 square feet and offers products ranging in bakery and pastry products, fresh produce, fresh meat and seafood, condiments and packaged foods, cheese and specialty dairy products, and wine. The company mission is to offer each customer a delightful and pleasing shopping outing. The staff is helpful and knowledgeable and will go to extensive lengths to ensure that Kudler Fine Foods is the purveyor of choice for customers aspiring to purchase the finest delights. Kudler Fine Foods shops around the world to offer fines foods with reasonable budgets for consumers. Kudler Fine Foods will continue to be successful by understanding the importance of market research, identifying areas where additional market research is needed, and analyzing the importance of competitive intelligence and analysis regarding the development of the company’s marketing strategy and tactics. Importance of Marketing Research The importance of marketing research is a process to define a marketing problem and opportunity to resolve the issue. Marketing research systematically collects and analyzes data, and recommends actions to the organization. The purpose for marketers is to help...
Words: 1205 - Pages: 5
...that frequent the store. It is her dedication to her employees and customers as well as her commitment to providing outstanding products and services that has made her business a success. Kathy knows, however, that to remain successful it is going to be necessary to develop effective marketing strategies and tactics and that the first step is to incorporate marketing research. Through the course of this paper the importance of marketing research will be addressed. An analysis of the importance of competitive intelligence and marketing strategy and tactics for Kudler Fine Foods will also be discussed. Importance of Marketing Research Marketing research is defining a marketing problem then systematically collecting and analyzing information and finally recommending actions (Day, 2005). Marketing research is essential to the success of any business whose main objective is, like Kudler's Fine Foods, to offer products or services that are well targeted (Day, 2005). When making business decisions based on market research, risk can be minimized and the business process is likely to thrive (Day, 2005). Market research helps organizations like Kudler‘s Fine Foods communicate better with current customers by...
Words: 708 - Pages: 3
...metropolitan are of San Diego with tree locations in La Jolla, Del Mar and Encinitas. Kudler Fine Foods prides themselves with supplying their consumers with the very best in domestic and imported produce. Kudler Fine Foods wants to explore new options for their customers and needs to justify the importance of marketing research. This paper will analyze the marketing strategy and tactics Kruger Fine Foods must implement to be successful as well as identify the areas where additional market research is needed. This paper will also analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics. Each store has a large amount of retail space located in a stylish shopping center. The stores are stocked with the very best domestic and imported produce (phoenix.edu, 2008). Kudler Fine Foods has decided to explore new options to which they might offer to their customers. This paper will first justify the importance ofmarketing research in the development of Kudler Fine Food’s marketing strategy and tactics. Next the paper will explain Identify the areas where additional market researchis needed. Market Research...
Words: 513 - Pages: 3
...looking to expand operations because they want to become wealthier. This paper will justify the importance of marketing research in developing Kudler Fine Foods’ marketing strategy and tactics. Areas where additional market research is needed as well the importance of competitive intelligence will be identified and discussed. According to Armstrong and Kotler (2011), “Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization” (p. 106). The importance of marketing research is to determine what the consumer wants, prime location, and who the competition is. Companies that are willing to invest time and effort into a research are automatically increasing the chances of success. Market research plays an important role in every aspect of an organization’s strategy of expansion and diversification. Since Kudler Fine Foods has decided to expand the services offered, it is important that the company knows more about their competition. This is done by conducting a market research. The market research will educate Kudler Fine Foods in knowing the areas that are at weak point as well as areas that are too close to competitors. The research also helps Kudler Fine Foods to determine the best geographical location. Another important reason for Kudler Fine Foods to conduct a market research is important is to determine areas where the products will be most likely to sell and to...
Words: 337 - Pages: 2
...In this paper I will review and analyze the importance of marketing research for Kudler Fine Foods; also will identify areas where additional market research is needed, analyze the importance of competitive intelligence and finally evaluate the development of Kudler Fine Food’s marketing strategy and tactics. Marketing research is defined by Entrepreneur Encyclopedia as the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. (Entrepreneur 2012) Kudler Fine Foods is located in San Diego, California and is an upscale local specialty food store. The founder of the company is Kathy Kudler and the first food store was opened in 1998. There are now a total of three stores. The mission statement of the Kudler Fine Foods is “our selections, coupled with our experienced, helpful and knowledgeable staff, merge to offer each customer a delightful and pleasing shopping outing.”(Virtual Organizations Portal) It is fair to state the marketing strategy is to present consumers with the best gourmet and quality foods or products which may be imported or domestic. Additionally, to create a loyalty or frequent shoppers program which will provide consumers...
Words: 819 - Pages: 4
...__________________________________ LETTER OF TRANSMITTAL Date: January 04, 2011 Lecturer, School of Business North South University Subject: Submission of survey Report on Appy Fizz and Grappo Fizz. It is a great pleasure and privilege for me to present the Internship report titled “APPY FIZZ and GRAPPO FIZZ market in Bangladesh” which was assigned to me as a working requirement for the completion of Internship Program. Throughout the study I have tried my level best to accommodate as much information and relevant issues as possible and tried to follow the instructions as you have suggested. I tried my best to make this report as much informative as possible. I sincerely believe that it will satisfy your requirements. I however sincerely believe that this report will serve the purpose of my internee program. I am grateful to you for your guidance and kind cooperation at every step of my endeavor on this report. I shall remain deeply grateful if you kindly take some pan to go through the report and evaluate my performance. My effort will be reworded only if it adds value to the research literature. Sincerely yours, _______________________________________ACKNOWDGEMENT First of all, I wish to thank the Almighty Allah, the Supreme Authority of the universe for immeasurable Grace and profound Kindness that he has bestowed on me for completing this valuable work. Successful completion of any course requires support from various persons. I have been...
Words: 12690 - Pages: 51
...TECHNOLOGY AND MARKET REQUIREMENTS OF MULTIMETAAL BV GROUP NO: 2 Rijksuniversiteit Groningen Faculty of Economics and Business Duisenberg Building Plaza, Nettelbosje 2 9747 AE Groningen Tel: 050-363 7970 Fax: 050-363 7970 WORD COUNT: 3559 DATE: 18/12/2013 BRENDA CARMELINO MENDIOLA | S2592924 | b.carmelino.m@student.rug.nl | EDZARD VAN DER PLOEG | S1889370 | e.van.der.ploeg.1@student.rug.nl | HENK MEINDERS | S2214032 | h.j.meinders@student.rug.nl | LISSETTE VALDIVIA | S2596849 | l.valdivia.f@student.rug.nl | WOUTER OSINGA | S2561263 | w.osinga.1@student.rug.nl | PREFACE The subjoined research paper is written for the specialization course Operations and Supply Chains at the University of Groningen at the faculty economic and business. The research paper enterprise is Multimetaal B.V. located in Den Helder. The main subject of the specialization course Operations and Supply Chains is the reconciliation process between market requirements and operation resources, described in the model of Slack and Lewis. The research paper addresses the fit between the development on operations technology and the market requirements. Our group wants to thank Multimetaal and especially Pim Hulsebos and Menno Bijl for their openness and enabling our research. Further we want to thank our research supervisor Ms. Scholten for providing guidance. EXECUTIVE SUMMARY Since the new software brings a better fit between the operation resources and market requirements...
Words: 6160 - Pages: 25
...Definition of research design A research design refers to a master plan, blue print and even a sequence of research task activities. Research design in simple terms is a plan of methods and procedures that is used by researchers to collect and analyze data needed by the manager. They also contain clear objectives, specify information sources on which the data will be collected, the type of data, design technique, sampling methodology and budgets as well. The three types of research design are namely exploratory, descriptive and causal research design. Exploratory research design Exploratory research design is a study which is designed to find out enough about the problem to usefully formulate a hypothesis. It stems from the general problem description such as finding out how consumers make decisions about things like life insurance. Exploratory research design is used when looking for insights into the problem and also to help define hypothesis (but does not test) and key variables. It is also used to identify course of action when information needs are vague and also to establish priorities for further research. Characteristics of exploratory research design Exploratory research design is flexible and unstructured It is used for finding tentative data Used as building block for more research. For example pilot surveys, secondary data and focus groups It is done on small non representative sample Methods used Exploratory research design uses soft methods...
Words: 861 - Pages: 4
