Transcript how specifically can marketing research contribute value

Marketing research is the function that links the consumer,
customer, and public to the marketer through
information
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identification,
collection,
analysis,
dissemination, and
use of information
for the purpose of improving decision making related to the
identification and solution of problems and opportunities in
marketing.
Figure 1.5 The Role of Marketing Research in Marketing Planning process
Uncontrollable
Environmental
Factors
•Economy
•Technology
•Competition
•Laws and
Regulation
•Social and
Cultural Factors
•Political Factors
Assessing
Information
Needs
Customer Groups
• Consumers
• Employees
• Channel Members
• Suppliers
Controllable
Marketing
Variables
• Product
• Pricing
• Promotion
• Distribution
Marketing
Research
Marketing
Decision
Making
Marketing Managers
• Market Segmentation
• Marketing Programs
• Target Market Selection • Performance and Control
Providing
Information
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Market Research
- Customer satisfaction or dissatisfaction
- Opportunities for new products or services
- Trends such as population shifts, legal
development ,etc
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Marion can assist with market surveys, customer focus
groups, researching published reports, statistical
information, and interviews of industry experts.
Marketing plan describes corporate identity& image
company wish to have to build brand over time .
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Managing Marketing Mix
- products (narrow / broad product line)
- price
- place ( cost & traffic flow in retail store)
- promotion
Measurement of performance periodically