ESSAY : Discussion – Marketing Strategy

Answer the question at the bottom of the paragraph and provide another question to complete the subject.

Good construct of your vision of the importance of market and marketing research. Your summary of the activities engaged with market and marketing research indicates a discovery process to improve decision making. As stated, Market research can also help in the process of developing new products and services or enhance current ones and can show you if you are or are not meeting your customer\’s needs, which in return can help you decide whether a new idea for business or product may be a good option for your business based on how similar products have performed in the marketplace. Essentially, what you call market research is more marketing type of research given its referral to your customer segments and your business and similar competitors rather than a market as a whole. Optimizing decision-making is the essential contribution of marketing research use and implementation (McDaniel & Gates, 2006). Given the functions of marketing research: exploratory, descriptive, diagnostic, and predictive; could you say the marketing research guarantees a product success?

SAMPLE SOLUTION

Having substantial knowledge about your clients’ concerns and preferences has become integral for any business, especially due to the fact that the economy has become increasingly competitive. Market research is an excellent way to raise customer satisfaction, get to know the factors affecting your business, and enhance performance. Though market research can help a business in all that, I do not think it guarantees product success. Marketers should think outside the box when carrying out market research because people can give incorrect responses.
When launching a commodity, as a marketer, do not focus on the positive reviews and assume that it will have a warm reception. It is essential to look at both sides and focus on commodity positioning instead of getting into the market with….