Today we got a good background on the marketing research industry from chapters 1 and 2. The first assignment is to
Find an article that lists out why marketing research is important and how it helps companies market products successfully.
As noted in class, Marketing Research is about avoiding mistakes, and giving decision makers access to key information about their business so they can react accordingly. Whether internal, external, primary, or secondary, marketing research provides value when decision makers have access to information and can adjust their plans on what the data is telling them. One company, P&G, is developing innovations in data and output called Decision Cockpit, designed to bring data at the front of every decision. They have even redesigned meeting space to bring this data to managers, rethinking everything we do.
To read more, vist the HBR Idea Center From Harvard.
Here is a video on data visualization – a key concept of this class. It’s a good watch when you have 20 minutes.
So – please take some time to find some examples of why marketing research is important, and how it helps companies market products successfully. Please post your answers in the comment section and be prepared to present in the next class.