BMGT 331: Assignment 1 (Wed)

Class,

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.
Screen Shot 2013-08-24 at 8.48.42 PM
Advertisements

9 thoughts on “BMGT 331: Assignment 1 (Wed)”

  1. Marketing research consists of gathering data to determine how customers will react to your product or service. Marketing research is essential to developing a marketing plan because it allows you to understand your prospective customers so that you can tailor your marketing and product specifically to their wants and preferences. Marketing research improves communication between you and your customers and more importantly between your customers and you. It also helps you to identify opportunities, which is very helpful when you are providing a product or service that is relatively new and untested amongst consumers. It diminishes your risk exposure by giving you the opportunity to get feedback and then use that to custom tailor your service towards the demand. Marketing research allows you to track and set goals, as well as determine if you are meeting those goals. You can identify demographics, buying habits, market trends, and economic shifts. It can also enable you to see complications or issues on the horizon. The benefits of marketing research are endless and it is essential for success in today’s market.

    http://www.webpronews.com/why-is-market-research-important-2005-08

  2. Marketing Research is defined as “the process of gathering data on goods and services to determine whether the product or service will satisfy customers’ needs.” We see with marketing research that it allows us to get a feel for what the reaction of the consumers will be towards a new product that might get entered into the market. With market research it allows us to identify market trends, demographics, economic shifts, customer’s buying habits, and other important information on competition. All the things that were just listed are crucial on making a product successful so to be able to know those things a company is able to adjust or make corrections to make their own product successful. Not only will it make your product successful but it also allows your business to make smart decisions and help meet the customers needs. Marketing research might even help you discover new ideas for different products and services for your company. This article sums up and list four main points about what market research does and what it does to help your business and they are:
    1. Communicate Effectively
    2. Identify and understand opportunities
    3. Pinpoint obstacles or problems
    4. Benchmark and evaluate your success
    I think these four points really hit what market research does and how market research really helps a business market products successfully.

  3. Marketing research is “A systematic, objective collection and analysis of data about a particular target market, competition, and/ or environment.” The reason why marketing research is so important in developing a marketing plan is because it really helps figure out the details between the client and the customer. Marketing research “targets” a market for sales.

    Marketing research is used for a number of thins two of the important are to use studies to be able to improve the product continuing to make customers satisfied and to study new product ideas. Marketing research helps spark ideas for the company based on the customer’s interest.

    The most important thing that market research does is allows you to identify the different aspects that help you perfect and place the product in the best place. This allows companies to choose the best location and demographic of a product based on the research done.

    http://www.ehow.com/about_6166810_marketing-important-developing-marketing-strategy_.html

  4. Forbes has an article that discusses the importance of market research when reaching out to potential customers, otherwise known as your pool of consumers and businesses. Part of market research includes realizing a reason that consumers or businesses would purchase your company’s products over another’s. These reasons can range from having the lowest prices to having a unique brand experience. There are numerous ways of figuring out who will be your target customers and these include the SBA and US Census Bureau. The SBA now offers a service that shows you on a map where your competition is and where there are customers in need of the products or services that your industry offers. It also has filters like income to help you further narrow your potential customer focus. The article says it is also good to look around and get to know the area yourself that you are considering starting a business. This helps a person starting a business to understand the needs of the local consumers and further establish their business needs. It says that you should also keep an open mind when doing market research. If when doing this research you do not want to change anything about your original strategy, the business will be more likely to fail. One example they give of a company changing their strategy after doing market research is JetBlue. After surveying potential customers, they realized that what customers cared about most was comfortable seating and having some form of tv entertainment. They then revised their seating and entertainment to accommodate this and have been more successful because of it.

  5. Donald McDuffee
    Step 3 for a Successful Startup: The Importance of Market Research
    Shawn O’Connor, Forbes.com 4/23/13

    Market research is a very necessary and import part of starting a business, or after a business is up and running. Knowing who your potential customers are going to be helps companies to find out placement, and pricing. SizeUp helps to find where the heaviest concentrations of competition and potential customers are. Interviewing, surveying, and focus groups can help you understand who your customer is, and what they want out of a business like yours. This allows you to see pricing, and willingness of the consumer to buy your service or product. This allows you make adjustments to your business plan to make it much more successful, or to see if your plan will even be profitable. They use the examples of starbucks and Jet Blue to demonstrate how market research showed them what was important to the customer and what they were willing to pay. This allowed them to change, and become very successful companies that other companies were trying to imitate.
    Jet Blue added tvs, and comfy leather seats, and starbucks created a leisurely coffee shop that people could feel comfortable and work in.

    http://www.forbes.com/sites/shawnoconnor/2013/04/23/step-3-for-a-successful-startup-the-importance-of-market-research/

  6. As it so happens, I also found Forbes’ market research article to be insightful.

    Before utilizing the benefits of market research, defining the scope of your target market is key. Discovering who your target market is and why they should be buying your product is an important step in narrowing your audience because it enhances the quality of the data.

    Market research can be found in a variety of ways. Broad resources such as a local chamber of commerce or the Census database are vital sources of information that map out everything from building ordinances, to permits, to business growth.
    Doing primary research in the form of interviews, surveys, questionnaires, and focus groups that are specific to your business will yield even more data. These methods are necessary because it helps an entrepreneur tweak his business plan for maximum profitability and heightening the chance for customer satisfaction. A broad appeal is important.

    Starbucks used these market research methods to modify their stores and revolutionize the premium coffee industry. Now, Starbucks locations are more of a go-to lounge or hangout spot where customers can enjoy their custom drinks, free wi-fi, and mellow atmosphere. Franchises such as Caribou Coffee, Dunkin Donuts, and even McDonald’s with their McCafe branding have tried to model Starbucks’ precedent. This, along with a similar situation with JetBlue’s post-research renovations copycats, signifies that if you’re doing something right, it won’t take long for others to notice.

    http://www.forbes.com/sites/shawnoconnor/2013/04/23/step-3-for-a-successful-startup-the-importance-of-market-research/

  7. Marketing helps connect users to products and services effortlessly. Today we are surrounded by millions of marketing tactics, but to stay in the game you must be tailored. For example, when you drive on the turnpike, there are billboards, but those boards are geared to thousands of people who pass by it every hour. In todays fast paced environment you need to tailor ads. For example, target has a marketing tactic based on you. For example if you buy a Gillette razor one day with your credit card, and come back in a week later for groceries you will probably get a coupon when you pay with the same card for another Gillette razor because they know you will be needing one shortly. This tactic ensure that customers are not getting annoying ads, but coupons, in the target example, ones that will ensure customers come back. Subliminally target can keep customer relations with great marketing tactics. This article from motorola solutions provides products and ideas on how important marketing is to a business.

    http://www.motorolasolutions.com/web/Business/Content_Groups/Sales_Management_Training/_Document/_StaticFiles/Digital%20marketing%20and%20social%20media%20pre-packaged%20programmes%20EMEA.pdf

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s