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Market Research

According to an essay published by the U.S. Small Business Administration entitled Marketing Basics, to be successful senior management must know its markets, its competitors strengths and weaknesses, customer wants and needs, and about the competitive strength or competitive advantage of their organization. To remain successful, an organization must attract and retain a growing base of satisfied customers. Marketing programs are intended at convincing people to try or keep using an organization's products and services. An organization must carefully plan its marketing strategy to maintain its presence in the marketplace.

Successful marketing requires timely and relevant market information. Marketing research involves the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. Marketing research deals with people and their constantly changing feelings and behaviors, which are influenced by countless subjective factors. To conduct marketing research, one must gather facts and opinions in an orderly, objective way to find out what potential customers want and need. According to the essay, market research involves seven distinct processes, which are:

1. Defining Marketing Problems and Opportunities. The market research process begins with identifying and defining the problems and opportunities that exist for your business

2. Setting Objectives, Budgets and Timetables. With a marketing problem or opportunity defined, the next step is to set objectives for your market research operations.

3. Selecting research methods, types sand techniques. There are two types of research: primary research or original information gathered for a specific purpose and secondary research or information that already exists somewhere. Primary research can be as simple as asking customers or suppliers how they feel about a business or as complex as surveys conducted by professional m...

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Market Research. (1969, December 31). In LotsofEssays.com. Retrieved 03:55, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1695010.html