Elements of Market Research

Marketing research involves the process of systematically gathering, recording, analyzing, and using data relating to the sale of goods and services. An alternative definition of marketing research is that it is a process of gathering and analyzing data pertaining to a company's market, customers, and competitors with the specific goal of improving marketing decisions. Marketing research also involves the decision-making process, particularly in an effort to increase sales revenue.

John Graham in American Salesman (2004) writes that marketers can play a critical role in the success of a product and the long-term success of a company. He notes

that sometimes the decisions of the marketing department are erroneous or misguided. Graham believes that the most serious problems a company can have is when the marketing department starts believing its own "baloney." Graham encourages companies to look at the information presented by its marketing department or ad agency with the same degree of skepticism as it would any other piece of subjective information submitted for its review.

Sometimes, market research will point in one direction, and senior management will reject the recommendations of the marketing department despite extensive marketing research. As a result, management may opt to launch a product over the objections of marketing, or senior management may instruct the marketing manager to take its marketing campaign in a direction that the marketing department fe



Related Essays

Market Research and Marketing Strategy .... particular article serves to illustrate the importance of market research to marketing .... club Plymouth Argyle to gain insight into such elements of marketing as .... (913 4 )

Market Research .... determining competitive positioning and other key elements of the .... on one or a few key market segments, which .... The benefit of marketing research resulting in an .... (739 3 )

Elements Used to Market Goods & Services .... more specifically the interplay between these elements, combine to .... deficits and funding for basic cancer research is in .... what would be called a market niche in .... (2212 9 )

Marketing Research and Marketing Strategy .... a strong recommendation based on marketing research could result .... The marketing mix is the four main elements used by a marketing manager to market goods and .... (2714 11 )

Market and Product Overview .... These elements need to be considered when making marketing strategy decisions .... for the Study of Business Markets at Penn State Market Research Society Marketing .... (1964 8 )

Category: Business - E
Common Topics
Click Here to Get Instant Access to over 32,000 Professionally Written Papers!!!
Join Now  
Saved Papers  
Save your essays here so you can locate them quickly!
"Thank you for making such a high quality site! Your papers are the best I have seen around"
Debbie B.
"Your site was very helpful and gave me the details I needed in order to complete my essay!!!"
Mike F.
"This site is an excellent vehicle for quick referrences. Thanks a bunch!"
Carla T.
"Great site, I got a lot of new ideas I would have never thought of before."
Nate A.
"I love this site!!!"
Marie H.
Copyright © 2007 - 2014 Lots of Essays. All Rights Reserved. DMCA