The Importance and Role of Marketing Research Discussion

Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Comment on the importance and role of marketing research. Identify the circumstances when marketing research is worthwhile. In your discussion, include the following:

Define marketing research, and include a description of the scientific method.

Distinguish between basic and applied research.

Apply marketing research to the 4 Ps of the marketing mix (product, price, place, and promotion).

• Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

What did you learn from your classmate’s posting?

• What additional questions do you have after reading the posting?
• What clarification do you need regarding the posting?

What differences or similarities do you see between your posting and other classmates’ postings?

First student: john Garcia

Market research is the most important department a company can incorporate within its infrastructure, because understanding consumer demand is the first step to the actual fulfillment of a demand. A fulfillment of a demand will result in sales, therefore it is very important to understand consumer demand. Market research can simply be defined as a the act of gathering research data about consumers needs and preferences. There are 11 steps to approach a standardized market research, “who what where when and why ” are some solid questions asked during this process of research, then applying this information to “product place price and promotion ” will result in a stronger product that effectively utilizes data gathered from the market research to generate higher sales.

The scientific method is the scientific process and procedures of gathering data, observation and testing a hypothesis. It is always a professional notion to test your findings from your market research into the scientific method to test the findings before the launch of a product. This will prevent losses and improve product developments. The steps include 1. Question and observations 2. Research topic areas 3. Hypothesis 4. Test with experiment 5. Analyze data 6. Report conclusions

Basic research is the study used to grow existing data, while applied research data is aimed at solving a problem or answering a question. These are both very important studies used to grow data in product development department. With the use of applied research data, a marketing department can effectively answer how much should the product be charged based on probability of a sale, where is the target market applying their attention, how do they prefer their promotions, and what are the qualities of the product.

Although there is a large investment of resources required to perform an adequate market research, there are also proven and effective processes that can be structured to generate valuable findings. There are also external outsourcing possible to fulfill the need for marketing research. Understanding a market demand is the first step to generating a sale, and this is why marketing research is the most important department a company can incorporate within its infrastructure.

Second student : Flores

Define marketing research and include a description of the scientific method.

“Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process.”(Burns & Bush, n.d.) The results that are report with this process tells us how we can solve different problems like price, determination, or advertising. With this process it incorporates the consumer which links the consumer to the marker that provides information that can be used in making marketing decisions. With this the information that is given we can then identify the opportunities and problems, which can help generate, refine, and evaluate potential marketing actions.

Distinguish between basic and applied research.

When looking at basic research this method only increases the individual’s knowledge on the subject rather than trying to solve the specific problem. With that being said the focus with basic research is to understand the knowledge and to have your questions answered with no problem solving. On the other hand, when looking at applied research this signifies all of the research that goes into the marketing research studies. Another way to think of it is that applied research is a investigation that entails solution-oriented inquiries into a phenomenon or a field of study that is employing empirical methodologies.

Apply marketing research to the 4 Ps of the marketing mix (product, price, place, and promotion).

When using the four P’s in a marketing mix you want to clearly identify with product or service you are analyzing. Analyzing your product or service will help you understand how tot meet the needs of your customers. Once you understand the costumers needs then you can then focus on where your target audience is. This will help you determine where to market your product weather it’s in a retail store or on a online platform. Once this is clarified you can then create a marketing concept that speaks to your customer base and advise them how your product will serve them. Finally, you want to revisit and adjust your marketing plan over time. When the product grows in popularity you want to change the way you market and strategies to keep up with the demand.

References

Blog, F. (n.d.). Basic vs Applied Research: 15 Key Differences. Formplus. Retrieved March 3, 2022, from https://www.formpl.us/blog/basic-applied-research

Burns, A. C., & Bush, R. F. (n.d.). Basic Marketing Research with Excel (3rd ed.). Pearson Education. https://doi.org/https://coloradotech.vitalsource.com/books/9780133468977