MARKETING RESEARCH

Marketing Research

Marketing Research

Introduction

The purpose of this essay is to determine the use of marketing research by the managers and to understand that how marketing research information is can be helpful for managers to understand the competitors and marketing environment.

Discussion

Market research and marketing research are often confused. 'Market' research is simply research into a specific market. It is a very narrow concept (Maclaran, 2002). 'Marketing' research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the Internet (Ereaut, 2002). Managers need information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a subjective one, and what customer's value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deduced from common knowledge (Bong, 2002). Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions.

If you don't research a market before diving into it you're crazy. You will waste an incredible amount of time, money and metal resources if you jump into a market blindly without following a process to:

Determine the profitability of the market

Determine what customers want and need in the market

Determine if there are already products available that are popular in the market

Determine how the top rated websites in the market are selling the hot products that you find.

Back engineer the selling strategies of the most profitable websites in the market

Determine which websites dominate your market and why

Determine how the most popular websites in the market make money

Determine profit potential in the market

If you are new to Internet marketing ...