MKT421 Wk 2 DQ 1
MKT421 Wk 2 DQ 1
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This 0 page Study Guide was uploaded by expert Notetaker on Tuesday November 17, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 17 views.
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Date Created: 11/17/15
What is marketing research Market research consists of information collection regarding the prevalent market situation and its analysis We define marketing research as the systematic design collection analysis and reporting of data and findings relevant to a specific marketing situation facing the company Kotler amp Keller 2009 p 90 Most of the big players in the market have separate market research departments and certain percentage of profit is specified for it How has the Internet affected marketing research As a part of your answer address time cost approaches and validity The internet has greatly enhanced the possibilities regarding information collection Official websites can have questionnaires and visitors can fill them Companies can place ads on popular sites clicking which can lead to questionnaire or feedback page Emails and blogs can also be used to gather relevant information Online research was estimated to make up 33 of all surveybased research in 2006 and Internet based questionnaires also accounted for nearly onethird of US spending on market research surveys in the same year Kotler amp Keller 2009 p 101 Online marker research is fast efficient reliable and comparatively cheap With such big benefits every company should definitely avail this medium Why is marketing research important to developing marketing strategy An important task of marketing research is to assess the efficiency and effectiveness of marketing activities Kotler amp Keller 2009 p 106 Market research is very important in strategy development because it gives us valuable information regarding our customers which will form the basis of our marketing strategy Reference Kotler P amp Keller KL 2009 Marketing management13th ed Upper Saddle River NJ PrenticeHall
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