If Marketing is not Advertising, then what is it?
If Marketing is not Advertising, then what is it?
Robert – Market Research, Product
Market research is another crucial component of the marketing mechanism, if not one of the most important. It represents the foundation of every new product release on the market and it also facilitates the improvement and modernization of existing products. “We define market research as the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company”. (Kotler et al 2010)
Market research is a very complex process, which involves a number of different steps, ranging from defining the problem, the decision, alternatives and the research objectives to making the decision. The other steps are developing the research plan, collecting the information, analyzing the information and presenting the findings. The marketing manager has to collaborate with the marketing researcher along every step of the process in order to achieve the desired goal. After deciding on the research objectives, such as “Will offering a TV service for mobile phones create enough incremental preference and profit for 3 to justify its cost against other possible investments that Hutchison Whampoa might make?” (Kotler et al 2010), the next step is developing the research plan. In other words, deciding on what the research is going to focus on. “The second stage of market research is to develop the most efficient plan for gathering the needed information and what that will cost” (Kotler et al 2010). There are a number of options when it comes to contacting the subject such as mail, telephone, in person or online. Mail questionnaire and online interview are the most effective as they are inexpensive, the subjects can answer the questionnaire in comfort of their homes, in a stress free environment and in their own time. It “is the best way to reach people who would not give personal interviews or whose responses might be biased or
Robert – Market Research, Product
Market research is another crucial component of the marketing mechanism, if not one of the most important. It represents the foundation of every new product release on the market and it also facilitates the improvement and modernization of existing products. “We define market research as the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company”. (Kotler et al 2010)
Market research is a very complex process, which involves a number of different steps, ranging from defining the problem, the decision, alternatives and the research objectives to making the decision. The other steps are developing the research plan, collecting the information, analyzing the information and presenting the findings. The marketing manager has to collaborate with the marketing researcher along every step of the process in order to achieve the desired goal. After deciding on the research objectives, such as “Will offering a TV service for mobile phones create enough incremental preference and profit for 3 to justify its cost against other possible investments that Hutchison Whampoa might make?” (Kotler et al 2010), the next step is developing the research plan. In other words, deciding on what the research is going to focus on. “The second stage of market research is to develop the most efficient plan for gathering the needed information and what that will cost” (Kotler et al 2010). There are a number of options when it comes to contacting the subject such as mail, telephone, in person or online. Mail questionnaire and online interview are the most effective as they are inexpensive, the subjects can answer the questionnaire in comfort of their homes, in a stress free environment and in their own time. It “is the best way to reach people who would not give personal interviews or whose responses might be biased or
Bibliography: Kotler, Keller, Brady, Goodman, Hansen 2010: Marketing Management, second edition. Pearson Education Rust, Moorman, Bhalla 2010. Rethinking Marketing. Harvard Business Review Beth Comstock, Ranjay Gulati, and Stephen Liguori 2010. Unleashing the power of marketing. Harvard Business Review Websites Marketers, go back to basics, HBR. Accessed 16.02.2013 http://blogs.hbr.org/cs/2012/11/in_marketing_go_back_to_basics.html