Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem or situation facing the company. It is the process of gathering information to learn about something that is not completely known.
Marketing research is important because does include market research but it also explores new product research and distribution methods. Marketing research helps to make good sound decisions.
The role that marketing research plays is, that it addresses the need for quicker, yet more accurate decision making by marketers. Many times marketers rely on sales people and merchants for information, but the best source of information is marketing research. Marketing research often provides a company a new direction for their marketing strategy.
2. What is a core value of a consumer? Why is important to target a consumer’s core values?
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Creating customer value is an important element for a company securing a niche in competitive market. A company can create customer value to its customer base by providing the consumer with the best price, product and service. A consumer will place value on a fast food restaurant such as Chic-fil-A because they know they will receive a consistent and satisfactory meal at a low price. Customers that are looking for the best car may place value in Cadillac because they are known to produce high quality cars and is therefore able to charge top price for their vehicles. Companies that provide excellence service increase their customer value by providing a superior benefit, which exceeds the cost for many consumers. However, customers that shop with companies known for their exceptional services are willing to pay more. For example, a 5 star luxury spa will cost more because of the location, ambience, products and their excellent customer
Marketing research is important because does include market research but it also explores new product research and distribution methods. Marketing research helps to make good sound decisions.
The role that marketing research plays is, that it addresses the need for quicker, yet more accurate decision making by marketers. Many times marketers rely on sales people and merchants for information, but the best source of information is marketing research. Marketing research often provides a company a new direction for their marketing strategy.
2. What is a core value of a consumer? Why is important to target a consumer’s core values?
As …show more content…
Creating customer value is an important element for a company securing a niche in competitive market. A company can create customer value to its customer base by providing the consumer with the best price, product and service. A consumer will place value on a fast food restaurant such as Chic-fil-A because they know they will receive a consistent and satisfactory meal at a low price. Customers that are looking for the best car may place value in Cadillac because they are known to produce high quality cars and is therefore able to charge top price for their vehicles. Companies that provide excellence service increase their customer value by providing a superior benefit, which exceeds the cost for many consumers. However, customers that shop with companies known for their exceptional services are willing to pay more. For example, a 5 star luxury spa will cost more because of the location, ambience, products and their excellent customer