Market Research Essay

7087 Words Jan 26th, 2014 29 Pages
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Introduction to Uses and Methods of Marketing Research

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Introduction to Marketing Research
Learning Objectives

Recognize that research is an integral component of marketing strategy Define marketing research Describe the development of marketing research as a profession Explain how marketing research is incorporated into the marketing plan Discuss the importance of conducting ethical research

WHAT MOTIVATES YOUNG PEOPLE TO BUY? AUTOMAKERS NEED TO KNOW!
Surprisingly 6 per cent of all US car sales are made to people 16 to 24 years old. Because this is a sizeable target market segment, automobile companies have spent millions on
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General Motors conducted their research by interviewing minority journalists about urban and hip-hop culture. As the result of the research General Motors now uses hip-hop music and musicians in their ads. They also learned that the way to reach young urban car buyers was to feature Buicks at car accessory and customization shows. Rather than assuming they know what consumers want, a company is smart to invest in research. In fact, the money spent on research will actually save money that would otherwise be spent on wasted efforts. Question: How do the mistakes that companies make, because they do not conduct research, cost them money? Source: Welch, 2004; Chon, 2007

1.0 Research and Marketing Strategy
Marketing is a new field of academic study in comparison to subjects such as chemistry or philosophy. However, marketing is not a new human activity. People have always produced goods that they wished to barter or sell for either another needed product or money. To do so they need to find a buyer. The field of marketing simply takes this basic human behavior and plans its strategic implementation. While there are many definitions of marketing, the definition used by the American Marketing Association on their website (www.marketingpower.com) describes marketing as: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for

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