Essay Nigel Y H

1189 Words Mar 22nd, 2013 5 Pages
Marketing research is required as a need for companies nowadays, and many companies allocating huge amount of budget and resources to its marketing department or divisions and employ many professional and expensive experts and specialists for this purpose. However, people sometimes still underestimate research as might think they might already know the result, or not worthy to spend money on it. Actually, research is not searching which is already searched, as it is any systematic, Objective and organized enquiry undertaken to provide information for making sound and timely (Sontakki 2010). Marketing research links customers and the market with information, such as marketing opportunities and marketing performance; in order
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Further more is that marketing research determines the market segmentation, which may be defined as subdividing a heterogeneous market into more homogeneous subgroups, based on some common customer characteristics(Shaw 2012), in a nutshell, it means positioning the business in the market. Also, marketing research can locate target market by studying the outcome and try to mitigate missing potential target, or missing sales opportunities. Moreover, by studying the marketing research, it will be more accurate to create informed decisions about the distributing and pricing and adjust for the target market. Such as if the research shows that, the target market are likely to purchase via wholesaler in a low cost, then will influences implementing and developing the strategy, like using particular distribution channel as a major method, developing a focused low cost strategy or even re-evaluate the target market. International Coffee Organization (ICO) wanted to join the young people in the age group of 15-24 beverage markets, and hired agency to do a marketing research by asking they frequency of drinking coffee, demographic and other alternatives of drinks. The research outcome does not favors the ICO when young people usually were having other beverages like soft drinks but not coffee(Crawford 1997). Though the research did not favor ICO’s idea but the information of the research directly

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