Premium Essay

Importance of Marketing Research

In: Business and Management

Submitted By alifts
Words 1271
Pages 6
Most every organization will benefit from even the most elementary market research. If it does not provide new information, it will confirm what is known.
Market research is the process of gaining information about your market. Preferably, this is specific information about your target market and the key factors that influence their buying decisions. Market research can be casual and limited in scope and, although it may not be “statistically significant” research, it can still be valuable. The value and “degree of fit” may be based on the quality, cost, or the amount of time to acquire the information using these practical market research tools.Determine what form of market research is going to work best for you. Make that decision based on the value you will receive, versus the time and other resources you need to invest to gain access to that information.
Market research is often confused with an elaborate process conducted by a third party that takes a tremendous amount of time and money. It may be important to take a different perspective on what market research is and how it is conducted.
Primary Market Research
Primary market research is research that you conduct yourself, rather than information that you find already published. Primary market research may result from you having direct contact with your customers or the public. This may be through the following types of information gathering.
• Focus groups gather a small group of people together for a discussion with an assigned leader.
• Customer surveys o Existing customers o Potential customers
• Your competition o Solutions o Technologies o Niches
Secondary Market Research
Market research may also come from secondary sources. This is information others have acquired and already published which you may find relevant. Access to this secondary market research data may be yours for the...

Similar Documents

Premium Essay

Marketing Research Paper

...Marketing Research Paper MKT/421 Marketing Research Paper Kudler Fine Foods is a local upscale food store in San Diego metropolitan area and has three locations in LaJolla, Del Mar, and Encinitas. Kathy Kudler was the founder of Kudler Fine Foods and started the first location in June 1998. Each store is approximately 8,000 square feet and offers products ranging in bakery and pastry products, fresh produce, fresh meat and seafood, condiments and packaged foods, cheese and specialty dairy products, and wine. The company mission is to offer each customer a delightful and pleasing shopping outing. The staff is helpful and knowledgeable and will go to extensive lengths to ensure that Kudler Fine Foods is the purveyor of choice for customers aspiring to purchase the finest delights. Kudler Fine Foods shops around the world to offer fines foods with reasonable budgets for consumers. Kudler Fine Foods will continue to be successful by understanding the importance of market research, identifying areas where additional market research is needed, and analyzing the importance of competitive intelligence and analysis regarding the development of the company’s marketing strategy and tactics. Importance of Marketing Research The importance of marketing research is a process to define a marketing problem and opportunity to resolve the issue. Marketing research systematically collects and analyzes data, and recommends actions to the organization. The purpose for marketers is to help...

Words: 1205 - Pages: 5

Premium Essay

Academic Roots: the Past and Present of Entrepreneurial Marketing

...Entrepreneurial Marketing Dr. Gerald E. Hills Turner Chair and Professor of Entrepreneurship Bradley University 1501 West Bradley Avenue, Peoria, IL 61625 E-mail: hills.gerald@gmail.com Claes M. Hultman, PhD Professor of Business Administration Swedish Business School Orebro University SE-701 82 OREBRO, Sweden Phone: +46-19303522 Fax: +46-19332546 E-mail: claes.hultman@oru.se Dr. Hills holds the Turner Endowed Chair in Entrepreneurship at Bradley University and he chairs the annual Research Symposium on Marketing and Entrepreneurship. His current research interests include entrepreneurial marketing and opportunity recognition. Claes M. Hultman holds a chair in Marketing at Swedish Business School at Örebro University and he is the author of many books and articles in marketing & entrepreneurship. His current research interests include entrepreneurial marketing and commercialisation processes in innovation based firms. Abstract Research in Entrepreneurial marketing is about 30 years old. During this period research has followed many trajectories. Two important but divergent routes are small business marketing versus entrepreneurial marketing mirroring the discourse of small businesses versus entrepreneurial firms. Today small business marketing and entrepreneurial marketing are regarded as separate research fields, however related. EM-researches have been very openminded towards different approaches in methodology, especially compared to research within mainstream......

Words: 4924 - Pages: 20

Premium Essay

Kudler Foods

...Kudler Fine Foods Marketing Research Marketing MKT/421 Introduction This paper is a marketing research on Kudler Fine Foods. I will justify the importance of marketing research in developing Kudler Fine Foods’ marketing strategy and tactics. Next, I will identify the areas where additional market research is needed. Afterwards, I will analyze the importance of competitive intelligence and analysis regarding the development of Kudler Fine Foods’ marketing strategy and tactics. Kudler Fine Foods Marketing Research Kudler Fine Foods were founded in 1998 by Kathy Kudler in San Diego, CA. Kudler has since grown to three locations. The importance of marketing research in developing Kudler Fine Foods is focusing on expanding to more locations; making sure that their operations efficiency is top of the line and increasing the customer purchasing cycle. With Kudler Fine Foods, there are several areas where additional marketing research is needed. Although it is a great idea to increase revenue in the store, but training customers to prepare specialty foods is not only a waste of time, but a waste of money. Kudler is bringing world-renowed chefs to train the customers. It costs a lot of money to get very famous chefs to work for companies and they will be training customers free of charge at Kudler Fine Foods hoping to increase customer’s social network. Kudler will also offer classes at customer’s homes for a premium fee. But, why would a customer want to pay for......

Words: 1092 - Pages: 5

Premium Essay

Marketing Research

...Marketing Research MKT/421 May 21, 2012 Ron Rosalik Marketing Research Kudlers Fine Foods “Research is to see what everybody else has seen and to think what nobody else has thought” (Szent, 2012). Kudlers Fine Food’s mission is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment” (Kudlers Fine Foods, 2008, para. 2). Kathy Kudlers, the founder of Kudlers Fine Food’s is enthusiastic about gourmet cooking. Opening for business, in 1998, since that date, continues to claim success with three accompanying locations, undergoing substantial growth by offering gourmet imported and domestic products. Operations proficiency is Kudlers goal, which in turn will increase profits. In order to reach objectives, Kudlers must focus on marketing strategies, tactics to promote the company’s new services. We will examine the marketing strategies and tactics, additional areas of needed marketing research, and identify the importance of competitive intelligence. Importance of Marketing Research Kudlers fine foods must focus on marketing research to introduce new products and find out customers’ needs and wants. Kudlers fine foods create a plan, accomplishing this specific task of creating a marketing strategy in a process of six steps. These include problem definition, developing an approach to problem, research design formulation, fieldwork, data preparation and analysis, report generation and presentation....

Words: 738 - Pages: 3

Premium Essay

Mrketing

...Marketing Research Laketta C Brown MKT421 September 12, 2011 Ron Rosalik Marketing Research The marketing research allows the organization to build a profitable satisfaction business. Kudler Fine Food was found in 1988. The gourmet store was a vision of Kathy. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Through a variety of sales and marketing strategies, Kudler Fine Foods plans to increase customer loyalty and profitability Marketing affects Kudler Fine Food. Marketing research is imperative to develop an effective marketing plan. This paper will explain the marketing strategy and tactics. In addition the writer will discuss identify the area reach is needed, and analyze the importance of competitive intelligence. Marketing Strategy and Tactics Marketing research is an important part of understanding the market. The product and service will have to be targeted to the right people who are in need of the service. The market research allows Kudler to determine the current market. Kathy set goals to expand her business. First Kathy identifies problems and opportunities. Marketing strategy plans is importance. It includes promoting, protection, and enhancing the product. The information will provide Kudler team knowledge which......

Words: 676 - Pages: 3

Premium Essay

Research

...and increase the number of repeat customers that frequent the store. It is her dedication to her employees and customers as well as her commitment to providing outstanding products and services that has made her business a success. Kathy knows, however, that to remain successful it is going to be necessary to develop effective marketing strategies and tactics and that the first step is to incorporate marketing research. Through the course of this paper the importance of marketing research will be addressed. An analysis of the importance of competitive intelligence and marketing strategy and tactics for Kudler Fine Foods will also be discussed. Importance of Marketing Research Marketing research is defining a marketing problem then systematically collecting and analyzing information and finally recommending actions (Day, 2005). Marketing research is essential to the success of any business whose main objective is, like Kudler's Fine Foods, to offer products or services that are well targeted (Day, 2005). When making business decisions based on market research, risk can be minimized and the business process is likely to thrive (Day, 2005). Market research helps organizations like Kudler‘s Fine Foods communicate better with current customers by...

Words: 708 - Pages: 3

Premium Essay

Krudler Fine Foods

...The American Marketing Association defines marketing as an “organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”. Marketing in an important part of the success of an organization as it enables the organization to communicate with the consumer and represent its products or services and gives value to the products. Marketing is a way for a organization to represent the company in a good image and give develop good relationships with the consumer to win them over. Kudler Fine Foods is an upscale specialty food store in the metropolitan are of San Diego with tree locations in La Jolla, Del Mar and Encinitas. Kudler Fine Foods prides themselves with supplying their consumers with the very best in domestic and imported produce. Kudler Fine Foods wants to explore new options for their customers and needs to justify the importance of marketing research. This paper will analyze the marketing strategy and tactics Kruger Fine Foods must implement to be successful as well as identify the areas where additional market research is needed. This paper will also analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics. Each store has a large amount of retail space located in a stylish shopping center. The stores are stocked with the very best......

Words: 513 - Pages: 3

Premium Essay

The Importance of Marketing in Your Business

...The Importance Of Marketing In Your Business By Carael Knight Ads by Google Small order business www.hktdc.com Meet quality suppliers in Hong Kong Int'l Lighting Fair 2012. 6-9 Apr Create More Value www.thepartnershipmodel.com Develop stronger relationships with your customers and suppliers What do customers want? ey.com/global-insurance-survey-2012 How insurers can meet evolving customer needs. The true definition of marketing is setting up automatic, repeatable systems that create an environment where people want to buy from you instead of you having to sell them. Just as a bee is lured to the nectar of a flower, business people are lured to money. Entrepreneurs are the honeybees of our economy. Ultimately the goal of an entrepreneur is to extend the life of his or her enterprise for a lifetime. As a business owner, your ultimate product is a satisfied customer. Some facts about the Internet and search engines: Over 80 percent of Internet users use search engines to find information A typical search can often generate thousands if not millions of results Only those websites listed in the top 100 will ever see any significant traffic Each day, millions of online businesses are competing for those top 100 spots The best marketing advice I can give you is find the right audience, ask people what they what, and after that, simply give it to them. Marketing is the science behind encouraging interested people to buy. The success of any business basically comes down......

Words: 1378 - Pages: 6

Premium Essay

Mr Questions

...Questions Chapter 1 Q1) What is marketing research? Marketing research is gathering and analyzing data to help make marketing decisions. Q2) What is the relationship between the marketing concept and the existence of marketing research? Marketing concept means that the company only introduces what consumers need and want. To know what consumers need and want you should apply marketing research. Q3) What is the importance of marketing research? The importance is to study the change of the external environment and the continuous change of people’s tastes to make better marketing decisions. Q4) What are the 3 roles of marketing research 1) Descriptive role 2) Diagnostic role 3) Predictive role Q5) What is the relationship between marketing research and the marketing environment? Marketing research aims to study the marketing environment to make better marketing decisions rather than using judgments. Q6) What are the types of marketing research? 1) Applied: to better understand the market (Specific) 2) Basic: To expand knowledge (General) Chapter 2 Q7) List the different steps of the market research process? 1) Identifying the problem, objective, and hypothesis 2) Creating the research design 3) Creating the research method 4) Selecting the sampling procedure 5) Collecting data 6) Analyzing the data 7) Writing the report 8) Follow-up Q8) Briefly define each step, what are the......

Words: 631 - Pages: 3

Premium Essay

Kudler Fine Foods

...shopping center. Each Kudler location offers the very best of the following selections Fresh Bakery and Pastry products, Fresh Produce, Fresh Meat and Seafood, Condiments and Packaged Foods, and Cheese and Specialty Dairy Products (University of Phoenix, 2013). Focusing on the Food marketing strategy and tactics is important for all companies. A company has to ensure that all areas chosen for expansion must be researched and ensure they can be successful in that area. Marketing research will provide what product a company can and cannot sell in a certain area. Marketing research can also provide what type of consumers or customers are in the area as well as what competitors. Companies with great marketing research will get one foot closer to being successful. This paper will address the importance of marketing research, areas where additional marketing research is needed, and analyze the importance of competitive intelligence and analysis all in regards to the development of Kudler Fine Foods’ market strategy and tactics. Marketing Objective Kudler Fine Foods have developed a strategic growth objective to increase loyalty and profitability of consumers. Kudler will need to perform marketing research...

Words: 938 - Pages: 4

Premium Essay

Kudler Fine Food

...Marketing Research Kudler Fine Foods is a local upscale specialty food store located in the San Diego metropolitan area. They sell almost anything such as bakery and pastry products, fresh produce, seafood, meats and cheese and specialty dairy products. Their mission is offer a delightful and pleasing shopping outing to their customers coupled with their experienced, helpful staff. In this paper we will discuss the importance of marketing strategy and tactics while identifying the areas where additional market research is needed. Also, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics. The Importance of Marketing Research Marketing research is a type of business study that gathers records and analyzes data about consumers, competitors and the market. Marketing research can help create a business plan, launch a new product or service, expand into new markets, fine tune existing products and services. Businesses use market research to configure which parts of the population will purchase their products based on variables such as age, gender, location and income level. Marketing research finds the characteristics of target markets and plays an important part in an organizations strategy of expansion. Marketing research is important Kudler Fine Foods. Since the founder, Kathy Kudler, was the Vice President of Marketing for a large defense contractor, she is aware of the importance...

Words: 1066 - Pages: 5

Premium Essay

Marketing Research

...looking to expand operations because they want to become wealthier. This paper will justify the importance of marketing research in developing Kudler Fine Foods’ marketing strategy and tactics. Areas where additional market research is needed as well the importance of competitive intelligence will be identified and discussed. According to Armstrong and Kotler (2011), “Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization” (p. 106). The importance of marketing research is to determine what the consumer wants, prime location, and who the competition is. Companies that are willing to invest time and effort into a research are automatically increasing the chances of success. Market research plays an important role in every aspect of an organization’s strategy of expansion and diversification. Since Kudler Fine Foods has decided to expand the services offered, it is important that the company knows more about their competition. This is done by conducting a market research. The market research will educate Kudler Fine Foods in knowing the areas that are at weak point as well as areas that are too close to competitors. The research also helps Kudler Fine Foods to determine the best geographical location. Another important reason for Kudler Fine Foods to conduct a market research is important is to determine areas where the products will be most likely to sell and to...

Words: 337 - Pages: 2

Premium Essay

Mkt/421

...Marketing Research Amy Timpanaro MKT/421 October 28, 2013 Raj Bose Marketing Research Marketing research is an essential component for an organization to achieve success. A marketing strategy along with its components is what persuades consumers to buy a particular product or service. This paper will illustrate the areas where additional market research in needed for Kudler Fine Foods (Kudler) and analyze the importance of competitive intelligence, and analysis regarding the development of Kudler’s marketing strategy and tactics. Importance of Marketing Research “Kudler Fine Foods is a local upscale specialty food store located in the San Diego metropolitan area” (Kudler Fine Foods, 2011) that needs to enhance its marketing research in developing its marketing strategy and tactics. Marketing research is pivotal for Kudler to have a successful marketing strategy so they can remain successful and profitable within the up-scale, grocery store market. Research helps determine the demographical audience appropriate for its products because finding the proper target market is necessary in developing a company’s strategic and marketing plans. Knowing your competition and its competitive environment is essential to its marketing strategy and methods. Kudler must collect and analyze information on their competition and identify innovative ideas and various techniques that involve strong marketing tactics. Kudler’s direct competition would encompass grocery......

Words: 1347 - Pages: 6

Premium Essay

Kudler Foods

...In this paper the student will endeavor to provide information to why marketing research is important to continued development, growth, and long-term sustainability for Kudler Fine Foods. Marketing strategy and tactics will be discussed. Additional market research that is needed to move Kudler Fine Food’s forward identified. The role that competitive intelligence plays in the development of the Kudler Fine Food’s brought forth for the reader’s information. It is hoped that at the conclusion of this paper a convincing argument for additional marketing resources will be established. Importance The importance of marketing cannot be understated, epically for a small businesslike Kudler Fine Foods. Marketing is the process of getting the “word” out. For a business to continue to produce revenue it is essential that the company get their message out to the community. By getting the message out companies can establish want, and need for the products or services they offer. Creative use of carefully manages marketing strategies can permute company awareness in the local community as well as globally. If the company is unable to get the “word” out there is little hope for continues success. Marketing can also help a company to seek out new and potential customers to help increase bottom line. Profits by Marketing Once a company establishes a successful marketing strategy the potential for increased sales is limitless. There are often times that an add, on a television spot or...

Words: 1071 - Pages: 5

Premium Essay

Marketing Research

...Marketing Research Kudler Fine Food’s is an upscale gourmet food store located in the San Diego metropolitan area and has three locations. Each store is stocked with the finest bakery, meats, produce, cheese and dairy products, and many domestic and imported wines (Kudler Fine Foods). This composition will discuss the importance of marketing research in the development of Kudler Fine Foods marketing strategy and tactics, and will identify the areas where additional market research is needed. The author of this paper will also analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics. Importance of Market Research Armstrong and Kotler (2011) stated, “Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization” (p. 106). The ultimate importance of marketing research is to determine what the consumer wants, prime location, and who the competition is. Companies that invest time in conducting a market research increase their chances of succeeding. Market research plays an important role in every aspect of an organization’s strategy of expansion and diversification. Due to Kudler Fine Foods expanding their services, they need to know more about their competition by conducting a market research. The market research will assist Kudler Fine Foods in determining the areas or location potentially......

Words: 1138 - Pages: 5