Research in Marketing
The systematic gathering, recording, and analysis of data about issues with the marketing of goods and services is known as marketing research. Marketing research seeks to identify and evaluate the effects of changing elements of the marketing mix. (including price, product, place, promotion, and distribution) affect consumer behavior.
Research in marketing plays an essential role in helping companies understand their target customers and the marketplace and make informed decisions about branding, product development, pricing, and promotional activities. By conducting market research, companies can identify new market opportunities and assess the potential profitability of proposed products or services (Vaishnav, 2023). Furthermore, effective marketing research can help to pinpoint customer needs and preferences, which can then be used to create targeted marketing campaigns. Research helps marketers create more effective and targeted campaigns and identify market trends and opportunities. Additionally, research can help companies identify potential new products or services and assess the market potential for these products or services.
Some well-known companies that have relied heavily on marketing research include Apple Inc., Nike, and Coca-Cola. Each of these companies has developed highly successful marketing strategies based on carefully studying their target markets. For example, Apple has been known for its innovative products and has developed successful marketing campaigns focusing on its products’ features. Nike has been a leading athletic apparel manufacturer and has thus benefited from extensive research into the needs and preferences of its target market. Coca-Cola has become one of the world’s leading beverage brands and has developed successful marketing strategies that focus on creating a sense of nostalgia among its target market (Okoye-Chine, 2021). Overall, research is precious in marketing, as it helps marketers to develop more effective campaigns and to identify potential trends and opportunities in the marketplace.
References
Vaishnav, B., & Ray, S. (2023). A thematic exploration of the evolution of research in multichannel marketing. Journal of Business Research, 157, 113564.
Okoye-Chine, M. (2021). The Effect of Sales Promotion on Marketing of Coca Cola Drinks in Anambra State. International Journal of Innovative Social Sciences & Humanities Research, 9(1).
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Research in Marketing
What value does research have in marketing? Cite examples of companies making solid marketing decisions based on marketing research.
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