Marketing research goals Essay Example | Topics and Well Written Essays - 1000 words

Marketing research goals - Essay Example Apart from this marketing research also is important for an organization as it gives them directions for future planning. Its like if marketing is an engine that drives a country's economy than marketing research is the process that keeps the engine tuned. Marketing Research's wide range of uses can measure the importance of it. For example it helps in making new and improved products and enables an organization to have a more convenient delivery of products and services. Well marketing research results can be both correct and incorrect, same is for the viewpoints of the senior management. The major reason for following either one of the options, which is following the marketing research conclusion or the viewpoints of senior management, depends on how much a person knows about the marketing research. If a person is sure that there has been no mistakes or errors throughout the marketing research then he can be sure of following the conclusions based on the marketing research but its not necessary that the results come out to be positive. It's vice versa if u follow the viewpoints of the senior management. Rather than offering the same marketing mix to different customers, organizations plan out market segmentation. Market segmentation helps firms to tailor marketing mix for specific target markets, hence better satisfying customer needs. Not all elements of the marketing mix are changed from one segment to another. For example in some cases only the promotional campaigns would change. A niche is a further division of a segment. Thus, the difference between a segment and a niche is that between segments substitution is negligible, while a large part of the customers in a segment will allow substitution between niche products. Niche products are aimed at a smaller group of consumers within a segment, for whom specific product properties are obligatory, while the same properties were only positioning properties in the broader market segment. We can have a market segment of one individual but in business markets not in consumer markets. There is a major reason for it. The reason is that in business markets an organization can have only one consumer. This is due to the high priced machinery transactions that take place in the business markets. Apart from that, organizations do want many customers to cater to but they can have a single customer as well and can be specialized producer for a single buyer as they are still making profits in doing so. Ans.3 There are basically two types of sellers in any international market. These two types rely on the two basic terms that a buyer uses to distinguish the products. These two factors are price and quality. Some seller might be giving a good price but not good quality and vice versa. Sellers can be buyers there is no doubt about it. There is no country that is completely self sufficient in producing every single good or commodity that is required by the people living in it, hence keeping this fact in the mind a seller can be a buyer is proved easily. The challenges in regard