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Marketing Research Tools Essay

Assignment id 1005937
Discipline Self Improvement
Assignment type Essay
Words 2617
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Marketing Research Tools Most companies are customer-driven and utilize marketing as a way to attract both present and prospective customers by customizing their advertising mix. The marketing mix consists of the four P's, that are product, price, location, and advertising. To create a successful advertising and marketing mix or even evaluate a current advertising program, organizations have the ability to fulfill the requirements of their customers through market research. Market research helps control with significant decision-making and can help businesses develop strategies to achieve company objectives. There are two forms of market study; secondary and primary study. Secondary research involves information that is easily accessible and often includes data that has been obtained or published by someone else (Aaker, Kumar, & Day, 2001). This could include a business website or a government site such as the Census Bureau. Primary research is data gathered to address a specific research objective such as a questionnaire, focus group, or experiment. (Aaker, Kumar, & Day, 2001). Overall, market study gives a proposed approach to accomplishing business targets and objectives. Understanding the gaps in primary and secondary research when using qualitative and qualitative approaches can help any company gain a better view of the many ways market research could be applied to meet business goals. Secondary Research it's very important to appraise the present situation before jumping straight into market research as it can be both timely and costly. Step one in market research would be to use a cost-benefit analysis and decide whether the cost of this study will be worth more than the value of this information recovered. In case the advantage of the research outweighs the price, it...

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