marketing research

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You may use any course or online resource to answer the questions. Please feel free to answer each question in detail.


Imagine for a moment that you have joined a new company as head of strategy. You report to the CEO of the company. The company is mid-sized, with approximately $50 million in revenue. It generates about $7 million annually in post-tax profit. Until recently, the company has been growing revenue at about a 10% rate annually. However, lately growth has slowed. It competes in a consumer market that has seen changes in both product preferences and distribution channel shifts.

You have told the CEO that you believe that a program of marketing research is important to reignite growth in the company. You have given him a rough, ballpark estimate of $600,000 for the cost of doing research over the next year. He is skeptical and has a series of questions for you about your recommendation.

Please answer his questions in a convincing manner, using whatever evidence you can muster from the internet or from your class experience and textbook readings.

1) why do you need to conduct formal marketing research? Don’t we already know everything we need to know within the company?

2)What kinds of marketing research do you suggest we conduct for solving the question of why our growth has slowed?3) Marketing Research sounds rather expensive. We are not making a great deal of money. Why should I divert our valuable resources to marketing research when we could use the same money to hire new sales people or buy out a competitor?

4)
Your marketing research ideas sound like they will take a very long time to generate the kind of insights that will do us some good. Aren’t there alternatives to doing research that could get us answers faster?
5)
How do you propose to work within the company to insure the insights you generate from this program are actionable across the organization?

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Explanation & Answer

Attached.

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Running Head: MARKETING RESEARCH

Marketing Research
Student’s Name
Institution

MARKETING RESEARCH

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Marketing Research
1. The marketing research program is essential for any organization’s success. A company might
think that they have all the knowledge about marketing, but it is important to keep refreshing the
marketing department on marketing research because of various things. The first reason why
formal marketing research is needed is that it will help our company keeps tabs with our
competitors and compares their growth with our organization’s growth which might be of help to
the continuity of the growth of our organization (Fletcher 2013). This will help on improving our
annual revenue which has been slowing down lately. Keeping tabs with the competitors also
assists in devising strategies which will help us keep ahead of our business rivals to ensure
continued productivity.
Secondly, the Marketing research will help in the reduction of the slowed growth the
organization has been receiving (Fletcher 2013). Marketing research reduces the probability of
the organization incurring losses to some point. We understand that before an organization
launches a new product or good, there is research which is conducted to identify potential
problems and how they can be solved. Marketing research conducted after the product has been
launched will be effective in helping in the identification of loopholes and coming up with plans
to increase profits and counter loss.
Another reason why the marketing research program will be important is that it
guarantees the success of all other marketing campaigns and in turn, increasing sales —
marketing research assists in identifying new potential markets. Also, marketing will help the
organization design marketing campaigns which target the consumers’ needs to increase sales.
According to Fletcher (2013), the marketing research program will give the organization

MARKETING RESEARCH

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important information on a specific potential marketing segment within a particular time and a
particular age group.
2.

There are some types of marketing research which the organizatio...


Anonymous
Excellent resource! Really helped me get the gist of things.

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