Marketing Portfolio 1
Location of Institution
Marketing Portfolio 2
Market research and its use in a marketing plan
Market research us an essential in any institution given that it the foundation
for marketing plans. Thus, marketing research refers to the process by which
information and data gathered regarding the targeted segments which entail products
and performance, rivalry and possible threats in the business environment. For an
organization to productively market a product, it is significant to draw a marketing
plan, which is the process that it coalesces organizational objectives and goals in line
with marketing research to aid in the achievement of the formulated goals. The
primary purpose of the marketing research is to facilitate the comprehension of
possible needs and necessities of the clients, which are then adopted in the rest of the
marketing plan to be practiced effectively. A perfect example of a firm that has
practiced marketing research successfully is Dorchester Collection’s luxury hotels
(Tomaševi 2018). Indeed, the firm encountered a lot of complaints regarding the kind
of laundry services hence they were losing a client’s loyalty and income. As a result,
the company began applying the use marketing research by collecting data on the
customers’ attires and behaviors, their needs regarding, marketing segmentation,
laundry service and the reason why they were offering poor services resulting to
underperformance in the company.
Moreover, marketing research is essential in an organization which usually
facilitates improvements in marketing planning and renders better goods and services.
For instance, Dorchester luxury hotels made good use of the same hence their
performance improved. The moment an organization has realized that they are in a
Marketing Portfolio 3
position to proceed with a marketing plan, they are often able to come up with better
services. For examples, the above company improved, by bring in professionals in
the field and pump in more money that would take care of laundry services. Hence,
they successfully made use of market research to come up with a marketing plan to
generate better services for their clients.
Who are the competitions for your favorite product?
In any given industry, the micro-environment exhibit competitors that is
exceptionally essential when conducting a marketing plan. Such setting entails forces
that operate within an organization which in different ways influence the manner in
which the firm attains the set goals hence make its goods and services available to the
customers. Appropriate marketing depends on the ability to give clients with
significant value than the competitors. Thus, the researchers have to study and
research on the constituents which include but not li...