MKT421 Wk 2 DQ 1.

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What is marketing research?

Market research consists of information collection regarding the prevalent market

situation, and its analysis. “We define marketing research as the systematic design,

collection, analysis, and reporting of data and findings relevant to a specific marketing

situation facing the company” (Kotler & Keller, 2009, p. 90). Most of the big players in

the market have separate market research departments and certain percentage of profit

is specified for it.

How has the Internet affected marketing research? As a part of your answer, address

time, cost, approaches, and validity.

The internet has greatly enhanced the possibilities regarding information collection.

Official websites can have questionnaires and visitors can fill them. Companies can

place ads on popular sites clicking which can lead to questionnaire or feedback page.

E-mails and blogs can also be used to gather relevant information. “Online research

was estimated to make up 33% of all survey-based research in 2006, and Internet-

based questionnaires also accounted for nearly one-third of U.S. spending on market

research surveys in the same year” (Kotler & Keller, 2009, p. 101). Online marker

research is fast, efficient, reliable and comparatively cheap. With such big benefits,

every company should definitely avail this medium.

Why is marketing research important to developing marketing strategy?

“An important task of marketing research is to assess the efficiency and effectiveness of

marketing activities” (Kotler & Keller, 2009, p. 106). Market research is very important in

strategy development because it gives us valuable information, regarding our

customers, which will form the basis of our marketing strategy.

Reference

Kotler, P. & Keller, K.L. (2009). Markeng management (13th ed.). Upper Saddle River, NJ: Pren!ce-Hall.

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