CRITICAL ANALYSIS: MARKETING RESEARCH APPROACHES
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Critical Analysis: Marketing Research Approaches
Introduction
Marketing research approaches are usually complex and long-term investment involving commitment of not only financial but also other valuable resources, including personnel, facilities and time. These aim at the creation or improvement of new products to meet certain needs and objectives of the investor. All such decisions necessarily entail some risk due to their future orientation. The risk may arise from miscalculate resources, from cost- and time- overruns, setting up of non-viable units, or building up excessive capacities.
Research Question
Marketing research (MR) is concerned with all aspects of marketing, relating to product design and development, product-mix, pricing, packaging, branding, sales, distribution, competition, target customer segments and their buying behavior, advertising and its impact. Specifically, the scope of MR includes customers, products, distribution, advertising, competitive information and macro-level phenomenon.
i) Marketing is concerned with identifying and fulfilling customer needs and wants. Thus, MR should precede marketing. The unfulfilled wants should first be identified and translated into technically and economically feasible product ideas, which then should be marketed to the customers.
ii) The second area which is of direct concern for MR is product and product design. MR is helpful in determining the final design of the product and its physical attributes of color, size, shape, packaging, and brand name. It is useful in arriving at the right combination of product mi ...