What role does marketing research play in our overall marketing plan? What are its strengths and weaknesses. Be sure to identify at lease one strength and one weakness supported by your outside research. Be sure to expand the discussion by challenging each others’ assumptions.
Need 300 words
Marketing Research play quite important role in our overall marketing plan, we do marketing research to analyze information/requirements for marketing decisions and to implement necessary marketing decisions. Marketing research has strategic side and tactical side. Within tactical side, we can define 4 Ps of marketing plan. Such Ps are Product, price, promotion and place. Preparing marketing plan will consider product that will exceed expectations of customer, we need to understand various cycles of the product and in which cycle current product belong to. One thing should be taken care of like products should be distinct, unique and should align with needs of customers and market demand. Considering place, here, within marketing plan, we will include several places where the products are to be sold. In the current age, we consider digital market place and sell the products online. Through using superior logistic system, we can cover most of the places. Considering price, in the marketing plan, we will consider several things like competitor’s price, various supplier’s costs and input cost, real value of the products, perceived value of the products. Using promotion, in the marketing plan, we will consider various promotional strategies as required for the identified products. Such promotion strategy could cover advertising strategy, public relation strategies.
Now, let me discuss strengths and weakness of the Marketing Research
Strength: using Marketing research, we can understand behaviors of the consumers; we can analyze the environments where business will take place. Firm can gain competitive advantages, various investment risks could be minimized as we perform research on the market, product, conceptions and target audiences.
Weakness:
Marketing Research could be costly and time consuming affair, further, it could be viable choice for large organization. As we will be performing several surveys, prepare questionnaire, reports. Further, we require sufficient team expertise to work on such marketing research, due to inclusion of several steps; we require long time to solve any issues. Perfect result can’t be guaranteed, as Marketing research could be influenced by views, opinions of specific people.
What role does marketing research play in our overall marketing plan? What are its strengths and...
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