Importance of Research in Relation to an Organization's Marketing Strategy and Tactics. In recent years, savvy marketers have increasingly been targeting discrete consumer segments through differentiated marketing techniques. According to the authors, "The distinctive nature of various consumer groups such as children, the elderly, women, and ethnic minorities has made them attractive market segments" (p. 364). Market segmentation and targeted marketing, though, are not without their dangers if what is being marketed is inappropriate for the intended consumers. "Targeting potentially harmful products at vulnerable and disadvantaged consumers such as children, the elderly, and inner-city residents has received negative publicity and been subjected to damaging litigation" (p. 364). In an increasingly dynamic and increasingly competitive globalized marketplace, though, companies that fail to take advantage of the tools that are available will be at a distinct disadvantage, but even companies that are not specifically engaged in producing "harmful" products such as alcohol and tobacco can exploit such market research techniques to the detriment of those targeted: "Cases of consumer discontent from time to time raise questions about the ethical implications of market segmentation and targeted marketing, most notably the targeting of harmful products at vulnerable consumers, such as targeting alcohol and cigarettes at inner-city consumers and churning insurance policies to the elderly" (emphasis added) (p. 365). The question, then, seems to relate to how much personal information a company requires to fine-tune its marketing efforts, balanced against the ethical considerations involved in its collection.
In view of the unscrupulous practices of many companies, though, survival would seem to indicate that too little research spells certain failure: "The increasing willingness of some large corporations to exploit vulnerable consumers indicates unfair treatment of these consumers...
Marketing Pricing Strategy There are different approaches to pricing strategy. The pricing strategy should fit within the context of the overall marketing strategy. Among the different options for pricing strategy are revenue maximization, profit maximization, survival, skim pricing, and penetration pricing (NetMBA, 2010). There are also approaches such as cost-plus that take into account the company's cost structure but in a competitive marketplace it is more normal that the pricing strategy reflects
Marketing Research 6855 The purpose of this paper is to apply the principles of Marketing Research process by conducting secondary research for a real life organization and proposing primary research which can be done in the light of secondary research. The first section of the paper presents an analysis of Starbucks using SWOT, 5Cs Analysis, and five forces model. The second section proposes primary research to solve a specific marketing problem. Situation
Marketing Research Process and Research Methods The four steps in the marketing research process are designed to capture the information and insights needed to make better strategic and tactical decisions, gain greater intelligence on customer needs, and ultimately create greater value for a company. The four stages of the market research process are defined in this analysis with their applicability for given strategic decisions and trade-offs also discussed. The three dominant
Again, this could become a major competitive advantage in the core markets the company sells into today purely from a location and demographic standpoint. Multichannel retailing and commercial distribution strategies based on customers' unmet needs - This is another major area that Kudler is not addressing today in any research, and this needs to become a strong focus if the company is going to continually attract new customers. Expanding into
Marketing Research & Strategy Analysis of "Driving your market" by David Whitlark and Chad Allred David Whitlark and Chad Allred's journal article in Marketing Research, entitled "Driving your market," looks into the benefits of research in creating marketing strategies for products or services that a company will introduce in the consumer market. Studying in particular the hierarchical values map (HVM) as the primary tool of measurement in research, Whitlark and Allred enumerates
Marketing Research Explain the difference between marketing research and a DSS. Marketing research may provide data for use in a DSS as input, but the knowledge component is an aspect of the human expert participation in the gathering and analysis of data. Indeed, some computer modeling platforms (such as Bayesian Belief Networks) employs a combination of data, modeling software, and the judgment of experts to make decisions about, for instance, a product
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