29 Jun The role and importance of market research for today’s organizations
Question
Master in Marketing
Module: Data driven Marketing research and analysis
Subject: The role and importance of market research for today’s organizations and the marketing research process
Key Concept Exercise
Required
The value of marketing research
In your estimation, what is an example of a large or well-known company that has an effective marketing research process in place for one or more of its products or services? Or is there a small business in your own community that comes to mind? What is it about this company that gives you the impression that its marketing campaigns are properly aligned with its goals?
It might be just as easy to identify examples of marketing research done poorly. As you read in this Week’s Key Concept Overview, after all, if Coca-Cola can make such a big marketing mistake, it stands to reason that any company can.
In other words, good marketing research has value; poor (or no) marketing research has consequences. It may have been the case years ago that marketing research was largely the domain of business-to-consumer (B2C) organisations. Today, however, many different types of B2C and business-to-business (B2B) organisations and companies use marketing research, by necessity, to inform their marketing decisions, and ultimately to maximise and take advantage of marketing opportunities.
To prepare for this Key Concept Exercise:
Read the Required Learning Resources for (please find below)
Reflect on the purpose and role of marketing research for organisations.
Consider the value of marketing research to different types of organisations.
Think of examples of organisations that you feel use effective marketing research processes.No plagiarism exceeded 5%, use the below references. Learning ResourcesRequired
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Wilson, A.M. (2011) Marketing research: an integrated approach. 3rd ed. [Electronic Book]. Harlow: Financial Times/Prentice Hall.
· Chapter 1, ‘The role of marketing research and customer information in decision making’ (pp.1-17)
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McDonagh, P. & Prothero, A. (2014) ‘Sustainability marketing research: past, present and future’, Journal of Marketing Management, 30 (11/12), pp.1186-1219.
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Tadajewski, M. et al. (2014) ‘The discourses of marketing and development: towards “critical transformative marketing research”’, Journal of Marketing Management, 30 (17/18), pp.1728-1771.
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Tadajewski, M. & Jones, D.G.B. (2014) ‘Historical research in marketing theory and practice: a review essay’, Journal of Marketing Management, 30 (11/12), pp.1239-1291.
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