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The Marketing Research Process Essay

1788 words - 7 pages

As a leading marketing research consultant you have been invited to the University Junior College of Malta to give a one hour talk to second year commerce students on the following:1.the objectives and purposes of Marketing Research2.the benefits and limitations of Marketing Research3.the Marketing Research Process.You are to prepare detailed notes for such a presentation.__________________________________________________________Subject for Talk: The objectives and purposes of Marketing Research along with the benefits and limitations of the same subject. The Marketing Research process will also be described.Notes Prepared By: Damian BlackTarget Audience: University Junior College 2nd year commerce studentsDate: 14th March 2005Time: 1:00 pmDuration: 1 hourVenue: Junior College FoyerIntroductionLadies and Gentlemen, good afternoon. First of all I would like to take this opportunity to thank your Principal, Mr Muscat, for inviting me to talk to you. As he already said, I am Mr Damian Black and I work for 'Basic Black' which is a clothing manufacturing company that employs about 300 people. This talk will be about Marketing Research, its objectives, purposes, benefits, limitations and process. Ok then, let's start!________________________________________Marketing ResearchAs you probably know, Marketing Research is the process where by information is gathered, organized and analyzed and is then used to assist managers in decision making. It also helps an organization set and achieve more realistic objectives and identifies and helps in better satisfying consumer needs.________________________________________Objectives and Purpose of Marketing ResearchMarketing Research has various objectives and purposes and is very efficient if used as it is supposed to be used. These objectives are reached if the marketing research process is followed step by step. This process will be discussed further on in this talk. Let's take a look at these objectives and purposes:•It is a basis for decision making ~ through marketing research one establishes a base of information for decision making. In other words marketing research will gather information which will help in taking the right informed decisions.•It establishes any gaps in the market ~ if one uses marketing research he will identify any gaps in the market. These gaps are short comings of the competitors. This is a positive thing since the company will have the chance to satisfy customers efficiently, effectively, profitably and before the competitors.•Establishes a level of demand for private policy ~ marketing research can determine the potential demand for a company's product. This will be useful since if the demand is expected to decrease, the company could prepare something so that the prices will not increase too much or take an action by which the demand will not decrease at all.•It investigates consumer reactions to a new product ~ by marketing research a company could know how...

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