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The Importance Of Market Research Essay

1051 words - 4 pages

The Importance of Market Research
Apple Inc is a multinational corporation founded in 1976 in Cupertino, California, by Steve Jobs and Steve Wozniak and was originally named Apple Computers, Inc (Apple, 2011). The company began as an organization that sold computers and computer hardware but this has led the way for the company to create innovative products in the field of electronic MP3 players, cell phones, entertainment, and media products. This wide range of electronics allowed Apple Inc to expand its industry and attract more customers. As Apple Inc grew worldwide, it managed to draw customers in different countries making it today one of the most valuable companies in the world. Market research can be beneficial to Apple because provides information for managers and necessary tools for the marketing mix, which can help with customer satisfaction, customer retention, and product opportunities.
Importance of Marketing Research to Apple
According to Steve Jobs, Apple does not conduct market research because the company just wants to make good products that consumers will need. He explains that Apple designs products for themselves and “it’s not about pop culture and it’s not about fooling people, and convincing people that they want something they don’t…so you can’t go out and ask people, you know, what’s the next big [thing]” (CNN, para. 2). Apple designs its products based on what they believe is groundbreaking. This type of viewpoint allows the management team to introduce products to the consumer and educate the world about innovative technology.
Market Research Definition
Market research is a strategic step in determining the best solution for discovering opportunities and acquiring clients. This is the first critical step in the marketing department that creates a foundation for what a company needs to research to identify what opportunities are given and what steps need to be taken to achieve the goals. The American Marketing Association defines marketing research as the “systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area” (McDaniel & Gates, 2006, p. 6). However, according to McDaniel & Gates (2006), “marketing research is the planning, collection, and analysis” of information, related to marketing decision-making that includes communicating the results of the analysis to management (p. 7). Marketing research influences the distribution, price, promotion, and product/service decisions. The process provides information for managers and necessary tools for the marketing mix, which can help with customer satisfaction and retention. It is important for proactive management because it helps develop marketing options through market segmentation, consumer attitude, product usage studies, and market opportunity analysis (McDaniel & Gates, 2006).
Types of Marketing Research
Apple does not conduct marketing research...

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