The Importance Of Market Research Marketing Essay
Marketing research is the function which links the consumer, customer, and public to the marketer through information-information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing action; monitor marketing performance; and improve understanding of marketing as process. Marketing research specific the information required to address these issues; design the method for collecting information; managers and the implements the data collection process; analyses the results; and communicates the finding and their implication(Carl makdaniel,Roger Gates 1998 P.5)
Marketing research is a very special division of Marketing Management. We can define marketing research as soul of marketing management. It is a foundation and generally used by producers, exporters, suppliers and service organisations.
The organisation faces lots of marketing problems such as customers, markets races, and sales promotions. Marketing research can help resolve these problems. Marketing research is logical method. It first collects information about the market difficulties and then records the data. They attract deducting about these data; it gives advice for solving the marketing problems. In this way marketing research helps to solve the marketing problems easily, quickly, systematically and correctly.
Marketing research gather full information about the clients. They find out customers’ needs and expectations. Then organisation can produce well according to the customers’ expectation and needs. Marketing research helps the organisation to make production and marketing strategies that can helps the organisation to present new products in to the market and it will help to know about new market. This research also collects full information about the challengers. In this period organisation used these information to fight with challengers and it also helps the marketing managers to take resolutions.
Marketing research is very systematic, scientific, objective and organised. It has a wide opportunity. It contains consumer research, packaging research product research, pricing research, and etc. Marketing research is a non-stop method. It has a few margins. However, a company cannot continue and be successful without marketing research.
2-Explain the importance of Market research.
What is Market Research?
Market research is a way of investigating and answering questions about human behaviour (Colling McDonald, pills vangelder, 1998, p.37) Market research is gathering and keeps details and information about the clients, competitors and the useful details about marketing programs.
Small business owners such as cloth shops, small food take away, cafes they use the market to decide the possibility of new business, improve aspects their business Or to test interest in new product or service. Market research is help to make decision, customers’ needs and wants and increase the business profit.
The Importance of Market Research
Market research is more important to business because it provide lots of opportunities.
Increased Sales. We can increased the sale of business researching the market, important information that helps to recognise how we can provide successful product or services to the market, what are the best prices for the products or services and what type of customers are interested to purchase the product or services.Reserching all information from the market will help us to increase the sales.
Better Customer Management. We can use marketing tools such as campaign, meetings, questionnaires, discussion, messaging to go to the customers to investigate the customers’ current needs and future expectations. We can achieve higher customers from marketing research.
Business Growth. Market research is increase sales and customer management. With these our company become successful business.
3-What is the core marketing concept used by STP cafeteria
“The marketing concept involve three important corner stone’s first one is customers’ needs and wants as the foundation of business purpose, Develop an organizational approach to satisfying these needs and wants, and meet the organisation objectives by delivering customers satisfaction”.(Felix M.Lao JR.ph.D.,1998.)
Needs and Wants, Value, Satisfaction and Maintenance, Quality and costs/benefits these are the core marketing concept that using in STP cafeteria.
Needs and wants-STP café this café is always using by student and staff. In this college at the break time lots of student are coming to the café from different countries. They need food and beverage and wants are the tasty of their countries but unfortunately he can’t make all the food tasty at one time along. So what he is doing he cook rice and curries, pasta and sandwiches, chicken fries, chips and for the beverage he has coke cans and coffee machine to make coffee for the students and staff.
Value-student can`t spend too much money for the foods and other things. So desi
Strength – Having a canteen in the college, even in a rainy day students are easily be able to buy their food.
Friendly & open service in a familiar environment
Easy understanding of customer needs, because they are regular.
Staff entertainment facilities
Weakness – compare to the amount of student canteen sitting area is small
Only one person serves in the canteen & time consuming
Not enough facilities available (drinking water, microwave .......)
Opportunities – large varieties of food (expand the menu)
Accept card payments
Introduce a loyalty card
Pre-order system (help students to manage & enjoy the break within their certain time period
Vending & coffee machines
Threats – other restaurants around mini supermarkets
Political – Not relevant
Economic – target market is student, therefore prices should be reasonable & bearable.
Social – Halal & vegetarian food available for international / foreign students/ special dietary requirements
Technology – coffee & vending machines
Segment marketing is dividing the market into specific groups and serves that specific targeted market. (Veggie, halal, Indian, English dinner, buffet style)
College canteen mainly severs students who are not very financially stable. Students will be the segment market. To make profit while achieving the profit, target market should be served according to their expectations. Students will need cheap food, that they can have once they come to the canteen without wasting their break time. they always expect to have their food as soon as possible and relax for sometime before their next lesson start. therefore food should be served quickly and queuing must be avoided.
English Dinner –
Non veggie – chicken/ lamb/ pork/ beef roast
Pasta / rice
Veggie – vegetable lasagne/spegatti
Easy to control the business
Easy to improve the business
Better understanding of the market
Food oriented business
Product – food
Customers – student & staff (regular)
Expectations – cheap, fast service
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