Market Research Essay Example for Free

Market Research EssayThe management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of quatern elements called 4Ps (1) identification, selection, and development of a production, (2) determination of its price, (3) selection of a distribution channel to reach the customers place, and (4) development and implementation of a packagingal strategy.As a philosophy, merchandise is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business Schools emeritus professor of marketing Theodore C. Levitt) Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, public opinion the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs.Read more http//www.businessdictionary.com/definition/marketing.htmlixzz25h1HF3mwMarketing, Advertising and gross sales a definitionMarketing is not advertising. Marketing is finding out what people want, why they want it and how much theyll spend. Dont confuse marketing with advertising.Advertising is the promotion of a service or product or company. It features a strong call to action and promotes the benefits of that being advertised.. Product/Service What does the customer want from the product/service? What needs does it satisfy? What features does it have to meet these needs? Are on that point any features youve missed out? Are you including costly features that the customer system actually use? How and where will the customer use it? What does it savour like? How will customers experience it? What size(s), color(s), and so on, should it be? What is it to be called? How is it branded? How is it differentiated versus your competitors? What is the some it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).Place Where do vendees look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a memorial? How can you access the right distribution channels? Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? What do you competitors do, and how can you learn from that and/or differentiate?Price What is the value of the product or service to the buyer? Are there established price points for products or services in this area? Is the customer price sensitive? Will a small falloff in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? What discounts should be offered to trade customers, or to other specific segments of your market? How will your price compare with your competitors?Promotion Where and when can you get across your marketing messages to your target market? Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet? When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions? How do your competitors do their promotions? And how does that influence your choice of promotional activity?The 4Ps model is barely one of many marketing mix lists that have been developed over the old age. And, whilst the questions we have listed above are key, they are just a subset of the detailed probing that may be required to optimize your marketing mix.Amongst the other marketing mix models have been developed over the years is Boom and Bitners 7Ps, sometimes called the extended mar keting mix, which include the first 4 Ps, plus people, processes and physical layout decisions.