D4- P. Marketing

Instructions:
Marketers are fortunate to work in an information-rich environment. They don’t have to make decisions based on gut feeling or blind luck. These days, many valuable sources of marketing information are available to guide marketers’ thinking, choices, and actions. While it’s true that this information may be more readily accessible in some organizations than others, it’s important for marketers to know what to look for and how to find it in order to make wise decisions about marketing strategy and execution.

Marketing research is a systematic process for identifying marketing opportunities and solving marketing problems, using customer insights that come out of collecting and analyzing marketing information. The mechanics of marketing research must be controlled so that marketers uncover the relevant facts to answer the problem at hand.

The business environment is increasingly competitive. With something as simple as a Google search, customers have unprecedented opportunities to explore alternatives to what any single company offers. Likewise, companies have ample opportunity to identify, track, and lure customers away from their less-vigilant competitors. A regular infusion of fresh customer insights can make all the difference between keeping customers and losing them. Marketing information and research are essential tools for marketers and the management team as they align strategy with customer wants and needs. (34)

***Question prompt:
Assume you need to conduct research on consumer acceptance for a new product. Describe the process you would use. What steps would be involved, and what activities would be included in each step? How would your project change if the product solved an embarrassing problem? What would your challenges be in that situation?