Wednesday, May 8, 2019
The value of marketing research to organizations Essay
The value of marketplace look to organizations - Essay ExampleMarketing research is key to imposeing the marketing concept of an organisation as it reflects the genuine market orientation of an organisation through extensive and even studies of customer, competitors and environmental trends. Market research helps firms become more market oriented, as such, the firm is able to implement its market concept and shape its cultural orientation in a way that focuses its efforts to the needs of the market (Xu, 2005 P.234). Market research informs the organisation on the current consumer needs enabling it to develop future products that get out tap latent needs thus strengthening the organizations position over time. Using market research data, the organisation is able to execute value-based differentiation strategies that drive product development processes, communication programs and delivery processes. For example, McQuarrie asserts that when AT&T entered the credit card business in 1990, its most important competitive advantage was an in-depth fellowship of its prospective customers. This enabled it to launch the highly successful Universal card ( McQuarrie, 2006, P.167). Research has indicated that the most important factors in developing new product is understanding user preferences and incorporating them into the design of the new product. McQuarrie in his research on new products asserts that users are an alternative source of new ideas ( McQuarrie, 2006, P.167). Pride and Ferrell argue that market research provides organizations with an opportunity.