Key Concept Exercise: The value of marketing research

Key Concept Exercise: The value of marketing research

In your estimation, what is an example of a large or well-known company that has an effective marketing research process in place for one or more of its products or services? Or is there a small business in your own community that comes to mind? What is it about this company that gives you the impression that its marketing campaigns are properly aligned with its goals?

It might be just as easy to identify examples of marketing research done poorly. As you read in this Week's Key Concept Overview, after all, if Coca-Cola can make such a big marketing mistake, it stands to reason that any company can.

In other words, good marketing research has value; poor (or no) marketing research has consequences. It may have been the case years ago that marketing research was largely the domain of business-to-consumer (B2C) organisations. Today, however, many different types of B2C and business-to-business (B2B) organisations and companies use marketing research, by necessity, to inform their marketing decisions, and ultimately to maximise and take advantage of marketing opportunities.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources forWeek 1.

Reflect on the purpose and role of marketing research for organisations.

Consider the value of marketing research to different types of organisations.

Think of examples of organisations that you feel use effective marketing research processes.

To complete this Key Concept Exercise:

By Day 3 (Friday)

In an approximately 500-word response, address the following issues/questions:

Brieflydescribe three types of organisations for whom marketing research is or would be valuable. These can be small or large businesses, charities, political organisations, sporting companies, etc.

Explain and analyse the value marketing research brings to each organisation.

By Day 3 (Friday), submit your Key Concept Exercise.

Be sure to read over your Key Concept Exercise before submitting it to your Instructor. Make sure the spelling and grammar are correct and the language, citing and referencingyouuse when providing your opinion are appropriate for academic writing.

The Key Concept Exercise for this week is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to learn from your Instructor's feedback – give the Assignment your full effort and ask for clarification on any feedback you do not understand.

To submit your Key Concept Exercise to Turnitin, click the "View/Complete" link for

Week 1 Key Concept Exercise -- Turnitin - FF.

Wilson, A.M. (2011)Marketing research: an integrated approach. 3rded. [Electronic Book]. Harlow: Financial Times/Prentice Hall.

Chapter 1, 'The role of marketing research and customer information in decision making' (pp. 1­17)