Understanding Market Research for Business Success

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School

Purdue Global University *

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Course

500

Subject

Marketing

Date

Jun 13, 2024

Type

docx

Pages

5

Uploaded by Jennifer.knode8

Unit 4 Assignment GB500 1/30/24
For our assignment this week, we were tasked to find a marketing professional and interview them to learn more about Market Research. Luck for me, I happen to work in Marketing. I am currently the Marketing and Communications Project Manager for a hospital here in Maryland. I took this opportunity to ask my boss about her experience with Marketing Research. Market Research helps a business’ marketing department find customers for their business. The University of North Carolina defines market research as “ The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face” (Lovas, 2024). You need to have an in-depth knowledge of your customer to create products, ads, and other assets that appeal to their demographic. When conducting marketing research some questions that need to be asked are “Who are my competitors?”, “what market is best suited for my product?”, “What is the size of my market?”, and “What are their pain points?” just to name a few. Your research needs to answer these questions so you can create a better understanding of your market”. From own experience, I conducted my marketing research when I opened the new Chick- fil-A location in my hometown. I served as Marketing Director and it was my job to find what opportunities we had on the south side of town compared to the north side. We also wanted to see which store we could make our “drive-thru store” and make one the “dine-in store”. I
conducted a tapestry report to get the demographics of both areas. A tapestry report allows me to see the average income, political affiliation, average salary, type of lifestyle, buyers vs renters, and more all within a certain radius of the store. Using this information, I was able to determine that our new store would be hit with travelers as we are right near I-70 and I-81. This part of my town also is more suburban and middle-class. This location is also close to a lot of businesses in the area. By using this data we determined to make the new store our catering store and to focus our efforts in the drive-thru to grow. We also determined our older store was closer to more lower-income and single families. These customers are working blue-collar jobs. We offer more family night events and other dine-in specials. Thanks to this research we were able to see sales grow in both locations and create successful campaigns that relate to the consumer. Taking my experience in market research and also interviewed my boss. She has been in the media and marketing industry for over a decade. When I talked to her about it we shared a lot of the same ideas about marketing research. A successful business relies on understanding its market. Their likes, their dislikes, what they will respond to, and what connects them to the brand. However, another important aspect of market research is understanding the competition. My boss came from our hospital’s major competitor. She allows us to have an inside scoop not only on how her old workplace did their marketing but how the business as a whole operated. Since having her on our team, we have implemented many tactics that she used at our competitors. We even did it better sometimes. Being in a small region connected by interstates, we have a good bit of competition. We are always staying alert to what our competitors might be doing. We outsourced some of our marketing research to a third-party company that finds out what our competition is doing in the media. That way can always see the headlines and see if we can put any news out there or see if
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