GB530 - Post Unit 2

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Purdue Global University *

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GB530

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Marketing

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Feb 20, 2024

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docx

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Uploaded by BaronKomodoDragonPerson727

Hello Class! The current market is dynamic and competitive, thanks to technology. Companies have competing priorities and limited budgets. A manager must understand the consumers and how they would react to a product and service without investing limited resources. Marketers should use marketing research to guide the resources to a viable and successful outcome. The authors of the article Innovation and Impact on Market Competitiveness Based on Marketing Research state that "The importance of marketing research stems from the need to collect, process and analyze data that may be relevant to the realization of the planned marketplace competitiveness strategy in the market." (Prdić & Kuzman, 2023 p.39). Understanding the marketplace could help managers develop more robust strategies and utilize the resources appropriately. The marketing research could help managers identify trends and pinpoint their ideal customer demographic. In addition, a manager could understand what pricing strategy would work for the product or service and the target customer demographic. Marketing research will provide insight into competitive forces in the market, highlighting strengths and weaknesses. If the product has already been launched, managers can use marketing research to understand how the product is being accepted and the success or failure of marketing efforts. As with any research, managers must carefully utilize relevant and meaningful research. Understanding the source and methods used is critical. If the data is biased, a manager could lean towards a solution that would not work. It also is important the leaders manage their own biases and understand the research data. In our textbook, the authors highlight that going too broad or too narrow could influence the results and cause some biases (Kotler & Keller, 2016). Depending on the product or the market, a manager may use qualitative or quantitative data or a combination of both. Qualitative research focuses on how people experience the world. This type of research is highly critical to understand the target market and predict how they will react to a product or service. On the other hand, quantitative research is defined as "A set of strategies, techniques and assumptions used to study psychological, social and economic processes through the exploration of numeric patterns" (UTA, 2023). Both could be extremely helpful to a manager to make the right decisions.

Selecting an effective data collection method is imperative. The most effective way will depend on the research type, quantitative or qualitative, and the study's objective. Utilizing surveys or interviews could support both types of research, but curating the questions will drive the success or failure of the study. I am partial to quantitative data as I work with it daily, but sometimes, understanding how people feel could provide significant insight to a manager. However, observations could help capture some qualitative data needed to complete educated decisions. One of my first jobs was as a planner working for Kimberly Clark; I was lucky to work on a project to launch new Holiday Kleenex boxes that were not in the typical shape. We conducted consumer interviews and employee round tables to identify what other packaging shape was popular and what holiday designs we should use. It was interesting to see everyone interacting with the alternatives provided, a triangular box and an oval box. Seven out of every ten interviewed people preferred the oval box as it felt slicker, and the holiday prints looked better. ( Kleenex Holiday Tissues - Bing - Shopping ). Marketing research can provide valuable insight into the market and help make more strategic decisions. It also can help managers reduce risk and lead to a successful product launch. References: Kotler , P. , & Keller , K. L. ( 2016 ). Marketing Management ( 15th ed. ) . Pearson Education, Inc. Prdić, N., & Kuzman, B. (2023). Innovations and impact on market competitiveness based on Marketing Research. Ekonomika , 69 (2), 35–50. https://doi.org/10.5937/ekonomika2302035p UTA, Quantitative and qualitative research: What is quantitative research? . What is Quantitative Research? - Quantitative and Qualitative Research - Subject and Course Guides at University of Texas at Arlington. (n.d.). https://libguides.uta.edu/quantitative_and_qualitative_research/quant

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