MKTG630_U4_IP

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Colorado Technical University *

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630

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Marketing

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Feb 20, 2024

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docx

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Uploaded by latekaprice88

Lateka Price Unit 4 Individual Project Colorado Technical University October 29, 2023

Introduction The need for marketing for organizations is important in order to ensure that the advertising of products or services rendered are circulating amongst consumers. Marketing research is a very important part of any successful marketing strategy within organizations. Companies will need research to help provide themselves with a better understanding of their target market, consumer preferences and any competitive advantage with landscape. Any organization selling to consumers and having an advantage of knowing who the customer is as an individual will help with making the best decisions for the company. By utilizing the information that will be available through the online marketing research tools, companies will be able to identify the data provided that is critical to their product and the market. This information will be available in high volumes, and it only gets larger and larger by the day, increasing a company’s chance for success. Once the organization obtains the information and if used correctly, organizations will have the ability to get ahead with the data they are using and the customers they are servicing in the correct demographic areas. Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources (Twin, 2023). To properly handle marketing research, it has to be collected, record, analyze and interpret data relative to an organization market and product category. The internet providing online market research worldwide is an advantage for organizations. But the technology is still young and only 60% of the world’s population was online in 2020 (Ritchie, 2023). Image how much has grown since 2020. The pandemic increased the usage of online internet and working virtually. This paper will explain the types of information you can find using each marketing research tool, analyze and explain the purpose of using each marketing research tool, evaluate

the tools provided and explain which of these tools you will use to determine where the need for baby formula is and explain why it is important to utilize more than one tool to determine marketing opportunity for brands Explain the types of information you can find using each marketing research tool. There are diverse ways to provide research for marketing and there are also different types of marketing research tools that are used. Many will feel that doing research for marketing will be a fee. However, some are paid services and there are others that are resourceful and that are available online for free. Google Trends, Statista and Google Dataset Search are three of the free marketing research tools that are available online for free for any organization seeking information about a product or service. Each one of these marketing research tools provides valid information and different information pertaining to the company’s research. The type of information that can be found using Google Trends when searching for a particular product is interesting over time. Meaning during a certain period of time the product interest can go from anywhere between zero to a hundred. Also provides interest by region or subregion, which shows the most popular areas that are using the product. Also provides related topics and related inquiries that are pertaining to the product such as the different types of products or the locations where the product can be purchased. And with Google Trends, organizations can search for a specific area or up to worldwide. Statista provides a list of different statistics concerning the product that was placed in the search bar of the online search tool. For example, baby formula, provided statistics for concerning baby drinking formulas, purchases of baby food/formula, value of baby formula, volume of baby milk, mother’s first-time buying baby formula, etc. The list continued with anything that was pertaining to baby formula. Lastly, Google Dataset Search provided one hundred plus sites for data pertaining to baby

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formula. The top of that list showed Statista, which provided a dataset updated date, dataset authored and provided section, area covered section and a description of a type of baby formula. These online research tools provide important information regarding products locally and internationally. This information is for all demographic areas. Organizations are entering into what might be a completely different market from anything they’ve known before, with a huge amount to prepare and consider and this means research is essential and must be much more rigorous than your home market, it would help if you did everything possible to anticipate risks and minimize your chances of failure (Shaw, 2022). Analyze and explain the purpose of using each of the marketing research tools. Google Trends is able to provide data by retrieving information from google searches that were performed by consumers and organizations. Some of the features provided as mentioned above are the ability to view the data from interest over time, by subregion, related topics and related queries. The purpose of Google Trends is to help provide information on certain products and services in various regions, emerging markets dealing with related topics and related inquiries. Organizations can use Google Trends to help identify and monitor the demand for the products worldwide. Google Trends can tell you what people were searching for at any date from 2004 to a few minutes ago and it’s also based on two datasets: historic (2004-three days ago) and real-time (past week). Real-time is more granular, right down to minute-by-minute (Rogers, 2021). Statista is able to provide data by gathering and combining data that is received from public and private sectors, market forecasts and published industry reports. The purpose of Statista is to provide access to information such as market size, growth rates, consumer behaviors

and certain industry trends. Organizations can use Statista to help support decision making and understanding of the marketing landscape. Google dataset search provides data in one place instead of multiple places. The purpose of Google dataset is to eliminate a variety of searches for a company. It can be useful for timelines for data that was collected to ensure that the organization has the most recent information pertaining to the product or service that is being researched. Detailed descriptions also help with validating research findings. Evaluate the 3 tools provided. Explain which of these tools you would use to determine where the greatest need for baby formula is. Provide evidence from the tools to defend your position. The tool that should be used to determine where the greatest need for the baby formula is Google Dataset Search. This tool will be the most resourceful tool to use because it provides all the information that is needed from a variety of sources. For example, when researching Google Dataset Search for baby formula, data was provided from Statista which is another online market research tool. Instead of going to this online website separately, it was provided under this one online tool. It is easier to find datasets when they have supporting information such as name, description, and distribution formats and Google relies heavily on dataset providers, no matter small or big, adding structured metadata on their sites using the open schema.org/Dataset standard, the metadata specifies the important properties of each dataset from which the dataset is easy to find (Patel, 2019). Dataset search tool then uses this metadata and link it with other resources available at Google (Identifying replication of dataset, finding the original author of the dataset by checking on Google scholar), and builds an index of this enriched metadata, therefore, once the index is

built, Google can start answering the user queries and learn (Patel, 2019). Evidence from Google Dataset Search when searching for baby formula provides information from Statista. The information provided is dollar sales of the leading baby formula (powder) brands of the U.S. 2016, the date of this information is April 1, 2016, authored and provided by Statista. The area covered is The United States and the description of Similac Advance, owned by Abbott Nutrition, was the top ranked baby formula brand in the United States in 2016, with sales amounting to approximately 818.9 million U.S. dollars (Statista, 2016). Explain why it is important to utilize more than one tool to determine marketing opportunity for brands. It is important to utilize more than one tool to determine marketing opportunity for brands because the more information and data obtained is better. This gives organizations the tools needed to help provide additional information to learn about their consumers. It is an advantage to learn the likes, dislikes and what customers may want more of when it comes to products and services. Different marketing research tools can also strengthen the creditability of the information received. It’s like a person knowing something is right but still uncertain, then someone or something comes along providing confirmation of what the person already knew but was uncertain of. Having multiple marketing tools can provide confirmation of the previous tools to ensure that the product numbers are true and the need or demand in certain areas is good. Conclusion In conclusion, using multiple marketing research tools such as Google Trends, Statista and Google Dataset Search is useful for any organization seeking to provide a product or service to the community. The internet is very resourceful and informative when companies need to gather information regarding consumers. Market research is important for companies to help

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develop their brand with customers. Companies should be aware of the needs and wants of the customers in different areas of the United States and the world. References Patel, D. (2019, September 25). How google’s dataset search engine work . Medium. https://towardsdatascience.com/how-googles-dataset-search-engine-work-928fa5237787 Ritchie, H., Mathieu, E., Roser, M., & Ortiz-Ospina, E. (2023, April 13).Internet. Our World in Data. https://ourworldindata.org/internet Rogers, S. (2021, August 11). 15 tips for getting the most out of google trends . Google. https://blog.google/products/search/15-tips-getting-most-out-google-trends/ Shaw, J. (2022, February 16). The 8 major differences between domestic and international market research . Kadence. https://kadence.com/en-us/the-8-major-differences-between- domestic-and-international-market-research/ Statista (2016). Dollar sales of the leading baby formula (powder) brands of the U.S. 2016 [Dataset]. https://www.statista.com/statistics/186157/top-powdered-baby- formula- brands-in-the-us/ Twin, A. (2023, April 14). How to do market research, types, and example . Investopedia. https://www.investopedia.com/terms/m/market-research.asp

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