Week 1 Discussion

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American Public University *

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400

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Marketing

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Feb 20, 2024

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Week 1 Discussion Hi class and professor! Happy first week of class! I look forward to working with you all over the next 8 weeks and learning more about the role of marketing research in the business management world. Describe how putting research reports on the Web can benefit managers. This week, we learned about marketing research, which can be defined as “the process of collecting, analyzing, and reporting marketing information that can be used to answer questions or solve problems so as to improve a company’s bottom line” (Tanner & Raymond, 2012). Using marketing research can help a company develop a product, determine if consumers will want to buy the product, price the product, communicate with consumers, and help develop a successful and reliable marketing plan. Research is extremely important for products and marketing to be successful and can help eliminate future problems. A manager will benefit heavily from not only knowing what’s going on internally with the company, but also will benefit from understanding what is going on externally in the market. The business environment is constantly changing, and consistently researching and adapting to the market will allow companies to stay competitive. Just focusing on the internal aspects of the company will leave room for competing companies to make strides and leave the company vulnerable. A marketing research report will show the characteristics of the consumers that would be best to target, the spending habits of consumers in the market, the value that the company’s product would bring to the consumers, and the top competitors in the market. A research report helps companies get a clear understanding of the consumers that would be best to market to based on who is the most likely to purchase the product. It also helps show potential opportunities for the company and can help minimize risks or waste of resources. The internet and increased reliance on technology provides managers the opportunity to post the research report on the Web, which can be helpful for uniformity across the company with decision makers and allow everyone access to the information on one centralized location. The web can help show managers valuable access to data within the industry, identify threats, and save time and money on conducting research for products. References Tanner, J. F., & Raymond, M. A. (2012). Principles of Marketing Version 2.0. Flat World Knowledge. Retrieved on October 4, 2023, from https://saylordotorg.github.io/text_principles-of-marketing-v2.0/s13-01-marketing- information-systems.html .

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