Market Research Essay Example for Free

Market Research EssayThe management process by means of which goods and services move from concept to the client. As a practice, it consists in coordination of four elements labeled 4Ps (1) identification, selection, and development of a product, (2) end of its price, (3) selection of a distribution channel to reach the customers place, and (4) development and implementation of a promotional strategy.As a philosophy, market place is based on thinking about the business in terms of customer needs and their satisfaction. selling differs from selling because (in the words of Harvard Business Schools emeritus professor of merchandising Theodore C. Levitt) Selling concerns itself with the tricks and techniques of acquiring people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as market invariably does, view the entire business process as consisting of a tightly integrated lying-in to discover, crea te, arouse, and carry out customer needs.Read more http//www.businessdictionary.com/definition/merchandising.htmlixzz25h1HF3mwMarketing, Advertising and Sales a definitionMarketing is not advertize. Marketing is finding out what people want, why they want it and how much theyll spend. Dont confuse marketing with advertising.Advertising is the promotion of a service or product or company. It features a strong call to action and promotes the benefits of that being advertised.. Product/Service What does the customer want from the product/service? What needs does it satisfy? What features does it have to meet these needs? Are there any features youve missed out? Are you including dearly-won features that the customer wont actually use? How and where get out the customer use it? What does it look like? How testament customers experience it? What size(s), color(s), and so on, should it be? What is it to be called? How is it branded? How is it differentiated versus your competitors? What is the most it stooge cost to provide, and calm down be sold sufficiently profitably? (See also Price, below).Place Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue? How can you access the properly distribution channels? Do you need to use a sales force? Or dish up trade fairs? Or make online submissions? Or send samples to catalogue companies? What do you competitors do, and how can you learn from that and/or differentiate?Price What is the value of the product or service to the buyer? Are there formal price points for products or services in this ara? Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? What discounts should be offered to trade customers, or to other specific segments of your market? How will your price comp are with your competitors?Promotion Where and when can you get across your marketing messages to your target market? Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet? When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions? How do your competitors do their promotions? And how does that influence your choice of promotional activity?The 4Ps model is retributory one of many marketing mix lists that have been developed over the years. And, whilst the questions we have listed above are key, they are just a subset of the detailed probing that may be required to optimize your marketing mix.Amongst the other marketing mix models have been developed over the years is Boom and Bitners 7Ps, sometimes called the prolonged marketing m ix, which include the first 4 Ps, plus people, processes and physical layout decisions.