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The Importance of Marketing Research at Phillips Lighting

Select an organization in which you are familiar. Prepare a paper in which you describe the importance of marketing research to your selected organization's management team. In your paper address the following:

a. Define market research.

b. If your selected organization uses marketing research, identify the different types of marketing research that would be beneficial to the organization.

c. If your selected organization does not currently use marketing research describe the different types of marketing research that would be beneficial to the organization.

*Please use and provide all necessary references.
*Be sure to properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach a copy of the data to your paper.

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Solution Preview

For the purpose of this organization, I will select a multinational company Philips Lighting, which is a leader in the lighting industry and markets its products all over the world. Marketing research is extremely important for a global organization like Philips to understand the peculiar dynamics, characteristics, competitive scenario, consumer taste and preferences of different markets across the world. As each market is unique, in-depth marketing research allows Philips to customize or localize its marketing strategies to suit the peculiar conditions of each unique market. Market research provides an informed view of the relative attractiveness of each unique market across the world and provides a firm platform to organizations that are looking to exploit growth opportunities in different markets.

a. Define market research.

In layman terms, market research can be defined as an activity aimed at providing extensive, in-depth information about the characteristics, trends, features and dynamics of target market of an organization to assist the marketers in making important marketing decisions pertaining to price, promotion, distribution, etc. Market research is a ...

Solution Summary

This solution discusses the importance of marketing research to Phillips Lighting. It also defines marketing research, identifies different research that would be beneficial to Phillips Lighting as an example in 660 words.