Discuss the importance of marketing research.
Do you believe product managers are using it effectively on the Ford Fusion Hybrid?
Does marketing research have any impact on the product's competitive advantage? Why or why not?
Does market research factor into the distribution channel decision?
How is market research included in the advertising process?
Include whether or not you believe market research is conducted only at the beginning of the product life cycle and explain your rationale.
Market research is critical in product introduction, management and communication. Products and communications should be designed to meet customer's needs and leverage customer insights. These needs and insights are uncovered in customer research.
I do believe that Ford Fusion Hybrid product managers are effectively using market research. Ford listened to customer research and did not seek to target the super green, eco-friendly consumer. Instead, Ford sought to build a vehicle to reach the average consumer who was not willing to sacrifice many of the comforts of less efficient vehicles. With that strategy, the Ford Fusion Hybrid provides refinement, fun and style, while still being efficient, allowing this product to effectively reach the target.
Marketing research provides a distinct competitive advantage. With proper research, a company can focus on developing a product that not only best meets consumer's needs, but also fills a gap in the marketplace that the competition has not.
Because Ford leveraged customer insights to build this vehicle, the Fusion experienced large competitive advantages. ...
This solutions addresses the important of marketing research, using the Ford Fusion Hybrid as an example. The solutions covers effective use of marketing research, impact on competitive advantage, impact on distribution channel decisions, inclusion in advertising and use of market research in the product life cycle.