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The Importance of Market Research

The Role of Marketing Research in Advertising

Market research entails comprehensive data; quantitative and qualitative field research; competitive analysis and current trends assessment. Market research is a method of evaluating the external factors that are associated with the threats and opportunities of a SWOTT analysis. Marketing research assists organizations in discovering current trends within the industry and observing purchasing patterns of consumers within the target audience. Once the trends are detected, an organization can begin preparing their strategy for strategic alignment within the market place. In addition to trend discovery, market research also identifies the changing patterns of consumer needs assessments, i.e. products tend to decrease in popularity (i.e. electronics); therefore, it is imperative to for an organization to remain current on technology and innovation as a result.

Rationale for Product Life-Span

Personally, I believe that market research should be conducted before the product life-cycle and during the product life-cycle, because of an increasingly changing marketplace with an uncertain product life expectancy additional research may be necessary to maintain a competitive advantage. A product may become popular today and suffer from losses in profitability tomorrow as a result of a new trend in technology. In my opinion, an organization must be an aggressive competitor in order to prevent loss of competitiveness.

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Managements Use of Market Research: Effective of Ineffective?

Market research is critical to a products life expectancy; it offers consumers a peace of mind that the needs and wants of the consumers are being taken into consideration. An organization must analyze competitive markets, identify their target audience, age, and gender demographic in an effort to maintain a competitive advantage and sustain customer relationships. Market research will contribute to an organizations desire to maximize profitability. I find that managers could do more to promote Gatorade, in my opinion, during the summer months beverages such as Gatorade, Propel and Vitamin water are mostly advertised during the summer months which is an ineffective approach for the reason that the aforementioned beverages cater to athletes and health conscious fanatics that are concerned with fitness all year long, therefore Gatorade should not be seasonally advertised.

Competitive Advantage

An organization can maintain a competitive advantage by using marketing research for the reason that other organizations ...

Solution Summary

Market research is critical to a products life expectancy; it offers consumers a peace of mind that the needs and wants of the consumers are being taken into consideration. An organization must analyze competitive markets, identify their target audience, age, and gender demographic in an effort to maintain a competitive advantage and sustain customer relationships. Market research will contribute to an organizations desire to maximize profitability. I find that managers could do more to promote Gatorade, in my opinion, during the summer months beverages such as Gatorade, Propel and Vitamin water are mostly advertised during the summer months which is an ineffective approach for the reason that the aforementioned beverages cater to athletes and health conscious fanatics that are concerned with fitness all year long, therefore Gatorade should not be seasonally advertised.

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