Research in marketing, strategies and advantages

Explain the role of research in marketing. : Marketing research helps a firm take a decision about components of marketing mix: product, distribution, promotion and pricing. The main purpose of the research is to aid marketing management by undertaking systematic gathering and analyzing of information.

Include how research is used to develop marketing strategies. : Marketing strategy provides the design for achieving the marketing objectives of a firm. It decides the success of the business unit level which in turn guides the company's success. The link between the marketing strategy and company's success is direct and of utmost importance. The marketing objective dictates purpose and direction for the strategy.

Marketing strategy formulation is done by identifying the target market and gathering the marketing mix.

Marketing strategy is decided, determined, defined and expressed much before the market is selected. The firm will be interested only in the segments which give immediate profit. The meaning of gathering of marketing mix involves making the best combination of four Ps of the marketing. This way the firm will make best sales and generate profit. Due weightage to each of the four Ps is the essence of the marketing mix formulation.

The point worth noting here is that the mix needs to be modified, formulated, and manipulated in response to the changing requirements. However, it need not be done frequently rather within the long term framework.

List at least one specific strategy for price, product, promotion, or place used by your company or organization. : Strategies are either price based or differentiation based. We have just seen that companies make strategy by giving importance to different elements of marketing mix in different combinations. But there are only two routes for making it - one price based and another differentiation based. The companies adopting the price route compete on the strength of their pricing and the pricing cushion they enjoy. They have substantial cost advantage allowing them flexibility in pricing and marketing.

While the differentiation route revolves around elements other than price. The product with multi features is one reason for differentiation. It allows company freedom and flexibility to compete on non-price front.
The differentiation platform is an important alternative for a firm looking for advantageous marketing strategy. Majority of the business battles are fought on this basis rather than price basis.

IBM differentiated its computers strategy on the strength of technology and service whereas Caterpillar Tractor differentiated through its global dealer network, Coca Cola and Pepsi base on their brand im

Include an evaluation of the effectiveness of this strategy : Marketing research helps a firm take a decision about components of marketing mix: product, distribution, promotion and pricing. The main purpose of the research is to aid marketing management by undertaking systematic gathering and analyzing of information.