Marketing Research And Strategy
...of an organization. Marketing is a process for creating value in and awareness of a product or service, informing and communicating to customers about what a company offers, and engaging customer relationships to reach desired results. Ultimately, marketing benefits the organization and its stakeholders because marketing can drive profits if done correctly. Marketing is an art that requires marketing managers to research, create a strategy and plan based off of this research, understand the desires and needs of the consumer and then show how the company's product fills this desire or need. Successful marketing is not as easy as snapping your fingers. In order to ensure marketing is being maximized, managers should have an understanding of how marketing research and marketing strategy and tactics work together.
Marketing Strategy
An organization's marketing strategy is the backbone of the marketing plan. The strategy should serve to integrate a company's marketing goals, policies, and tactics into a whole picture. An example of a marketing strategy is: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service" (Wikipedia, 2006). The marketing strategy provides a foundation for tactical measures to be used.
Marketing Research
Marketing research is comprised of using existing, discovering, or creation of new information and knowledge for the purpose of an organizations need. Marketing research is used to determine many things that an organization needs to flourish such as information about competitors, market structure, governmental regulations, economic trends, technological advances, product innovations,...
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