Rosa Fernandez - Final english project

MARKETING RESEARCH

It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

CHARACTERISTICS

Marketing research is objective. It attempts to provide accurate information that reflects a true state of affairs. It should be conducted impartially. While research is always influenced by the researcher's research philosophy, it should be free from the personal or political biases of the researcher or the management. Research which is motivated by personal or political gain involves a breach of professional standards. Such research is deliberately biased so as to result in predetermined findings.

THE IMPORTANCE OF MARKETING RESEARCH

MARKETING MIX

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

ABOUT 4PS OF MARKETING...

4PS OF MARKETING

• Price:

Refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

• Product:

Refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.

• Place:

Refers to the point of sale. In every industry, catching the eye of the consumer and making it               easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a               premium for the right location. In fact, the mantra of a successful retail business is 'location,               location, location'.

• Promotion:

This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.




IMPORTANCE OF THE MARKETING MIX

All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.


CONCLUSIONS...

For me in conclusion, the marketing mix is a very important aspect of creating a marketing strategy. Once the company develops a product or service that will meet the customer's needs, it will then look into determining how the consumer is ultimately going to receive the product. It will be either through direct or indirect channels of distribution and in some cases may have multiple channels. The company will then determine how to communicate to the public about the new product or service. Finally, the company will determine a price for the product or service that ensures a profit. Thus, the 4 P's of the marketing mix. 


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