The paper "Conducting a Marketing Research " is an outstanding example of marketing coursework. Companies while launching a new product either in a new market or a new product all together needs to look towards multiplying its efforts so that it reaps the benefit and the product finds acceptability with the public. Marketing Research has become a very integral part of business especially for companies looking to launch a product or services. Companies whether big or small perform research as it validates the findings. It helps to evaluate the potential and identifies area which will help in development.
Marketing Research is thus the systematic and objective analysis of information related to the product so that an important decision can be taken which is related to marketing (Yoon & Jain, 2008). Conducting the research helps in marketing strategy. It helps to inculcate the changes the research shows thereby changing the policies and actions to be taken. Research thus is a vital aspect while launching a product or services because products or services which fail in the market is primarily due to inadequate market analysis.
Research shows that when research is carried out it helps the product manager to achieve better coordination within the department and the implementation of marketing strategy becomes better (Bristow & Frankwick, 1994). This helps to develop marketing strategies which take care of the production unit as well. The market analysis thereby helps to develop the basic infrastructure which will ensure that the marketing efforts and the products find easy acceptability with the people. Organisations that have conducted research are able to differentiate themselves. For example, “ the research carried out by Apple’ s iPad showed its acceptability among 73% respondents which enabled the company to launch the product” (Bureau of Labour Statistics 2010) which was not feasible otherwise.
This made it easy for the company to come with the product as the risk was reduced. Another reason which is attributed to the failure of a product is the lack of timing while introducing the product. Companies launching a new product need to ensure that the product is launched at the correct time and place. For example, it is seen that “ childproof enclosure on children medicine” (Bureau of Labour Statistics 2010) was developed due to research.
Similarly ready to eat foods like different soups and meat products were developed due to the requirements of the customer. This helped to identify the market and brought about a change in the way marketing was carried out. This was an example where a product was launched at the correct time and was accepted by the public. This makes it important correct timing and market for the launching of a new product are identified clearly. Companies also face a certain degree of problem-related to the marketing aspect as positioning the product in the correct market becomes important.
For example, when Jacuzzi brothers launched a whirlpool bath to treat people with arthritis failed as there were very few people who had that symptom (Bureau of Labour Statistics 2010). The company then conducted research and based on that they marketed it as a luxury item. This brought about a change in the marketing strategy and the product became a success. Thus, the marketing strategy has a lot of relevance and being able to understand the manner in which the product needs to be marketed will ensure easy acceptability and ensure more customer satisfaction.
Bristow, D. and Frankwick, G. 1994. Product manager influences tactics in marketing strategy development and implementation, Journal of Strategic Marketing, 2 (3), pp. 39-47
Bureau of Labour Statistics. 2010. Occupational Outlook Handbook. Retrieved on November 9, 2011 from http://www.bls.gov/oco/ocos013.htm
Colson, T. 2005. How to Protect your Intellectual Property? Retrieved on November 9, 2011 from http://www.securinginnovation.com/2010/01/articles/defensive-publishing/how-to-protect-your-intellectual-property/
Frambach, R., Prabhu, J. & Verhallen, T. 2003. The influence of business strategy on new product development: the role of market orientation, International Journal of Research in Marketing, 20 (4), pp. 89-103
Intellectual Property. 2011. How Can I Protect My Intellectual Property? Retrieved on November 9, 2011 from http://www.stopfakes.gov/sf_how.asp
IP. 2011. Protecting Intellectual Property Rights Abroad. Retrieved on November 9, 2011 from http://export.gov/regulation/eg_main_018818.asp
Mustapha, U., Ku, H. and Goh, S. 2009. Research Design for Investigation of Nigeria Manufacturing Management, Journal of Rough Sets and Knowledge Technology, 5589 (2), pp. 1078-1094
Morgan, S. 2011. Government Patent Policy. Retrieved on November 9, 2011 from http://www.ehow.com/about_6330080_government-patent-policy.html
Patent. 2011. What is a Patent? Retrieved on November 9, 2011 from http://www.burdlaw.com/whtispat.htm
Patent & Trademark. 2011. United States Patent & Trademark Office. Retrieved on November 9, 2011 from http://www.uspto.gov/
Wind, Y. and Robertson, T. 1983. Marketing Strategy: New Direction for Theory and Research, Journal of Marketing, 47 (2), pp. 329-333
Wee, T. 2001. The use of marketing research and intelligence in strategic planning: key issues and future trends, Marketing Intelligence and Planning, 19 (4), 139-157
Yoon, C. & Jain, A. 2008. How to conduct marketing research for information products and services. Retrieved on November 9, 2011 from http://www.ev-114859-201-1-DO_TOPIC.html