Wk. 1 Marketing Essay

674 words - 3 pages

* Market research is the research performed and conducted by an organization. This type of research is done so that the market can be analyzed in terms of the customer demand, return on sales of a product or service, and competitors. In terms of customer demand and return on sales, market research allows an organization to see how high or low the demand is for a product or service by the customer. If customer demand is high, sales will be high. Likewise, if customer demand is low, sales will ultimately be low. The higher the demand for the product or service, the more likely the product or service is to sell and yield a profit. With competitors and market research, an organization is able to see what tactics its rivals are using in order to sell the same or similar products and services. In addition to tactics being used, the organization is able to see what price the products or services are selling for and any promotions that are being run. Using the ...view middle of the document...

The duties and responsibilities of the position in which I work deal with ensuring that employees are working and performing as they should, completing objectives and goals on time or in a timely manner, and that the marketing strategies we have worked on make it to the service provider for approval.
* My employer uses various types of marketing research in its daily activities. The main types of marketing research we utilize focus on gaining customer feedback and purchaser information, analyzing the return on sales for the service provider and its rivals, and how rival competitors are moving as far as promotion and price are concerned. First, we determine what other types of products and services are on the market that our service provider offers. We then focus on the customer and how high or low they are demanding those products or services, essentially how much they are purchasing and inquiring about them. Finally, we analyze our service provider’s rivals which are other cell phone service providers. We look at the products and services they are offering, both similar or the same as our service providers and those not like our service provider. Additionally, we analyze and compare the prices of those products and services as well as any promotions being offered. Using this information, we are able to devise strong marketing strategies and tactics for our service provider to ensure the sale of its products and services are as high as or higher than its rivals.
* The marketing research or research in general that is conducted and performed by my employer is one of the most important to our service provider. This research allows the organization to understand where it stands in the market as far as products and services are concerned, specifically the price, promotions, and the customer. In addition, the service provider is able to deploy the strategies and tactics we devised so that is can sell it products and services to yield a return on its investments with other companies. Lastly, the service provider is able to move forward with newer products and services or upgrades to ones it already offers. By moving forward with these advancements, our service provider is able to have a competitive edge over its rivals, thus being more profitable and prominent in the market.

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