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Sources of Marketing Research: (A) Internal, (B) External Sources of Marketing Research

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❶He has worked in the corporate and nonprofit arenas as a C-Suite executive, serving on several nonprofit boards.

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Dirrerentiate between Market Research and Marketing Research? Market research is conducted to discover what people will buy. Marketing research is conducted to discover how best to sell it to them. Importance of Market and Marketing Research? Marketing is pretty much everything that happens before the sale of a product or service.

This can include research, product development, distribution, pricing advertising, PR, etc. Market research is an integral component of good marketing. When I speak to business groups I tell them that marketing research is the best insurance you can buy for marketing.

Ask questions, find answers, then use the answers to be a better marketer. How do you define descriptive research design? Descriptive research design is simply used to describe a situation and its data characteristics. It is used to learn about the frequency, percentages etc. However it never answers questions like what, where, how etc Market Research is a strategy which is gathering of informationfrom the different different customers and other who are working atMarket.

From this Market Research we can getting the information toidentify and analyze the market need, Market Size and compitation. Marketing is a societal process which discerns consumers' wants, focusing on a product or service to fulfill those wants, attempting to move the consumers toward the products or services offered. In other words, Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with with others.

Define the concept of international marketing also explain its scope and nature? International Marketing is any sales or promotions that you doacross United States borders. There are a variety of InternationalMarketing like products that come from over sea's that we buy everyday. Define Marketing and marketing process? Under the marketing concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs.

The process of doing so can be modeled in a sequence of steps: How does international marketing research differ from domestic marketing research? It differs in many ways such as culture, political, technololigal, economical, foreign currencies etc. Differences between marketing research and market research? Marketing Research is broad whilst Market Research is narrow.. Marketing Research is universal set whilst Market Research is the subset of the marketing research.

How has information technology affected international marketing research? Information technology is gives information about international marketing. Its process are sender, encoding, message media, decoding, receiver, response and feed back. In which sender sends its message and encoding this message in which checking about the correctness of this message and there after sender sends his message to message media in which decoding the message and there after receiver receives the message and give response in this point and they gives feed back to sender.

This Information technology of International marketing. Important of international market research? International market Research is a highly complicated thing in this we can chose better Market Research company according to their industry. In this Market Research have a important module of business world. From this research we getting a more current trends in the market place.

What is the marketing research? Depends on what kind of market research your doing it for.. Say if your doing it for your company you would do an idustry analysis and check the competition in the area. Check other companys benchmark how did they suceed or fail?. You would research the demographics of people wanting the product or service. Are they being targeted? Is your product or service going to sell? Forcast sales see if your going to be profitable many many things go into market research in many different ways there are a lot of answers for this question.

Why do businesses carry out internal market research? By surveying internal staff to discover their opinions, beliefs and attitudes about brands, products, prices a lot of hidden corporate knowledge can be tapped into.

It's just as important to conduct the corresponding external market research to ensure that the customers share the sometimes idealised opinions and visions of the company. Beware of any mis-match! How do you do 'market research'? What is marketing research? How do you define the market? The market is the place or venue where buyers and sellers meet to exchange products or services. How can you do international marketing?

An international marketing strategy is very similar to a domestic marketing strategy. Though it may be more difficult to develop if exporting to markets that are very different from your home country, the prevalence of English and world-wide familiarity with American culture often allow for minimal, if any, changes.

At a minimum, the following components of your international marketing strategy should be considered for each and every potential export market: Warranties You can read more about this in the related link "International Marketing Strategy".

How you do market research? How does market research help to define a market? Market research can confirm you your ideas about your target market.

What is the profile of your demand? By researching existing information and carrying out some primary market research, asking your potential future clients you will know who is interested and who is not. Why is defining the problem the most important step in marketing research? Defining the problem is the most important step in the marketing research process since marketers are researching ways to fix the particular problem. Marketing research takes time and money to conduct so if the problem is incorrectly defined then the efforts put forth are of no use.

This exposure makes it difficult to break away from the groupthink mentality and conduct research from a neutral framework. Relying on internal staff may cause survey question bias and inadequate customer satisfaction research. External marketing research firms may have access to proprietary software, research pools and expert analysis not available within the company.

These firms employ doctorate-level experts for statistical analysis, survey preparation and research analysis in addition to maintaining a large roster of customer research pools. Limited resources and employee knowledge gaps may hamper the effectiveness and thoroughness of in-house research efforts. Centralized marketing departments have difficulties conducting research in all markets where their products may be placed.

External marketing firms have contacts in multiple geographic locations that can localize and conduct effective marketing research targeted at current or potential customers. Working with research firms requires somewhat rigid guidelines and research requirements. Companies using an internal marketing research department obtain built-in agility to modify research during the course of the investigation.

Internal marketing teams can also move at the pace set by business needs. You ultimately control what your price will be, even when competitors raise or lower their prices. If you must lower your prices, you have the opportunity to decrease your overhead and production costs to help maintain your profit margins. If you want to keep your current pricing structure, you can manage your brand messaging to convince consumers you are worth your price because you offer a unique benefit.

Where you sell your product is critical to maximizing your sales volumes and profits. You can decrease the guesswork in choosing distribution channels by performing a SWOT analysis of each. This will help you determine whether you should use direct sales, wholesalers, retailers, distributors or sales reps. If you use intermediaries, you can set limits on their activities. Your marketing team is responsible for creating, evaluating and choosing your advertising, promotions, public relations, sponsorship, cause-marketing and social media efforts.

In addition to planning these activities internally, you can also track the return on your investments using financial reports and tracking results via coupons, website statistics, sales reports and customer surveys.

Based on your resources, you decide how much to spend on marketing and where you will spend your budget. You work with your contractors, directing their efforts, while they handle the execution of your plans.

Disadvantage: Groupthink

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There are two sources of information from where data for marketing research can be obtained. (A) Internal Sources: These refer to the sources of information within the organisation. In certain cases internal sources are indispensable without which the researcher cannot obtain desired results.

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Internal marketing is an important process of sharing information internally to employees. Whether the information is focused on strengthening the company culture - as with sharing vision and mission statements - or sharing information, internal marketing helps keep the staff members informed.

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Businesses can hire external consultants -- such as a market research firm -- or they can use an internal marketing research department, which has both advantages and disadvantages. Impartiality. Internal marketing research departments might not be impartial, which can be a disadvantage. Working with research firms requires somewhat rigid guidelines and research requirements. Companies using an internal marketing research department obtain built-in agility to modify research during the course of the investigation. Internal marketing teams can also move at the pace set by business needs.

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With internal marketing the marketer is really extending and developing the foundations of marketing such as the marketing concept, the exchange process and customer satisfaction to internal customers. Much of your marketing efforts still stem from your internal planning, however, even when you address external factors. Understanding what aspects of marketing you control will help you create the right marketing mix and communications activities for bringing your product or service successfully to market.