MKT 310 Lecture Notes - Lecture 5: Supply Chain, Ikea, Management Information System
25 May 2016
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Document Summary
Includes all the activities undertaken by the company to gather information about the market, its customers, its competitors, and its current and future products/services. Marketing research is an important undertaking for a company for three reasons: Marketers learn about customer expectations, usage patterns, attitudes and values. Without this information, it is more difficult to maintain effective relationships with current customers, create meaningful new products, and understand the changes needed to be made to current products in order to retain current customers. Market is becoming more complex and dynamic with new competitors constantly entering the market/new products being regularly introduced. Pace of change has increased dramatically, and marketers must understand the larger market landscape in order to position their product effectively/accurately forecast current and future demand. The cost of launching and marketing a dud are enormous, compared to the cost conducting a marketing research project to test the appeal of the product to the target audience in advance.
