Business Administration 3301K Lecture Notes - Lecture 5: Meed, Aisle, Caffeine
17 Oct 2015
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Document Summary
Marketers conduct market research, which helps them make better decisions in order to ensure their company"s survival, continued growth and expansion. Smith"s marketing team feels strongly about talking directly with consumers. Interacting right in the aisle generates more genuine comments. Marketing research: a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas. Helps to reduce some of the uncertainty in which a company operates. Provides crucial link between firms and their environments, which allows firms to be customer orientated because they build strategies by using customer input and continual feed back. By constantly monitoring their competitors, firms can anticipate and respond quickly to competitive moves. Ongoing marketing research can identify emerging opportunities and new and improved ways of satisfying consumer needs and wants from changes in the external environment.
