The tool for market research - Essay Example

Extract of sample
The tool for market research

Test marketing gives significant insight which is needed by a company in order to compete effectively in its market. For one, this tool permits a business organization to test the impact of alternative marketing plans. Since a test market is typically smaller than the whole market, investing in a test marketing effort in 10 cities is more rational for a large company than getting into a full-blown nationwide product launch. Test marketing as the name implies provides companies with a clear idea of whether a marketing effort is strategic or not without shouldering the huge cost of the whole marketing campaign in the entire market. Test marketing also allows companies to test multiple strategies without affecting the overall image of its products. For example, a company which wishes to embark on a new marketing approach and is choosing on three different ones will find it impossible to launch the three strategies on the entire market. Thus, it will opt to use test marketing in order to ascertain the best approach for its product at lesser cost. However, the utilization of test marketing as a market research tool is dependent on the internal competency and external market situation of a company.  According to one of its executives, “In our field—primarily higher priced cosmetics not geared for mass distribution—it would be unnecessary for us to test the market. When we develop a product, say an improved liquid makeup, we know it’s full-Brownell because we are familiar with the field”. ...Show more

Summary

This essay discusses one of the most popular marketing research tools is test marketing which refers to the company’s efforts of designing and administering a “small-scale product launch used to determine the likely acceptance of the product when it is introduced into the wider market."…
Author : lorablock
The tool for market research essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"The tool for market research"
with a personal 20% discount.
Grab the best paper

Related Essays

Market research
Known for its highly innovative spirit, Kellogg’s proudly showcases around 500 brands worldwide (Kellogg’s 2011). New product development is an activity loaded with high risks. Not only it calls for huge amounts on investments in terms of time and money, it is fraught with an abysmal success rate.
8 pages (2000 words) Essay
Qualitative Market Research
Prior to launch of new product as well as for existing ones firms also conduct market research on and off for gaining insight about current market status and standing of the product. This research is aimed at exploring customer perception of Kit Kat which is a renowned chocolate brand.
8 pages (2000 words) Essay
Market Research
The main challenge of market research is being able to anticipate the conditions of uncertainty in the market and make rational decisions. Marketers are faced with the uphill task of identifying marketing problems and pinpointing pertinent solutions, whilst keeping in mind that resources are scarce and every cost incurred should be justifiable (Smith & Albaum 3-4).
5 pages (1250 words) Essay
Market Research High School Essay
Market research has been growing at a steady rate of 10 percent for the last 30 years and has been recognised by managers as a powerful tool to achieve their objective. When it comes to launching new products, the market research is inevitable tool to be used by big or small companies.
6 pages (1500 words) Essay
Market Research
and knowing the marketing and management methods of the dynamic world market. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level." Market research involves the systematic gathering, recording and analyzing of data about customers, competitors and the market.
10 pages (2500 words) Essay
Market Research Methodology
Any research process consists of the following stages: the collection of preliminary data through analysis of primary or secondary data. Which ever is readily available. A hypothesis. A sample Size. And then consequently, research being conducted either by surveys, questionnaires, interviews or focus groups.
8 pages (2000 words) Essay
Discuss Internet as a tool to International marketing research
The paper will cover the definition of market research, internet, the rewards, problems and the implications of the internet at present and the future, as it becomes more entangled in companies. Market research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment.
5 pages (1250 words) Essay
Power Tool Market Analysis
The difference in Housing Starts projections between the three sources is due to the fact that a projection may or may not take into account some values and parameters that may effect the outcome. Also, a projection is just a forecast of the expected future, and variations are possible in it.
2 pages (500 words) Essay
Discuss Internet as a tool to International marketing research(implications, advantages & disadvantages)
  a  company  many  rewards,  but  their  are  certain  limitations  also.  The  paper  will  cover  the  definition  of  market research,  internet,  the  rewards,  problems  and  the  implications  of  the  internet  at  present  and  the 
5 pages (1250 words) Essay
Market and Social Research
People are advised not to take alcohol frequently more than the lower risk guidelines of three to four units of alcohol for men that equal to a pint and a half of 4% beer. Two to three units of
9 pages (2250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT