discussion – 500 words

Business Finance

  • The role of marketing is to create exchanges. What role might marketing research play in facilitating the exchange process?
  • Marketing research traditionally has been associated with manufacturers of consumer goods. Today, an increasing number of organizations, both profit and nonprofit, are using marketing research. Why do you think this trend exists? Give some examples.
  • Explain the relationship between marketing research and the marketing concept.
  • Comment on the following statement by the owner of a restaurant in a downtown area: “I see customers every day whom I know on a first‐name basis. I understand their likes and dislikes. If I put something on the menu and it doesn’t sell, I know that they didn’t like it. I also read the magazine Modern Restaurants to keep up with industry trends. This is all the marketing research I need to do.”
  • Why is marketing research important to marketing executives? Give several reasons.
  • What differences might you note among marketing research conducted for (a) a retailer, (b) a consumer goods manufacturer, (c) an industrial goods manufacturer, and (d) a charitable organization?
  • Comment on the following: Ralph Moran is planning to invest $1.5 million in a new res- taurant in Saint Louis. When he applied for a construction financing loan, the bank officer asked whether he had conducted any research. Ralph replied, “I checked on research, and a marketing research company wanted $20,000 to do the work. I decided that with all the other expenses of opening a new business, research was a luxury that I could do without.”
  • What is meant by return on quality? Why do you think that the concept evolved? Give an example.
  • Describe three situations in which marketing research should not be undertaken. Explain why this is true.
  • Give an example of (a) the descriptive role of marketing research, (b) the diagnostic role of marketing research, and (c) the predictive function of marketing research.
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