Individual Assignment 1

According to Green, P.E., Tull, D.S. and Albaum, G (1993), they define that marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing. The main purpose of marketing research is to identify and analyze the data to help the company in making decision and understands more on the customer needs and wants.

Marketers have to analyze and interpret the data collected from research so that the data will be useful for them during implementing marketing strategies. The most common marketing functions that need data from marketing research is segmenting, targeting, positioning and marketing mix that included the 4 P's, product, price, promotion and place. Marketing research helps the marketer understand more on their target markets behavior and their satisfaction level on the company's product. By using research data information, marketer's uncertainty has reduce, they can implement the marketing strategy more effectively on the target markets as they are more confident in making decision based on data.

For segmenting, marketers need to segment the broad markets into different categories based on their demographics, behavioral and geographical information. After the markets are divided into small segments, then the marketer needs to choose the best match segments as their target market for the company through research studies. The marketer will be analyzing the potential target market in more details by doing research. Then they will start implement strategies to position the product's brand in consumer's mind.

Marketing research's data are used in product development stages as the marketer required to combine the customer's given data to provide ideas for new products or to improve current products. The company can produce a product that attract more customers through marketing research as it provides the information of customer's needs and wants. Besides, the company can run test market before launching the new products so that the marketers can get the feedbacks from the target market to modify the product that meets the target market needs, wants and satisfaction. By doing so, the probability for the new product to success will increase as they had improve the product based on the result from test markets.

Furthermore, in pricing strategy, the marketers can determine the elasticity of a brand's price on demand of consumer through marketing research on impact of price of product changes. From the essential data, marketers can