The Importance of Market Research

The Importance of Market Research

Wal-Mart is known for helping people all over the world save money and live better. This is done anytime, anywhere from retail stores, mobile devices, and online. More than 245 billion visitors and customer visit their 11,000 stores in 27 countries. For 2013, WM have reached sales of over $466 billion, and employs over 2.2 million associates worldwide.

Market Research Defined

According to the required reading, market research is defined as the preparation, compiling, and that of examining the information to marketing evaluation, and the outcome to the organizations management team. Marketing research is also described as the collection and giving of testimonials of truth (McDaniel & Gates, 2007).

Marketing research was developed in the 1920’s by a man named Daniel Starch. During that time writers though how an ad should be constructed. They thought what the ad should be and then published it, in the hopes that readers would respond to the information that was provided. As time went on with Starch’s theory developed research companies that would interview people with specific questions on particular ads. That information was compared and later surveying or market research was born.

Over the years marketing research has advanced, and surveys are still a tool that is used, but mostly collected through the internet (Vasquez, 2011).

Wal-Mart's goal is to save people money so they can live better. (Wal-Mart, purpose, 2008) Sam Walton stated: If we work together, we'll lower the cost of living for everyone...we'll give the world an opportunity to see what it's like to save and have a better life. Knowing that price is important to its customers, Wal-Mart offers the highest quality products at the lowest prices. By saving money on necessary products, people will have more money to spend on other things. In order for Wal-Mart to solidify its position in the world of retail sales, they must rely on its market strategy of Product, Promotion, Distribution and Price or sometimes referred to marketing mix, to maintain that position.

Product

Wal-Mart product categories, which are considered “power” products, consist of entertainment, food, apparel, pharmaceuticals, and home goods. WM