Importance of Marketing Research Paper

Kevin Jugmohan

August 10th 2015

MKT 441

Importance of Marketing Research Paper

        Marketing research is a critical element that contributes to the success of a business.  Prior to releasing a product to the public or even coming up with an idea or service, a business or individual must understand what they are stepping into.  This element is important to a business success because with a product, there is always a way that you must position it to the right target market.  To choose the right target marketing is derived from the results of the marketing research.  Marketing research determines who would be the best target market, where would be a great place to release a product or service, or even find out what is does the economy looks like for a specific area.  Companies use marketing research to identify any problems or opportunities that may arise in the future that would affect the company.  Businesses can utilize marketing research to determine all of their strengths and weaknesses, as well as the current trends that are in their marketing area.  

Marketing research could be defined as the planning collection and the analysis of data that is relevant to the marketing decision-making and communication of results to their managers (McDaniel & Gates, 2006, p. 7).  A company that utilizes marketing research really well is a company that we consider America’s Favorite Restaurant… McDonalds Inc.  From the notable Golden Arches to the recognizable mascot of Ronald McDonalds, McDonalds in has developed their own culture in the fast food industry.  They are one if not the best uprising companies that became a global phenomena.  What do you think is the key ingredient into their success?  McDonalds Inc.’s success would be attributed by their attention to their marketing research.  As Americans, we believe that McDonalds would serve the same menu all across the world and they would serve only “American” food but they are the most diverse company in the fast food business.  This practice is important to Marketing Research because with implication of diversity, it allows McDonalds to explore different target market.  Where are those markets located?  Those markets are located all over the world from Norway all the way to the islands of New Zealand.   Marketing research allows McDonalds to explore the entire culture of the country they are established in and determine how they can bring a traditional restaurant to their traditional cities.  For example, in India, McDonalds specialize in vegetarian meals due to the population being mainly vegetarians.  With that, some of the restaurants in India do not serve beef due to the religious worship to the cow.  In Ireland, the famous Shamrock shake is served year-round for the people of the country.  McDonalds utilizes their marketing research team to find opportunities in the different communities in the United States to understand what is important to the American way of life.  Another example is the rising trend of eating healthier; McDonalds released a lighter choice menu and also printed the calories on the boxes or wrapping of the food.