Mkt 441 Week 1 the Importance of Market Research

The Importance of Marketing Research

Marc Sullivan

Marketing Research

MKT/441

The Importance of Marketing Research Paper

The Definition of Market Research

        In the text “Marketing Research” by Carl McDaniel Jr. and Roger Gates marketing research is defined as: The preparation, compilation, and examination of information applicable to marketing evaluation making and the statement of the outcome of this examination to the organization’s management team. The illustrative function of marketing research is described as: The collection and giving of testimonials of truth (McDaniel Jr. & Gates, 2007).

        Marketing research began to formulate in the 1920’s with the idea that it would identify what people needed or wanted in regards to products or services. A large majority of companies began to employ market research teams to benefit consumers and the organization as a whole. One company that I was able to identify that uses market research is ESBF (Easter Seals Blake Foundation).

        ESBF serves the elderly/disabled and children/families population. Their services range from transportation, case management, child and parenting education, intervention services, family building services, health-care services, daycare/pre-school services, recreational services, attendant care/respite/rehabilitation services, development and job placement services, transitional assistance, and many other related types of services..

        State and federal grant programs and the main source of funding for ESBF. In order to obtain funding they must create and produce services that meet the criteria stipulated by government contracts. With a variety of competitors all seeking the same government grants ESBF must effectively differentiate itself from the competition. Market research is means to this goal.

        ESBF has their own market research team, within their marketing department. The main focus for the manager who oversees this group is to decipher the most productive cost efficient ways to conduct current services and more importantly to evaluate new program opportunities that present themselves. For example, ESBF is currently evaluating if and when they can extend a current program that consists of supervised visitations and parent education for CPS involved families. This new extension program would allow for in-home services for families who have had children returned to the home of their parents.

                The steps by which ESBF conducts market research is:

• Identify the problem
• Establish research design
• Ascertain data varieties and foundations
• Evaluate and translate the data
• Organize the research testimony (Quick MBA 1999-2010)

Identify the Problem        

For the potential in home program ESBF marketing managers must look at how the market would accept the new program and if it would be beneficial to the organization. This would be dependent upon the probability of the proposed clients (children and parents) accepting the new service as well as government officials. The intention is that any possible pushback about the program is clearly outlined, such as clients being opposed to ESBF professionals going into their homes. The previous scenario and every other contemplated contingency are made evident.

Research Design

         ESBF being a non-profit agency must carefully gather accurate data to ensure that business ventures are profitable for the sake of the company as a whole. To rule out needless costly market research procedures ESBF uses descriptive research which is more rigid. Utilizing descriptive research allows ESBF to determine pertinent factors like the portion of the population that needs the service and also prophesize forthcoming demand for the service. It decreases cost by providing the opportunity to make applicable changes before the data consumption process commences (Quick MBA 1999-2010).