Strategy and Practise of Marketing

STRATEGY AND PRACTISE OF MARKETING

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STRATEGY AND PRACTISE OF MARKETING

Marketing research problems and management decision problems are quite different organizational problems that also involve different lines of attack. a brief definition of a marketing decision problem is the action that accompanies a certain decision made by the management. On the other hand, marketing research is the systematic technique of collecting recording and analyzing information regarding the market in the view of selling a product that fills a specific gap in the market (Kotler & Keller, 2009).

The introduction of a product to a market depends on the current market information. If there is a need, then much consideration has to be undertaken to fill the gap. Lack of carrying out market research also impedes the success of a business since it lacks the most current information about the firm. The changing of an advertising campaign that’s has run for three years entails collecting market information that specifically deals with how the customers respond to different marketing procedures. The data collected is processed to obtain the relevant information regarding the market. The in-store promotion of a product can be changed depending on what the statistics reveal. The different factors, constraints, and consideration are studied than a final conclusion arrived at depending on the information available. The researcher also compares with past information since it has an impact on future decision-making processes.

 Different marketing research techniques are used to develop the pricing strategy for most products. The most common are conjoint analysis and Gabor-granger technique. Conjoint analysis involves determining what customers’ part with when they pay for a product. The marketing research then needs to come up with a price that is not too high but which customers are willing to pay.in determining whether the compensation package should be improved, a survey can be carried out to obtain marketing data on how employees respond to different payments. The can do so by benchmarking jobs with the compensation surveys. These surveys give a complete overview of the marketing information in an unbiased manner (Grewal et al., 2011).

The type of compensation package is crucial for the success of the firm since it determines the level of motivation of the employees. Information regarding the compensation packages for most employees can be obtained from the different views they give. The views can be collected through carrying out a survey of the employees. The results can then be taken and tallied to get the best statistics from the employees. The compensation package determines many things among them; the level of job satisfaction, retention of the workforce, and improved work productivity.

On the other hand, management decision problem is action oriented. The sales and market share of departmental stores in a metropolitan can be studied to obtain the underlying information that guides the decision making of the management. Different departmental stores have different profit margins. These profit margins are crucial for determining the best departmental stores that have a bigger market share. The market share can be studied as the one which most customers visit more often. One which has very few customers can be merged with one that has many customers.

Determining the design features for a new product depends on the past information regarding the same. The best design features are those which maximize profits while cutting through the large portion of the market. The design features are crucial since customers have different tastes and preferences. The best is one which attracts most customers to the enterprise who have the view of buying the products based on the design of the product.

 The different TV commercials information determines the best TV commercial to guide the advertising campaign. The best TV campaign is that which meets most customers in a short time while still minimizing the advertising costs. The quality of a TV commercial is also crucial to the success of the advertising campaign. It should also produce the desired best results in terms of sales volume from the perception of the customers for the product. The management should then come up with the best TV campaign for profitability purposes while minimizing advertising costs.