The research also provides direction for the marketing strategy. For example, research could indicate which product features are most or least important to the target market -- and this information can be used to customize the marketing strategy for the product. As Graham suggested in his article, if the market research suggests that the product under consideration has the potential to garner a significant market share, the marketing strategy might be changed dramatically.
Rather than a gradual introduction into limited markets during which the marketing strategies and tactics can be fine tuned based on feedback from actual buyers rather than focus groups, a strong recommendation based on marketing research could result in a recommendation by marketing to go for a national launch and a "big splash" promotional campaign. Graham explains that the big splash phenomenon cost PG millions of dollars. He suggests that were it not for this ill-advised strategy, the company might have had time to re-engineer the product and redesign the advertising and marketing programs. While it is only speculation, Graham believes that Dryel might have become a success of PG had been more cautious about the product roll-out and adjusted the product marketing strategy and tactics as needed.
The marketing mix is the four main elements used by a marketing manager to market goods and services. These elements are product, price, distribution or place, and promotion. These four tools, and more specifically the interplay between these elements, combine to shape market demand with a target market. It is the effective blending of product, packaging, and price, channels of distribution, advertising, promotion, and personal selling to get the product in the hands of the customer that determines a marketing program's success.
Dell Incorporated is one of the most successful companies in the world. In 1994, Dell was a struggling PC maker. Like other PC make...
Improving Marketing Decisions. (1969, December 31). In LotsofEssays.com. Retrieved 16:14, October 21, 2016, from http://www.collegetermpapers.com/viewpaper/1303456426.html