Business is a very complex operation with hard work and a product or service is not enough. Market is a very important area where the trading of goods or services takes place. In order to succeed and correctly identify a market, a product or service, people need to do market research. This is an organized study of facts important to the business. In the following paragraphs I will discuss the relationship between marketing research and marketing strategy and tactics. I will give a brief summary of my chosen article and describe the purpose of the marketing research and assessing the importance of the research in relation to the organization's marketing strategy and tactics.
Summary of Article
Innovation, experimentation, and change are not new to ranchers. Over the years most ranches have been through many changes in production - marketing, and management strategy. However, the level of interest in new markets and nontraditional agricultural enterprises has risen dramatically in recent years as ranchers look for new ways of generating income from their ranch resources.
The article identified three examples of these particular changes and how the ranchers want to make a change that reflects the people's buying habits. The first example describes the Evans family and how they are thinking about ways to diversify and keep the farm in business as people move to the city and taxes rise. They want to put in a roadside vegetable stand to take advantage of all the traffic that goes by, but must keep in mind their competition and the needs of the people (Do Your Own, 2004).
The second example describes Bill and Colleen Ryan and how they have been raising free-range chickens on a small scale for the past few years. This year they have been selling broilers along with...