Marketing Research and Strategy
When marketing a good or service marketing research and marketing strategy must coincide with one another. Marketing research is defined as "research that gathers and analyzes information about the moving of goods or services from producer to consumer" (www.thefreedictionary.com). Marketing strategy is defined as "The articulated plan for the best use of an organizations resources and tactics to meet its marketing objective" (www.fluidcommunications.biz/marketing/marketing_definitions.htm). In an article titled "10 Tips for Marketing Success" written by Kimberly McCall discusses the importance of different marketing strategies and research as well as useful tips for success in the marketing business.
The article states that the first thing a small organization needs to do to be successful is create a marketing plan. According to the article The Wall Street Journal states "only 14% of small businesses have an annual business plan in writing, and 60% have no plan on paper at all".
Assuming that a business plan creates the foundation for a marketing plan, it is safe to assume that even fewer business have a marketing plan. The article makes the suggestion to new entrepreneurs to take the time to create a marketing plan and states that if you do "you will be head and shoulders above your competition" (McCall, 2000). The article suggest that an organization should create or obtain a marketing plan before spending any money on the advertisement or promotion of any products or services even if you get great deals on advertisement you are wasting your money if the advertisement does not coincide with the objectives of the organization. The author of the article also states the importance of knowing the demographics and psychographics of potential customers. This is extremely important when conducting market research it will also be very helpful later on when you are choosing...