Which of Marketing Mix needs marketing research the most?

Expert Solution

Marketing research acts as a pillar when choosing which marketing mix would be more effective for a particular business. The below mentioned marketing mix is needed for marketing research.

1. Among the four P’s, Product, Price, Promotion and Place, the Price factor needs the more of marketing research.

2. In order to get profitable returns on investment the first important factor needs to be considered is the price. Hence to come with effective pricing strategy a detailed market research has to be done on cost factors like competitors pricing, reasonable pricing, valued pricing etc.

3. In order to come up with public shares an organization should make through analysis about the pricing factors.

4. Also attracting and gaining customer depends mostly on the pricing of the product and hence it becomes an important mix to conduct marketing research.

5. In any business budget planning comes first before getting into any other marketing activity, in order to come up with effective pricing this price mix becomes an important factor to be analysed.

keosha answered 1 month ago

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