Question

In: Operations Management

What are the two key ways that marketing creates value? How can marketing research facilitate marketing’s...

  1. What are the two key ways that marketing creates value? How can marketing research facilitate marketing’s efforts at value creation?
  2. What are the four key questions helpful in understanding the value equation for a given firm?
  3. Define marketing research and describe its task. How is it different from research in the physical sciences?

Solutions

Expert Solution

Marketing is the most vital part of this present technological world and marketing building value, brands, image, demands, trust, beliefs, loyalty, clarity in customers decision-making process, etc.

Two key ways that marketing creates value-

1) Marketing providing education to customers about the product advantages, features, importance in life by these marketing create value for product and service.

2) Marketing creating need for products and service for customers and by these practices creates value for product and service.

Marketing research facilitates marketing efforts at value creation by finding a new target market, identifying key customer base, exploring new market opportunities, identifying the customer's trends, preferences, demands, analyzing customers beliefs through these ways marketing research facilitates marketing efforts at value creation.

The four key questions help understand to value equation for a given firm through these ways -

1) What exactly firm will do

2) What is a firm target customers base

3) What are the customers key issue and discomfort that need to identify

4) How the firm product and service will resolve the customer's discomfort and issue

Amazon Inc, SpaceX, Tesla Motor, Reliance Jio, PayPal, Facebook, etc are evaluated well before started a business operation and one thing is very clear that if a firm identifies well with problems gives a much better solution.

Market research refers to an organized process to gather information about the target market or target customer base and market research is a vital part of business strategy.

These are the following task of market research -

1) Creating a simple user personas

2) Conduct observational research

3) Conducting individual interviews

4) Analyzing the data

5) Evaluating common market research questions

Marketing research keeps focus on the target market, customer base but research in physical sciences study the inorganic world. Marketing research includes finding markets, customers, opportunities, customer trends, customers demand but on other hand research in physical science focus on physics, astronomy, chemistry, and earth science.


Related Solutions

Q1 What are the five key research areas in international marketing? Q2 Why is international marketing...
Q1 What are the five key research areas in international marketing? Q2 Why is international marketing research critical for a business wishing to enter a foreign market? List three key reasons. Q3 What are two main forces that are changing the way international marketing research is being done? Q4 What different marketing research tools, list at least three, B2B International is using to conduct international marketing research?
What are ways that landlocked countries can overcome geographical challenges to facilitate trade and promote economic...
What are ways that landlocked countries can overcome geographical challenges to facilitate trade and promote economic growth?
What is the name of the revolutionary key exchange that creates an encryption key, but only...
What is the name of the revolutionary key exchange that creates an encryption key, but only transmits enough information across the wire to encrypt and decrypt messages, without ever sharing the key itself across the wire? Group of answer choices Alice and Bob key exchange Sarbanes-Oxley key exchange Diffle-Hellman key exchange Whitfield-Martin key exchange
How can observational studies and focus groups be used in global marketing research? What are the...
How can observational studies and focus groups be used in global marketing research? What are the different methods by which these studies are conducted?
1) What can marketing do? List three key points. 2) What are the 3Cs and 4Ps of marketing?
1) What can marketing do? List three key points.2) What are the 3Cs and 4Ps of marketing?3) What does the STP of marketing mean? Please explain.4) What is behavioral segmentation? List three behavioral segmentation variables.5) Which segment(s) should I target? Briefly describe the three criteria.6) What is the BCD process of positioning?
Explain how the use of a two-factor model can facilitate the development of MVO models with...
Explain how the use of a two-factor model can facilitate the development of MVO models with n assets.
1:There are two standard ways of measuring the value of household production; what are they? 2:How...
1:There are two standard ways of measuring the value of household production; what are they? 2:How many hours per week do you think you spend in household production? How would you go about calculating a rough estimate of the value of this time?
What is marketing Myopia and how does it relate to value, how relevant is marketing myopia...
What is marketing Myopia and how does it relate to value, how relevant is marketing myopia in today's marketplace?
What prevents a free trade global practice? How can governments facilitate this movement?
What prevents a free trade global practice? How can governments facilitate this movement?
what are two ways that genes can be regualted? describe
what are two ways that genes can be regualted? describe
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT