The SWOT analysis framework has gained widespread acceptance because of its simplicity and power in developing strategy. Just like any planning tool, a SWOT analysis is only as good as the information that makes it up.
Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economyand it aims to understand the effects and comparative success of marketing campaigns.
Role[ edit ] The purpose of marketing research MR is to provide management with relevant, accurate, reliable, valid, and up to date market information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information.
Sound decisions are not based on gut feeling, intuition, or even pure judgment. Managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control.
These decisions are complicated by interactions between the controllable marketing variables of product, pricingpromotion, and distribution.
Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes.
Another factor in this mix is the complexity of consumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers.
It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately.
Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers. However, the roles are changing and marketing researchers are becoming more involved in decision making, whereas marketing managers are becoming more involved with research.
The role of marketing research in managerial decision making is explained further using the framework of the DECIDE model. History of marketing Evidence for commercial research being gathered informally dates to the Medieval period.
Inthe German textile manufacturer, Johann Fuggertravelled from Augsburg to Graben in order to gather information on the international textile industry. He exchanged detailed letters on trade conditions in relevant areas. Although, this type of information would have been termed "commercial intelligence" at the time, it created a precedent for the systemic collection of marketing information.
During this period, Daniel Defoea London merchant, published information on trade and economic resources of England and Scotland. Defoe was a prolific publisher and among his many publications are titles devoted to the state of trade including; Trade of Britain Stated, ; Trade of Scotland with France, and The Trade to India Critically and Calmly Considered, - all of which provided merchants and traders with important information on which to base business decisions.
Produce, household goods and tools were produced by local artisans or farmers with exchange taking place in local markets or fairs.
Under these conditions, the need for marketing information was minimail. However, the rise of mass-production following the industrial revolution, combined with improved transportation systems of the early 19th-century, led to the creation of national markets and ultimately, stimulated the need for more detailed information about customers, competitors, distribution systems and market communications.
A study of the German book trade found examples of both product differentiation and market segmentation as early as the s.
InAmerican advertising agency, N. Parlin published a number of studies of various product-markets including agriculture ; consumer goods c. Duncan of the University of Chicago.
InArthur Nielsen founded market research company, A C Nielsen and over next decade pioneered the measurement of radio audiences.
He subsequently applied his methods to the measurement of television audiences. Around the same time, Daniel Starch developed measures for testing advertising copy effectiveness in print media newspapers and magazinesand these subsequently became known as Starch scores and are still used today.
During, the s and s, many of the data collection methods, probability sampling methods, survey methods, questionnaire design and key metrics were developed.
By the s, Ernest Dichter was pioneering the focus group method of qualitative research. For this, he is often described as the 'father of market research.
These methods eventually lead to the development of motivational research. By the s, the first courses on marketing research were taught in universities and colleges.
Brown became one of the popular textbooks during this period. Marketers, such as Paul Green, were instrumental in developing techniques such as conjoint analysis and multidimensional scalingboth of which are used in positioning maps, market segmentation, choice analysis and other marketing applications.
As the Internet boomed, websites became larger and more complex and the possibility of two-way communication between businesses and their consumers became a reality. Provided with the capacity to interact with online customers, Researchers were able to collect large amounts of data that were previously unavailable, further propelling the marketing research industry.
In the new millennium, as the Internet continued to develop and websites became more interactive, data collection and analysis became more commonplace for those marketing research firms whose clients had a web presence. Retail outlets were appearing online and the previous need for bricks-and-mortar stores was diminishing at a greater pace than online competition was growing.
With so many online channels for consumers to make purchases, companies needed newer and more compelling methods, in combination with messages that resonated more effectively, to capture the attention of the average consumer.
Having access to web data did not automatically provide companies with the rationale behind the behavior of users visiting their sites, which provoked the marketing research industry to develop new and better ways of tracking, collecting and interpreting information.
This led to the development of various tools like online focus groups and pop-up or website intercept surveys.SWOT stands for Strengths Weakness Opportunities Threats. SWOT analysis is a technique much used in many general management as well as marketing scenarios.
A growing number of research studies have addressed the issues of social media in marketing. • This research reviewed studies on social media in marketing context.
Find out by participating in the Financial Services Information Sharing and Analysis Center (FS-ISAC) Cyber-Attack Against Payment Systems (CAPS) exercises. A PEST analysis is used to identify the external forces affecting an organisation/making up its Macro Environment.
This is a simple analysis of an organisation’s Political, Economical, Social and Technological environment. Article Analysis: "Why Environmentalists Attack the SUV" - Sports Utility Vehicles have long maintained the reputation of being gas guzzlers and detrimental to the environment.
The objective of this course is to advance the students ability to develop, implement, and critically evaluate the marketing strategy for a product or service.