Should Marketing Research Be Included in the Marketing Mix

Should Marketing Research Be Included in the Marketing Mix 1) Should Marketing Research be included in the Marketing Mix (because it is out now)?
Marketing involves identifying customer needs and requirements, and meeting these needs in a better way than competitors. In this way a company creates loyal customers. The starting point is to find out who potential customers are not everyone will want what your products has to offer.
Having identified its key audiences a company has to ensure a marketing mix is created that appeal specifically to those people.
Marketing Mix
The marketing mix is a term used to describe the four main marketing tools (4Ps). By using detailed information about its customers, The Company marketing department can determine:
1. What products are well received?
2. What prices consumers are willing to pay?
3. What promotions, TV programs, newspapers and advertising consumers read or view?
4. What places are distributed?
Market Research
Gives accurate information about the required of the target group
That satisfies customers
Marking it possible to create a well thought out marketing Mix

Market research
Market research is the format which enables the company to identify this key information. Accurate research is essential in creating the right mix to win customer loyalty. Market research identifies these factors and anticipates how they will affect people's willingness to buy. As the economy and social attitudes change, so do buying patterns. Companies needs to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future. Market research considers everything that affects buying decisions. These buying decisions can often be affected by wider factors than just the product itself.
At this point the marketing mix and marketing research is put together:
Product
The important thing to remember when offering products to customers is that they have a choice. They have a huge number of ways of spending their money and places to spend it. Therefore, Company places considerable emphasis on developing products which customers want. Market research establishes exactly what this is. However, customers' requirements change over time. What is fashionable and attractive today may be discarded tomorrow. Marketing continuously monitors customers' preferences. In order to meet these changes, Company has introduced new products and phased out old ones, and will continue to do so by marketing research.
Price
The customer's perception of value is an important determinant of the price charged. Customers draw their own mental picture of what a product is worth. A product is more than a physical item, it also has psychological connotations for the customer. The danger of using low price as a marketing tool is that the customer may feel that quality is being compromised. Marketing research study the importance when deciding on price to be fully aware of the brand and its integrity. A further consequence of price reduction is that competitors match prices resulting in no extra demand. This means the profit margin has been reduced without increasing sales.
Promotions
The promotions aspect of the marketing mix covers all types of marketing communications. The methods include advertising, sometimes known as 'above the line' activity. Advertising is conducted on TV, radio, cinema, online, poster sites and in the press (newspapers, magazines). The skill in marketing communications is to develop a campaign which uses several of these methods in a way that provides the most effective results. It is imperative that the messages communicated support each other and do not confuse customers. A thorough marketing research the understanding of what the brand represents is the key to a consistent message.
Key objectives of advertising are to make people aware of an item, feel positive about it and remember it. The more company knows about the people it is serving the more it is able to communicate messages which appeal to them. Messages should gain customers' attention and keep their interest. The next stage is to get them to want what is offered. Showing the benefits which they will obtain by taking action, is usually sufficient. The right messages must be targeted at the right audience, using the right media.
Place
Place in the marketing mix, is not just about the physical location or distribution points for products. It encompasses the management of a range of processes involved in bringing products to the end consumer. Market research establishes the advice for the distribution.

Should Marketing Research Be Included in the Marketing Mix 7.7 of 10 on the basis of 2809 Review.