Quiz 1: An Introduction to Marketing Research

Business

Marketing research can be used in the leisure and sports industries in the following way: • Marketing research is a process that connects from top level, like management, to bottom level, like a customer. • Marketing research is collection of information and implementing the information over a product. • In sports industry, marketing research provides an analysis report of customer needs and demand of products. • Marketing research shows the strength of products in the market. • It helps in the improvement of the product Thus, the marketing research analysis is used for leisure and sports industries.

Definition of marketing Marketing is the key to reach the goal for an organization, and it is creating the awareness in a positive direction about the company's products to the customer. It is a process in linking the customers with good products. Role of marketing research • Marketing research is a process that connects from top level, like management, to bottom level, like a customer. • Marketing research is a collection of the information and implementing the information over a product. • Marketing research shows the strength or status of the products in the market. • It helps in the improvement of the product when the market analyst foresees the marketing conditions such as nature of competition and customer preferences.

Failure products The failure product are the one that does not satisfy the customer requirement and do not able to compete with other products in the market, although the product have good market research report. Examples of failed products • During the year 2007, H Company introduced the icebreaker packs, and the taste of icebreaker was not good and was criticized by the customers. Finally, the icebreaker was stopped. • Ixxx telephone was introduced during the year 1998 by the M company. The telephone had poor feedback from the users, so the company stopped the production of the telephone. • In the year 2006, the C black was introduced by the C organization. C black involves the coke being mixed with coffee essence. Moreover, the taste of this product survived for only two years in the U States market, and finally, this product was liquidated.