Difference between Traditional Marketing and Marketing Research Essay
Difference between Traditional Marketing and Marketing Research
In order to for a company to penetrate its target market, it must create its marketing plan which includes the essential 4 P’s of traditional marketing - Difference between Traditional Marketing and Marketing Research Essay introduction. These are product, price, place, and promotion. The 4 P’s make up the marketing mix which is used for appropriate marketing strategies intended for a target market. They are bound by parameters in which internal and external constraints of the marketing domain affect each variable. The thrust of the marketing mix is to generate amiable feedback from customers as well as produce expected revenue for the company. The concept of traditional marketing merges each “P” in synergetic integration and complements each other as well. On the other hand, market research is simply an aspect of the holistic marketing management concept.
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Marketing research undergoes six phases namely: idea generation, idea screening, project planning, project development, test marketing, and commercialization. Each phase of product development is crucial in determining if whether a new product is feasible and will be able to penetrate its target market. Idea screening broadens the idea itself then omits all unwanted aspects of the new product and determines certain risks that the product will face upon the possibility of entering its target market. Project planning assesses factors which involves production, marketing, financial and competitive aspects. It is crucial in determining the subsequent budget for preliminary technical and marketing research which the top management will further evaluate. Product development ascertains the product from the perspective of engineering, manufacturing, finance and marketing. It assesses the finished product that will be subjected for market testing with the approval of the top management. Upon the approval of the top management, the materialized idea or the product undergoes market testing which tests if the marketing strategy used in the initial launching of the product is effective or not. Site marketers have the opportunity of garnering feedbacks from consumers which will play a role in adjusting the entirety of marketing strategy. Developers will then use these feedbacks to study if the price, promotion, and place decisions are substantial and relevant for the product, and is applied properly in order to create a final marketing plan that will be used in the launching of the product (Donnelly Jr., J, Peter, J., 2005).
Donnelly Jr.,J, Peter, J.(2005). A Preface to Marketing Management. Tenth Edition.