Before enrolling in this class, my general knowledge of
marketing research was very limited. I was oblivious to the fact that marketing
plays a vital role in every industry; for without it, companies would not be
able to sell their products to customers effectively. Marketing research can
sound very complicated and overwhelming; however, by definition, it is the
“process of gathering, analyzing and interpreting information about a market,
about a product or service to be offered for sale in that market, and about the
past, present, and potential customers for the product or service; research
into the characteristics, spending habits, location and needs of your
business’s target market, the industry as a whole, and the particular
competitors you face” (“Market Research” 2015).
After doing some brief study on marketing research, from
this class, I expect to properly understand consumers’ behavior in the fashion
retail sector and how to effectively communicate whatever product that I want
and/or need to sell to the customers in the market: “To run a successful
business, you need to learn about your customers, your competitors, and your
industry” (“Understand Your Market” 2015). For example, as a student who wants
to have a career in the fashion industry, it is important to understand current
trends and how customers are responding to those trends. By knowing the
customer and knowing the competitors, companies can strategically plan their
marketing tactics in order to be the most successful and to reduce the chance
or loss. In addition, because marketing is such a broad topic, and people can
spend years learning about the different aspects of marketing, I hope to gain a
better overall understanding of the subject because “market research is about
listening to people, analyzing the information to help organizations make
better decisions and reducing the risk” (“Market Research Explained” 2015).
+++ Sources: +++
Works
Cited
"Market Research." Entrepreneur.
Entrepreneur Media, Inc., 2015. Web. 13 Apr. 2015.
<http://www.entrepreneur.com/encyclopedia/market-research>.
"Market Research Explained." ESOMAR. ESOMAR, 2015. Web. 13 Apr. 2015. <https://www.esomar.org/knowledge-and-standards/market-research-explained.php>.
"Understand Your Market." U.S.
Small Business Administration. Business USA, 2015. Web. 13 Apr. 2015.
<https%3A%2F%2Fwww.sba.gov%2Fcontent%2Fdo-your-market-research>.
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