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Essay / Research Paper Abstract
This 3 page paper looks at why and how market research is important for a firm. Using the example of Verizon the first part of the paper looks at the concept and value of market research to the firm, the second part of the paper considers the forms of market research that Verizon may be using. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEmarkresh.rtf
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Unformatted sample text from the term paper:
delivered meet the needs of the market as well as understanding the motivators or hot buttons that can be used to encourage sales and help create loyalty. An important tool
is that of market research, market research may be defined as a process of systematically collecting and analysing data that will give the company an increased understanding of some aspect
of the competitive environment. This may be regarding a particular target market, the competitive environment or on competition. For a firm such as Verizon there are many reasons why this
type of research may be valuable. Verizon offer a range of communication services in a highly competitive industry. Once the industry had many barriers to entry, but these barriers
have been falling, especially in some areas with the development of Voice over Internet Protocol (VoIP), there are also a wide range of services offered including services to businesses and
wireless services. The difficulty with most of the services is that the firm are only one of many that can offer the
same types of services, all of which may be seen as perfect or almost perfect substitutes (Thompson, 2007). When competing in this environment Verizon will need to know that the
market wants, how it is developing and the motivations behind the way that consumers will give loyalty. By undertaking market research Verizon will be better placed to develop the services
that are needed or desired by the target market(s) as well as product options that may help differentiate the company from the competition (Kotler and Keller, 2008). This may be
able to help with produce development and innovation, with marketing to attract customers and with identifying areas that are important, such as aspects of customer services that are particularly important
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