Week 4 – Marketing Research

Week 4 – Marketing Research

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Week 4 – Marketing Research

Overall, marketing research involves activities aimed at collecting information concerning the clientele or the target market. The processes utilized in relation to this scope use information as a means of drawing a relationship between the marketer and the clients, consumers, as well as end users. The gathered information is utilized to point out and delineate marketing problems and prospects, assess marketing performance, produce and review marketing actions, and boost the understanding of the marketing procedure as a process. In this respect, marketing research particularizes the data needed to address such issues, develops the proper model for gathering information, handles and applies the gathering process, examines the outcomes, and informs the interested party of the results and their consequent implications. In this case, one of the common models applied in marketing research for analysis purposes comprises linear programming.

Linear programming can be considerably beneficial when applied in marketing research. Indeed, marketing research tends to involve the collection of information in order to determine different strategies that may be assistive in targeting and winning over a certain consumer market (Burns & Bush, 2009). In this case, linear programming functions as an alternative measure for information gathering especially in processes that involve learning about consumer attitudes, characteristics, and preferences. The services that are provided by a firm dealing with marketing research may comprise a study design, the conduction of surveys, analysis of the gathered data, and the provision of synopses and recommendations for the user. Hence, linear programming can be specifically advantageous in the design phase whereby quotas or targets are established for the amount and forms of respondents that will undergo the survey.

Aside from adding benefits to processes involving the gathering of information via surveys, linear programming can also be utilized to an advantage in solving marketing research issues as well as situations that involve consumer research. Regarding the latter, linear programming may be particularly effective in maximizing or minimizing functions or costs related to the consumer (Vanderbei, 2008). For instance, the measure can be applied in maximizing the utility function of a consumer. On the other hand, the same process can be applied in minimizing costs that will be incurred in maximizing a consumer’s utility function. As such, linear programming can be subjected to problems that are based on consumer research. Through its subjectivity, the respective process can provide valid information on different alternatives that tend to entail routine marketing decisions such as increasing the utility function or to reduce the marginal costs that will be exerted in facilitating the former proposition (Eiselt & Sandblom, 2011).

Consequently, this illustration of linear programming is based on its beneficial application within the field of consumer research. For instance, a marketing research company may focus specifically on carrying out customer surveys for a number of clients. One of these clients comprises a press service, which engages in the conduction of polls concerning concerns of widespread political interests. Therefore, for the marketing research firm to establish statistically reasonable conclusions regarding concerns such as the country’s immigration laws in one of the surveys for the respective press service, the company establishes the dimensions it will need to satisfy in order to meet the demands of its clientele. In this respect, linear programming can be utilized for determining the dimensions such as the best possible sampling requirements that will accrue the least possible expenses.

In conclusion, linear programming is a particularly important tool in the field of marketing research. Normally, marketing research involves the application of measures aimed squarely at the collection of information suitable enough for determining the next course of action for an organization. In this case, the process of linear programming can be applied in marketing research. For instance, the respective measure can be used in determining the best possible alternative when carving out study designs in surveys. Additionally, linear programming can also be implemented in areas involving consumer research.

References

Burns, A. C., & Bush, R. F. (2009). Marketing research. Upper Saddle River, N.J: Prentice Hall.

Eiselt, H. A., & Sandblom, C. L. (2011). Linear programming and its applications. New York, NY: Springer.

Vanderbei, R. J. (2008). Linear programming: Foundations and extensions. Upper Saddle River, N.J: Prentice Hall.