Marketing Research Assignment-
Discuss marketing from Chapter 2 of the CapsimCore Business Primer eTextbook.
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Question - What are the three key responsibilities of a marketing manager?
Answer - Key responsibilities of a marketing manager
Marketing manager is the primary resource who is responsible to handle the marketing resources of an organization. It is appropriate to categorize the responsibilities of a marketing manager into three sections - towards employees, organization and customers.
Towards Employees
Marketing manager is responsible to motivate the employees to achieve the proposed goals. He/she is also responsible to evaluate the performance and offer suggestions that will ensure development of the firm.
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Towards Customers
Marketing manager plays a vital role in handling this set of stakeholders. For the brand to sustain longer, marketing manager has to ensure equilibrium between demand and supply and offer after sale services. This will improve the trust and rapport between both the ends. Also, when there is a grievance reported by the customer, marketing manager has to protect the brand identity with a relevant solution.
Towards Organization
Marketing manager is responsible to develop marketing strategies, formulate plans, instruct the human resources and structure the activities as per the desires. In most of the organizations, marketing manager is the person who prepares roadmap that will act as blueprint to ensure demand - supply chain (Monster, 2018).
These responsibilities are mandatory for the marketing manager to help the brand sustain in the market and should intervene in all the departments of the organization from supply chain to production.
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Question - What are the major components of marketing research?
Answer - Components of marketing research
While performing a marketing research, there are three major components to it.
The first component is segmentation. This is to know that the organization targets the right segment for the proposed product/service. It also helps in understanding their needs and planning the product/service launch accordingly. This segmentation influences the cost setting process.
The second component of marketing research is competitors. When is it possible to know that the proposed product is desirable and feasible in the market? How do we determine the profitability rate in prior? These are possible only when a competitor analysis is conducted well in advance and it plays an important role in the marketing research subject. It helps the organization to find out the existence of competitors and their performances (Businessing Ambia, 2018). It also offers insights on marketing strategies followed by them.
The final component is the industry analysis. This component is helpful to know the business climate and the need for the organization to focus in this field. It also keeps the organization informed about the regulations.
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