Which of the following is the most important role of marketing in the process selection decision? identifying points of differentiation for mass customization. stimulating demand in developing markets. estimating and managing future demand. providing translation of the voice of the customer.
Marketing research is the assets of the association. It is a very precious data. Before appreciating it first of all you should know where we can use it properly. You should review the role of the data. You should know where you should use this data. It properly affects the member's engagement and association growth. So that typically the market research is about planning, collection, and analysis of the data.
Thus here Cleo is given the responsibility of gathering information about the countries. where the sale of the cameras is very high. and the reason behind it. The Cleo will match the performance of the descriptive role of marketing research.
The correct answer is A. Descriptive.
Explanation: Marketing research can be understood as the process of planning, collecting and adquiring the data thats necessary for decision making.
In marketing research certain roles are categorized and each one of those roles has a function within the research.
The roles are:
1- Descriptive role/function
2- Diagnostic role/function
3- Predictive role/function
The descriptive role can be explained as the process of gathering and presenting statements of facts.
In this particular case, Cleo is given the responsibility of gathering information about the countries where sales of cameras have been high and the reson behind customers' preference of certain cameras to others in the market.
Cleo is 1- Gathering information & 2- Presenting statements of facts, thus she is performing, or will need to perform the a. Descriptive role of marketing research.
(C) Estimating and managing future demand.
Marketing is basically analyzing the demand of the consumers and then supplying it at maximum to get the maximum profit.
This involves some main steps, in which the most essential is the planning, which involves about estimating and managing the demand and then the entire plan of production, supply of commodity.
Thus, the most important step in marketing is to estimate the demand and supply, and then managing the future demand basically.
Every type of research must be based on true facts and they must be properly presented. Even if you are carrying out surveys, you decide what to look for based on something real and concrete.
Marketing research involves planning, collecting and analyzing relevant information that can be useful for making marketing decisions. Marketing research can be used to predict how sales will go if some type of action is taken, but it must always rely on factual statements, e.g. approximate market size, prices of competing products, etc.
B. Creating value for customers.
Marketing is all about building values for customers. Its about creating customer relationships which are profit generating. Any company or brand has a value proposition. It is the set of benefits the company promises to deliver to the consumer to satisfy his/her needs. Thus marketing is the bridge which connects the brand with the customers perceived value of the brand. It makes sure the customer pledges loyalty to the brand, by delivering on its promises on the value proposition. Thus, the most important role that marketing plays in the economy is Creating Value for Customers.
b. the goal of marketing is to set the price
6 fundamentals of marketing includes: satisfaction of customers needs or demands, continuous nature of marketing, sequential steps in marketing, key role of marketing research, interdependence of hospitality and travel organizations, organization-wide and multi department effort.
The goal of marketing has to to be the satisfaction of customers and the captured value from customers and business relationship.
Plan about price has to be set, adjusted based on the changes and requirements of customers' needs and wants.
Packaging is a part of the product that, thanks to internet retail and the creation of generic brands, has lost strength in marketing.
The diagnostic role of marketing research includes explaining the data and information gathered. The diagnostic role of marketing research team helps in discovering the interrelation between the variables of data and information gathered to draw a meaningful conclusions. So it is incorrect to say that diagnostic function includes the gathering and presenting of factual data that is a reliable resource. In fact it is diagnosis of interrelations among the data extracted to draw informed decisions. Hence the statement is incorrect.
In this scenario, Cleo will need to perform the descriptive role of marketing research.
As in this scenario, the Cleo has given the responsibility of gathering information about the countries which represent demographics of the countries . Also, the preference is given to the high sales and find the reasons of customer's preferences towards other markets.
The descriptive marketing research help the company to do detail analysis about any particular thing whether it will minor or major. It includes surveys, methods, etc. In the given example it highlight the countries analysis, high sales, etc.
Thus, In this scenario, Cleo will need to perform the descriptive role of marketing research.
key role of marketing research