Marketing

Week 2
Marketing research is essential in business because it provides vital information about the
business market and landscape, which play an integral role in the progress of a business. One of
the reasons why marketing research is crucial in developing a marketing strategy is because it
helps lower business risks. It is vital to acknowledge that regular market research helps establish
the current and potential customers of a business and their varying needs and tastes. Notably,
business organizations use market research to obtain insights on areas that require improvement,
such as causes of reduced sales (McDaniel Jr & Gates, 2018). Once the problem areas have been
identified, a business can develop a marketing strategy that would solve the problem. A good
example is when a business employs a pricing strategy to attract more sales.
Additionally, market research helps create relevant promotional activities for the
marketing strategy. Through market research, business organizations study the target market’s
demographics, including age, tastes, preferences, and culture, which makes it easy to determine
the most suitable marketing strategy to attract more sales (McDaniel Jr & Gates, 2018).
Remarkably, market research helps businesses in establishing the most appealing texts and
images to use on social media to attract potential customers.
Also, market research helps businesses in developing better marketing strategies to
outsell competitors. It is vital to acknowledge that market research helps determine the causes of
customers’ frustrations and establish the needs of customers that have not been met. With such
valuable information, businesses can develop suitable marketing strategies, including product
differentiation, to produce quality products that can meet the needs of dissatisfied customers

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(McDaniel Jr & Gates. 2018). Notably, market research can help organizations develop suitable
marketing strategies, which would help them gain a competitive advantage over their rivals.
Week 3
Product life cycles of products differ based on numerous factors. Some of the factors that
determine the life cycle of a product may include durability and fragility. For this paper, I would
like to select jeanswear as the product of interest. It is vital to acknowledge that jeans wear is one
of the classic clothing that appeals to many people globally. Typically, jeanswear has existed for
many decades and is a common clothing for many individuals.
Jeanswear has a long product life cycle because it has the ability to last for a longer
duration. Additionally, jeanswear has a stable demand, and thus, businesses that produce it can
constantly grow. It is vital to acknowledge that many changes can occur to jeans wear through its
life cycle. First, jeans wear can undergo changes in design to attract many potential customers to
make purchases. Notably, changes in the product design can be achieved through product
differentiation, which can alter the quality and appeal of the product to the customers.
Remarkably, changes in the product design are likely to make jeans wear more appealing to
customers and thus increase sales volume.
Additionally, jeans wear can undergo changes through a pricing policy. Organizations
dealing in jeans may opt to reduce the product’s prices to attract more customers and gain a
competitive advantage over their competitors. It is vital to acknowledge that a reduction in the
price of jeanswear is likely to attract more potential customers who opt for organizations that
offer lower prices than their competitors. Overall, the product life cycle of a product can be
altered by numerous factors, which can either make it short or long.

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Reference

McDaniel Jr, C., & Gates, R. (2018). Marketing research. John Wiley & Sons.