EOC Week 10: Using Market Research to Make Money

The easiest way to bring in revenue that has been undiscovered within a company is by conducting market research. “Marketing research is the systematic and objective process of generating information to help you make marketing related decisions. Market research links the consumer, customer, and the public to the marketer through information, which is used to identify and define marketing opportunities and problems” (Marketing Research Kit, p. 10). This is a primary tool that every company should utilize when starting up, introducing new products, or diversifying their product line. By understanding market research through the study of this book, I understand how I can increase revenue not only for the company I conduct the research for, but I can also bring in revenue for myself. “Identifying the correct problem is a prerequisite for solving that problem.”(Marketing Research Kit, p.13) I can use my knowledge of market research to help companies identify their problems. Most company managers have questions as to how they can increase their revenue but they don’t look at their companies from their customers point of view. I will teach them to identify with their customers, understand them, and meet their needs. Then I can only disclose enough information to intrigue the company and make them want to hire me. By proving to a company that I can make them more money, I become more attractive to job recruiters since that is what all companies are looking to do. “Specifically, the goal of marketing research is to help managers and business owners select the best among alternative viable courses of action.” (Marketing Research Kit, p.22)