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Finance Case

Essay by   •  January 9, 2013  •  Essay  •  318 Words (2 Pages)  •  810 Views

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Most companies have a mission statement that gives people an idea of their overall goals for the organization. The mission statement sums up your company's direction and outlines goals for what you and your management team hope to accomplish, both in the business and the industry you serve. Having a mission statement gives a sense of direction to your company and helps all stakeholders to be on the same page in understanding what they are doing and where they are going. If you view your mission statement as the master barometer of your business, it will guide your decisions in all areas: including marketing. If your mission statement indicates your growth plans (which it should), it can also help you in your marketing planning. The number of people you need to reach, the amount of interaction with customers and prospects, and the message you should be communicating can all be deduced from your mission statement, which in turn can help determine your marketing budget and calendar of activities.

According to Kotler the six steps in the marketing research are (1) Define the problem and research objectives, (2) Develop the research plan, (3) Collect the information, (4) Analyze the information, (5) Present the findings, and (6) Make the decision.

Perhaps the most important step in the market research process is defining the goals of the project. Now, think of the "research design" as detailed plan of action. Then, it's time to design the research tool. The answers, choices, and observations are all being collected and recorded, usually in spread sheet form. After proper analysis, present the data with the research objectives and business problem that were identified in step 1. Restate those business questions, and then present the recommendations based on the data, to address those issues. When it comes time to presenting the results, it's important to present insights, answers and recommendations, not just charts and tables.

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