Research
Marketing research is the “process of planning, collecting, and analyzing data relevant to a marketing decision”.
Approx 7 billion is spent each year in the US on this type of research. Some of the things it is spent on is advertising, pricing, packaging. Take for example one type of packaging change – Great Value brand bread. I was shocked the last time I went into the store and found that the packaging now contains less color (its white and black) so more of the product shows thru. How great is that! And why did it take them so long to do it??
Managers can use the research to find out why their plan didn’t work. And also the trends of today, since they are ever changing! Sometimes I wonder though when I see clothes or shoes mostly – who in the world would buy these awful looking things? I’m not positive that every company knows the value of research