Research Your Product Or Service—try To Complete Most Of It
Research Your Product Or Service Try To Complete Most Of Your
Research your product or service. Try to complete most of your research by end of week 3. Your sources will be most useful in analyzing the current situation and will be incorporated throughout your presentation. Focus on academic sources that undergo peer review or editing processes, such as databases (e.g., Hoover’s), reputable business publications (e.g., Wall Street Journal, Business Week, industry trade journals), and government data (e.g., census data, trends). Company websites should only provide background information and not serve as primary sources for analysis. Utilize the UMUC virtual library or consult a librarian or faculty member for assistance in sourcing information.
Paper For Above instruction
In conducting research for a marketing plan, especially in the initial stages, it is imperative to gather comprehensive, credible, and relevant information from diverse sources. These sources must include scholarly articles, industry reports, government data, and reputable business publications to understand the current market landscape and positioning of the product or service. As noted, academic sources with peer-reviewed or editorial review ensure the reliability and validity of the information (Kotler & Keller, 2016). For example, databases such as Hoover’s provide detailed company profiles and industry insights that are essential for strategic analysis (Burns & Bush, 2017).
The importance of using reputable sources stems from the need for accurate data to inform strategic decisions. Popular business publications like the Wall Street Journal and Business Week offer current industry trends, competitive intelligence, and market analyses that are crucial for identifying opportunities and threats. Government data, such as census figures and economic indicators, provide macroeconomic context and demographic insights, which are necessary for segmentation and targeting strategies (Lamb, Hair, & McDaniel, 2018).
Utilizing the UMUC virtual library and engaging with trained librarians can enhance research efficiency. These resources help ensure that information is credible, current, and appropriate for academic purposes. Furthermore, by prioritizing peer-reviewed sources and authoritative reports, the research will lay a solid foundation for comprehensive situational analysis, market segmentation, competitive review, and consumer behavior insights. This approach ensures the marketing plan is grounded in factual, reliable data, fostering effective decision-making and strategic planning (Jobber & Ellis-Chadwick, 2019).
In addition to reliance on reputable sources, continuous updating of data throughout the research process is essential. As the marketing plan develops, more sources may be needed to address emerging areas—such as digital marketing trends or new competitors—requiring ongoing research efforts (Kotler et al., 2015). This dynamic process ensures the marketing plan remains relevant, data-driven, and aligned with current market conditions.
References
- Burns, A. C., & Bush, R. F. (2017). Marketing Research (8th ed.). Pearson.
- Jobber, D., & Ellis-Chadwick, F. (2019). Principles and Practice of Marketing (9th ed.). McGraw-Hill Education.
- Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
- Kotler, P., Kartajaya, H., & Setiawan, I. (2015). Marketing 4.0: Moving Towards a Human-Centric Approach. Wiley.
- Lamb, C. W., Hair, J. F., & McDaniel, C. (2018). Principles of Marketing (8th ed.). Cengage Learning.