Part 1. Respond to the following in a minimum of 175 words: Why is marketing research important to the development of a marketing strategy? Provide a specific example. Part 2. Respond to the follow

Part 1.Respond to the following in a minimum of 175 words: Why is marketing research important to the development of a marketing strategy? Provide a specific example.Part 2.Respond to the following classmate in a minimum of 100 words:“Market research is vital in developing a marketing strategy. For many businesses a successful marketing strategy is an absolute requirement in order to ensure profitability as well as sustainability. In developing a marketing strategy, the core foundation of the strategy is derived from research. The research can help identify how customers as well as potential customers might view your business and potentially expose gaps in customer’s expectations. A solid marketing strategy provides a fact based foundation for estimating sales and profitability and potentially giving the business an advantage over the competition.Many times, a marketing strategy begins with identifying a specific problem. For instance, a new small business that is planning on opening will need raise awareness about the new business while often having a very small marketing budget. In today’s world even this small business will be able to raise awareness through means such as online campaign through many social media sites that can attract potential customers allowing the business to build a customer list which then can be used to send out updates, newsletters or even special coupons.” – James F.Part 3.Reply to the following in a minimum of 100 words:While a crucial element of business success, marketing research can be a costly and time-intensive process. However, many businesses have begun to turn to social media as a cost effective and in-depth tool for gaining insights into their customers, market, brand appearance and other important market research aspects. Traditional market research methods such as, surveys or study groups can take longer to plan, form, and execute. With social media research it can be conducted quite quickly. Social media also offers numerous ways to interact with your market and build your relationship marketing efforts as we learned last week.Class: Can you compare and contrast traditional methods for gathering research in marketing and current technological advancements? Do you think one method is better than the other or should a research strategy incorporate both? Why?

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