Marketing research is “the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”
It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.
Marketing research is often partitioned into two sets of categorical pairs, either by target market:
Consumer marketing research, and
Business-to-business (B2B) marketing research.
Or, alternatively, by methodological approach:
Qualitative marketing research, and
Quantitative marketing research.
Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns. The field of consumer marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923.
Thus, marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.
Archive | February, 2018
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Bitcoin is a cryptocurrency and worldwide payment system. It’s the first decentralized digital currency, as the machine works with out a central bank or single administrator. The network is peer-to-peer and transactions happen between users directly, lacking any intermediary. These transactions are verified by network nodes by using cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of folks under the name Satoshi Nakamoto and released as open-source software in ’09 2009.
Bitcoins are manufactured as an incentive for an activity known as mining. They could be exchanged for other currencies, products, and services. By February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research made by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users by using a cryptocurrency wallet, almost all of them using bitcoin.
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Let’s Make Money is an Austrian documentary by Erwin Wagenhofer released in 2008. It is about aspects of the development of the worldwide financial system, claiming that elitists economically exploit the rest of society, especially in the developing world, but also in western nations.
What Your Next Step Should Be
Scott Anthony of the Harvard Business Review did a piece on “3 Ways to Prioritize a Long List of Ideas, which you can read here…
It’s all about how to choose what it is that you should do next, which product to run with, which decision to make and so forth. Of course it’s written with large companies in mind, but the essence applies just as well to the Online Marketer. For example…
When choosing which product to create next, don’t always trust what people say they will do.
Rather, trust what they do. When I survey my readers to find out what they want to buy next, I also take into consideration that they may not know their own minds.
For example, if you ask someone what they want to eat tomorrow, they’re likely to say they want something healthy like a salad. But when tomorrow comes, more often than not they will order the pizza or pasta instead. It’s not that they weren’t telling you the truth; it’s just that people tend to think about the future in one way and act in the present in a different way. They’re certain tomorrow is the day they buckle down and do their work, or go on a diet, or begin exercising. Today? Let’s watch TV and eat chocolate cake.
So when you survey your customers asking what they want to buy, realize that what they say isn’t necessarily so.
Limit studying and planning. Prioritize action.
If all you’re doing is studying and planning so that you can make the right decision, then you’re not acting. And without action, there can be no reward. As Anthony states, visualize success and then figure out what you need to do to get there. For example, if you visualize your next success as selling a thousand copies of your new training program, figure out what you need to do to make it happen, and then do it. If you get stuck on the planning, you’ll never get anywhere.
Look for ideas and solutions outside of the box.
Whatever your niche of choice might be, don’t confine your explorations and learning to just your niche. Explore other avenues outside of your realm to see how they solve problems and how that might be applicable to your niche. Becoming myopic to your own area of expertise to the exclusion of all others can mean you’re missing out on stellar ideas to increase your bottom line.
Here’s a simple example: Angie has her own line of make-up products targeted to woman over 50 that she sells exclusively online, and she’s been struggling with lead generation. The other day she received her order of vitamins from a well know health company with millions of customers, and it hit her: What if she asked this company to place a postcard promoting her website in every box that contained one or more products designed exclusively for this target market?
Most online marketers would never even think of this – yet it’s an excellent way to get her website in front of her exact target market. And all it will cost her is the printing, since the health company is taking a percentage of sales as her affiliate rather than a flat fee for inserting the postcards.
Sometimes we find ourselves bogged down while trying to decide what to do next or how to do it – when really all we need are simple systems to keep us moving, and our business growing.
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The ‘marketing mix (also known as the 4 Ps) is a foundation model in marketing. The marketing mix has been defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target”. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place. Marketing practice has been occurring for millennia, but marketing theory emerged in the early twentieth century. The contemporary marketing mix, or the 4 Ps, which has become the dominant framework for marketing management decisions, was first published in 1960. In services marketing, an extended marketing mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by process, people, and physical evidence. Occasionally service marketers will refer to 8 Ps, comprising these 7 Ps plus performance.
In the 1990s, the model of 4 Cs was introduced as a more customer-driven replacement of the 4 Ps. There are two theories based on 4 Cs: Lauterborn’s 4 Cs (consumer, cost, communication, convenience), and Shimizu’s 4 Cs (commodity, cost, communication, and channel).
Given the valuation of customers towards potential product attributes (in any category, e.g. product, promotion, etc.) and the attributes of the products sold by other companies, the problem of selecting the attributes of a product to maximize the number of customers preferring it is a computationally intractable problem.
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Bitcoin Gold is a hard fork of the open source cryptocurrency Bitcoin. The fork occurred on 24 October 2017, at block height 491407. The stated purpose of the fork is to restore GPU mining functionality to Bitcoin, as opposed to specialized ASICs with entry prices in the thousands of dollars.
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Make It Rain: The Love of Money is a 2014 mobile game published by Space Inch, LLC. In the first week after its launch on the Apple OS it was with 2 million downloads the most downloaded game in the iTunes Store. The game revolves around money, greed, and corruption. Inside the game, virtual money can be earned with insider trading, subprime mortgages and the bribing of political figures. According to the creators, the game is a satire on the obsession with wealth. Space Inch’s Chairman Josh Segall, who is a criminal lawyer, indicated that he found it disturbing that the option to bribe the FBI is the most popular paid purchase within the game. The game is available for Apple iOS, Android and Windows Phone operating systems. This idea was originally inspired from a previously released game called Make Money Rain.
According to Josh Segall, the company spent $10,000 on development and $1,000 on marketing of the game and returns a daily profit of $50,000 with advertisements and purchases within the game. Space Inch also published the games Inch Disco Bees and Say The Same Thing. Andy Ross, vocalist of the band OK Go is lead developer at Space Inch, LLC
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The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.
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Money laundering is concealing the transformation of profits from illegal activities and corruption into ostensibly “legitimate” assets. The dilemma of illicit activities is accounting for the origin of the proceeds of such activities without raising the suspicion of law enforcement agencies. Accordingly, considerable time and effort is put into devising strategies which enable the safe use of those proceeds without raising unwanted suspicion. Implementing such strategies is generally called money laundering. After money has been suitably laundered or “cleaned”, it can be used in the mainstream economy for accumulation of wealth, such as acquisitions of properties, or otherwise spent. Law enforcement agencies of many jurisdictions have set up sophisticated systems in an effort to detect suspicious transactions or activities, and many have set up international cooperative arrangements to assist each other in these endeavours.
In a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.
Some countries treat obfuscation of sources of money as also constituting money laundering, whether it is intentional or by merely using financial systems or services that do not identify or track sources or destinations. Other countries define money laundering in such a way as to include money from activity that would have been a crime in that country, even if the activity was legal where the actual conduct occurred.
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Bitcoin.com is a company that provides Bitcoin services, such as buying and selling cryptocurrencies and choosing a wallet for Bitcoin or Bitcoin Cash. The associated website aims to be a bitcoin-related web portal servicing all things Bitcoin. Accordingly it features a wide range of products and services such as a Bitcoin mining pool, blockchain explorer, Bitcoin wallet, news, various tools, Bitcoin forum, educational resources and information, pricing charts, as well as a store and a online games casino.
