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Advertising
& Marketing:
Advertising clients are predominantly,
but not exclusively, for-profit corporations seeking to increase
demand for their products or services. Some organisations
that frequently spend large sums of money on advertising but
do not strictly sell a product or service to the general public
include: political parties, interest groups, religion-supporting
organisations, and militaries looking for new recruits. Additionally,
some non-profit organizations are not typical advertising
clients and rely upon free channels, such as public service
announcements. For instance, a well-known exception to the
use of commercial advertisements is Krispy Kreme doughnuts
which relies on word-of-mouth.
The advertising industry is
large and growing. In the United States alone in 2005, spending
on advertising reached $144.32 billion, reported TNS Media
Intelligence. That same year, according to a report titled
Global Entertainment and Media Outlook: 2006-2010 issued by
global accounting firm PricewaterhouseCoopers, worldwide advertising
spending was $385 billion.
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Marketing:
Market research can do
for a business is the following. At the company Chevrolet
they brought several disciplines together in a cross-functional
team to develop a concept for a completely new Corvette.
This team enabled the marketers to come up with an alternative
concept, one that balanced 4 attributes: comfort and
convenience, quality, styling, and performance. This
was considered radical because comfort and convenience
were not traditional Corvette values. However, market
research demonstrated that consumers supported the alternative
concept. As a result the new Corvette was a huge success
in the market.
Exploratory research
is also conducted to simplify the findings of the conclusive/
descriptive research, if the findings are very hard
to interpret for Marketing Manager. |
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