1.

MARKET RESEARCH
Market Research is all about gathering information about customers, distributors, competitors
within the target market of a certain enterprise.

Business firms gather market research because it can greatly help them identify the customer’s
purchasing power, buying habit, and their attitude. These factors may directly affect the business
production. Market research can also help business owners to develop their current products and come
up with better products in the future.

The goals of market research are the following:

-To identify if there is a gap in the market

-To identify if there is a desire for the product and reduce the risk of launching a new product

-To gather information about the target market

-To identify the; market size, market share, dynamics and forecast.

Market Research provide an accurate, reliable, current and valid management and help the business
owners to make sound decisions by linking the marketing mix to the environment and the consumers.

The following is a simple 5 step method on how to make a Market Research:

1. Define the Problem

First and foremost, we must identify the problem first. It is helpful to establish research objectives
during this phase.

2. Develop Your Research Plan

Once that you have identified what are your objectives, you may conduct a survey or interview
prospects and customers. You may use a certain questionnaire or make a series of guide questions that
will serve as a guide during your interview.

3. Collect Relevant Data and Information

4. Analyze Data and Report Findings

5. Take Action

After this step, you may now test your findings and start developing marketing campaigns. 
 2. ADVERTISING
According to Cohen, advertising is a business activity that employs creative techniques to design
persuasive communication in mass media that promote ideas, goods, and services in a manner
consistent with the achievement of the advertiser‘s objective, the delivery of consumer satisfaction and
the development of social and economic welfare. (Cohen, 1988)

From Cohen’s definition, it can be found that advertising satisfies 3 objectives;

-to increase sales of the firms,

-to guarantee consumers a great deal of service

-and finally to ensure the social and economic welfare of society.

Advertisements have been used for many years to influence the buying behaviors of the consumers.

Advertising are most effective on products that have intrinsic qualities. These qualities are not known at
the time of purchase and it takes one to discover this upon using the product. Also, when there is a
substantial chance of differentiating a product, it best suits to advertise on that product. Again, when
there is a strong emotional purchasing motive such as to protect health or enhance social position, it
pays to advertise on such a product.

These conditions make the demand for the product more inelastic. The more emotions consumer attach
to a product, they more they tend to be insensitive to its price. This is of importance to firms as they can
earn high sales in pricing their products.

Producers often advertise their product with the intention of increasing their sales which allows the
firms to gain economies of scale and keep prices down. It also makes their products well known on the
market. Also, advertising is necessary when introducing new products on the market. Without it, firms
would find it difficult to break into market in which there are established brands.

Television remains an essential part of Filipinos’ everyday lives, which is why they rely on commercials
for product information. These advertisements also greatly affect the product preference of Filipino
consumers. 

As a consumer, I can attest to this. These advertisements greatly affect what products I will buy in the
market. Celebrity endorsements also play an important role when it comes to influencing brand
preference. Because of this, I am highly loyal to certain brands in the market. I patronize their products
because these advertisements earned my trust.
 3. CRM
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies
that companies use to manage and analyze customer interactions and data throughout the customer
lifecycle, with the goal of improving customer service relationships and assisting in customer retention
and driving sales growth.

Businesses need CRM-it is essential. Customer relationships are the bloodline of every business.

Here are examples and benefits of Social CRM:

- A business-or even a customer- creates a fan page for a company or a product in Facebook.
This will create a venue for communication, marketing and networking.

- A business can quickly get information out to users who are interested in the company or its
products.

- A business gets realtime feedback.

- A customer can easily tell a company and everyone about their experience with the company.

- A customer can use social networking sites to offer ideas for future products.