Write a 1 page paper on journal entry. Journal Entry Journal Entry Following our lessons in the past two weeks, I have come to understandthat market information and research is a crucial aspect of bus

Write a 1 page paper on journal entry. Journal Entry Journal Entry Following our lessons in the past two weeks, I have come to understandthat market information and research is a crucial aspect of business success and competitiveness. Most entrepreneurs enter into the corporate industry without conducting proper research of the competition, costs, customer wants and needs, the perception of the public regarding the brand, and government regulation. However, Unit 5 shed light not only on the importance of market research and information, otherwise known as research and development (R&D) function, but also outlined the various techniques of market research including surveys, focus groups, interviews, field trials, and observation.

Unit six was another important learning package for me because it really relates to my area of work in real estate. I work for Qatar Diar, hence, I feel that the lessons on product and price as the focal points of a marketing mix help me in my position as an executive assistant in the department of contracts and procurement. Combining the concepts of market research and marketing mix can be very efficient at the workplace. The organization can source for information using surveys, personal interviews and focused groups to determine the type of product the market requires, in my case this would be housing, and the pricing that is favorable depending on the quality of the product.

Additionally, learning about product lifecycles and pricing mechanisms enables an organization to choose the right marketing mix decisions for each stage of the product development.

On a personal level, learning about market information and research enables me to provide my director with relevant information as to the type of materials that the company should procure to enhance the quality of the company’s product and give it a competitive advantage over its rivals.

Reference List

Kotler, Philip (2012). Marketing Management. Pearson Education.