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Marketing Research to be Used to Gather Information on Present or Potential Customers.
In the aspect of marketing research, one could use descriptive research. Descriptive
research “seeks to describe or explain some phenomenon. Involving identifying the
characteristics of our target market, assessing competitors’ actions in the marketplace,
determining how customers use our product, and discovering differences across demographics
characteristics with respect to the use of our productor that of our competitors.” Marshall, G. W.,
& Johnston, M. W. (2023, pg. 103) Edwards Jones would look for potential clients, that may
come from successful professionals. There is also potential for individuals who are looking to
stable their retirement. Lastly potential customers could emerge from other client’s family,
friends, or peer group.
Exploring and establishing research, the company may look at using primary and
secondary date. Look at using a Quantitative research as well, to measure the quantity of such
need on the financial advisor/ investing market. They could also look into or consider using a
focus group. Using the focus group could drive an interest of individuals perceptions of investing
and working with financial advisors.
Several External Forces Affect the Organization’s Marketing Planning and Strategy
External forces that affect Edward Jones are economic conditions, competition,
demographics. Withing demographics you can all three factors play a role. Those are population
of interest, ethnic groups, and geographic changes.
Economic conditions can affect how people may want to invest. Some may want to dump
their portfolio, while others may want to buy and add to their portfolio. Edward Jones views
MMIP: USE INFORMATION TO DRIVE MARKETING DECISION ASSIGNMENT 3
“pullbacks and pockets of market weakness opportunistically may be key to strengthening one’s
portfolio in 2024.” Edward Jones. (n.d.) Edward Jones also has competition in other investing
firms. Other firms like Charles Schwab and Fidelity play factor in competing for the same clients
Edward Jones. They also play to the demographic’s population of interest and geographic
changes. Hence why Edward Jones originated in here in the U.S., but when the opportunity
availed, they moved to open firms in Canada in 1994.
Customer Relationship Management (CRM) Program
Customer relationship management “is a comprehensive business model for increasing
revenues and profits by focusing on customers. CRM has three major objectives: customer
acquisition, customer retention, and customer profitability.” (pg. 119) CRM plays a major role
with the client by tracking information about them. Items that the client maybe considering is
their children going to college, their 401k contributions, life insurance policies, at what age are
they retiring, and etc. Information like that can help the advisor to better serve the client or
clients. Being able to gather such information can also help the advisor fit the services to ones
needs and in turn work towards building a relationship with the customer.
Consumer Characteristics
One’s characteristics will play a significant role in their decision invest with a company
like Edward Jones. The consumer or clients’ lifestyle would contribute greatly in their decision
to make a portfolio with a company like Edward Jones. We could also look at one’s personality
too. We know that personality gives a someone those “unique personal qualities that produce
distinctive responses across similar situations.” (pg. 154) Depending on where someone maybe
in their pursuit of investing for retirement. It could very well determine their comfortability in
their decision making on how they will invest. A person maybe hesitant or cautious with their
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account. While another may choose to be aggressive with their investing. The client’s
characteristic directly affects the type of retirement portfolio they decide.
Positioned in the Market
January 2012, Edward Jones unleashed it’s 2020 vision. The firm was focused to grow in
three areas that they felt where key to the company. Those areas were financial advisers, assets
under care, and household deeply served. Three peaks where identified, “growth of financial
advisers, the number and presence in the market.” SBN. (2013, June 1) Edward Jones holds itself in
high quality and high-prestige firm. There position has led them today working with more than
50,000 associates across America and Canada, while also providing financial portfolio services
with more than 8 million clients.
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References
Home. Edward Jones. (n.d.). https://www.edwardjones.com/us-en
Jim Weddle is positioning Edward Jones to be the top of mind choice. SBN. (2013, June 1).
https://sbnonline.com/article/jim-weddle-is-positioning-edward-jones-to-be-the-top-of-
mind-choice/
Jon.Fahey. (n.d.). 2023 pic purpose, inclusion and citizenship report (us: En). 2023 Purpose
Inclusion & Citizenship | Edward Jones. https://www.edwardjones.com/us-en/why-edward-
jones/about-us/corporate-citizenship/purpose-in-
action#:~:text=At%20Edward%20Jones%2C%20our%20purpose,better%20our%20communities
%20and%20society.
Kelly, B. (2023, July 12). After years going solo, Edward Jones Advisors Now sharing offices.
InvestmentNews. https://www.investmentnews.com/practice-management/news/after-years-
going-solo-edward-jones-advisors-now-sharing-offices-239723
Our history. Edward Jones. (n.d.-b). https://www.edwardjones.com/us-en/why-edward-
jones/about-us/our-history
Marshall, G. W., & Johnston, M. W. (2023). Marketing management. McGraw-Hill
Education.
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