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Marketing Reserach

Question “Marketing Research” Respond to the following: . -Of the marketing research tools identified in the textbook, evaluate those that would be most appropriate for a small business. Textbook=[Iacobucci, D.

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(2012). MM, 2nd Edition. Mason, Ohio: Cengage Learning] -When it comes to marketing research, speculate to the blunders that beginning marketers commonly make. Provide a rationale with your response. Answer :- Market research is an effective way to learn about potential customers, their opinions, habits, trends and future plans.

It is used to determine the geographic area of a business and demographic characteristics of customers such as age, gender, income and educational level. Marketing research helps a firm identify and solve problems, identify and evaluate market opportunity and develop the effort needed to exploit it. Steps of the Marketing Research Process 1. Identify and Define the Problem/Opportunity – This is the first step in finding a solution; a poor diagnosis will lead to an ineffective solution. 2. Conduct a Preliminary Exploration – Confirming a rejection, the problem as stated by the decision maker is a crucial phase of the research project.

In order to do this the researcher must talk to knowledgeable persons both inside and outside the firm. This often gives the researcher a new perspective on the problem. 3. Determine Research Objectives – The earlier steps have given the researcher a better understanding of the problem, and he or she can now begin to formulate hypothesis to fit it. Hypothesis are tentative explanations of a problem, formulated on the basis of weight and knowledge about the problem. The hypothesis may prove to be either right or wrong. 4. Determine Data Needs – Researcher use primary and secondary data.

Primary data are originated and collected for a specific problem. They must be generated by original research through observation and/or inquiry. The advantage of such data is that they relate specifically to the problem at hand. In gathering them, new problem may be uncovered and the focus of the research project sharpened. The main disadvantages are the cost and time required to collect them. Secondary data already exist, they are historical data gathered by people either inside or outside the firm to meet their needs.

If those needs are similar to the researcher’s needs secondary data can be useful. Although they are cheaper and faster to collect than primary data, their relevance, accuracy, credibility and timeliness must be established before they can be used. 5. Determine Data Sources – The major internal source of primary data is company personals, Retailers, wholesales, customers and competitors are important external sources of primary data. Knowing what primary data are needed gives an indication of who might have them. The major internal source of secondary data is company records.

Libraries, trade associations and government publications are important external sources of secondary data. 6. Create the Research Design – The research design specifies the overall framework and the specific procedures for collecting and analyzing the data. This is the most important step in the research process. Research Design can be classified by function and by methodology. Functional Categories – (a). Exploratory Research. (b). Descriptive Research (c). Casual Research (d). Predictive Research. Methodological Research – (a). Historical (b) Survey (c) Experimental (d) Motivational 7.

Collect the Data – Once the researcher has determined data needs, data sources, and the framework and procedures to collect and analyze them, the problem becomes one of searching for and securing data. In collecting data, the researcher implements the research design. For secondary data, a good understanding of internal and external sources is necessary. Primary data, however , must be collected through observation and inquiry. 8. Analyses Data and Convert to Information – The data that have been collected according to the research design must be analyzed and interpreted.

This leads the researcher to either accept or reject the research hypothesis After coding and editing, data are analyzed. This involves descriptive responses, calculating averages etc. in order to convert raw data into an understandable form for the purpose of interpreting the data. Tabulation, for example, involves arranging the data in a table, graph, or other summery format to facilitate their interpretation. More sophisticated data analysis techniques may also be used as the research moves beyond the description of the data to sophisticated statistical analysis of them.

Cross tabulation is often used to show how variable relates to another variable. 9. Communicate the Information – Communicating research findings to decision makers is a crucial step in a research project because the project will be a failure if the results are not communicated effectively. Among the criteria for judging the quality of a research report are completeness, organization, understandability, interest level, accuracy, clarity, conciseness include : specific sections of the report typically (a) Title page (b) Table of contents (c)Executive summery (d) Introduction (e) Body (f) Conclusions and recommendations and (g) Appendices.