The Value and Importance of Market Research Essay
1332 Words6 Pages
In today’s competitive economy, marketing research is vital for a growing organization. So much so that having thoroughly gathered market information should be a prerequisite for any startup business. Market research helps a business excel by providing help with factors such as advertising, marketing, pricing, market trends, customers, competition among others. Effective market research can be so useful that a company can psychologically condition their customers to believe that they are in need of the product they are selling even if they can’t even afford it. One perfect example of exemplary marketing research and strategies would be a little company known as Apple Inc. Today’s research will demonstrate the importance…show more content…
These surveys can be done by mail, telephone, websites, face-to-face interviews. Marketing research can be seen not just in advertising but in the actions of the company as well. “Often research is hidden today in internet forums and in events hosted by companies (McDonald, 2007).”
According to Burns and Bush in their 2006 book on market research, it is so important for a company to have a marketing research process that they’ve shared an eleven-step process to follow. The steps are as follows:
Step 1: Establish the need for marketing research
Step 2: Define the problem
Step 3: Establish research objectives
Step 4: Determine research design
Step 5: Identify information types and sources
Step 6: Determine methods of accessing data
Step 7: Design data collection forms
Step 8: Determine sample plan and size
Step 9: Collect data
Step 10: Analyze data
Step 11: Prepare and present the final research report
As detailed, organized and useful as these steps are not all companies follow them in order or at all. The eleven steps assume that the research process examines secondary data and continues on to collect primary data (Burns & Bush, 2006). An example of this would be Apple Inc.
Everyone is familiar with Apple Inc., it is one of the most successful companies within its industry and one of the most powerful globally. Apple has branded itself for
What´s Market Research? Essay examples
1770 Words8 Pages
Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit.
Basically market research can be identified into four main class of study. First is…show more content…
There are five steps to carry out market research. Market research start with defining objectives that is to identify the end result that needs to be achieved. Next is developing the sample. This is to determine the group which can provide us answers that are related to our research for example if we want to make a market research about education then we can find a target group of parents, teachers and students. If we want to a do a market research about health care then our target group might be doctors and patients. Next is to develop questions. Developing questions is a very important part as the questions asked should not be biased in order to collect useful and accurate information. A biased question is a question that directly or indirectly force the user to choose the answers. For example a question ask “do you want money?”. Then this is a biased question because all of us will choose “want” therefore it has force people to the answer. The next step is collecting data. Collecting data can be carry out by giving out surveys through phone, web, mails, face to face interviews and others. There are many factors that can affect the choice of choosing the way of collecting examples are research objectives, cost and timing. The last step is analysing results. This is the most important steps as it is all about understanding and interpreting what the data collected revealed.
Market research can be divided into two types of research. The first type of