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How can marketing research be of use to a marketer
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Marketing Research Tools
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
A wide-range of marketing research tools is available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and secondary research and provides an examination of the differences in primary and secondary research when using qualitative and quantitative approaches.
Primary and Secondary Market Research
Primary Market Research
A company’s marketing research objective could be to establish the market level of a product or service; establish strategies of industry competitors; establish the level of consumer awareness, and establish what the four Ps should be (product, price, place, and promotion).
Market research is categorized into two types; primary and secondary market research. Primary market research, also referred to as field research, is tailored to the specific needs of a company. Primary market research allows companies to investigate specific areas of interest, which is conducted directly by the company or contracted out to a third party research firm. Primary data-collection methods aim at getting the right information about the trends in the market firsthand; under this approach a company gets inf...
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... the company already knows what it wants to study or not.
Works Cited
Brockfield Solutions. (2012). Secondary & Primary Research. Retrieved from http://www.brockfieldsolutions.co.uk/secondary-and-primary-research.aspx
DeVault, G. (n.d.). Choosing Between Qualitative and Quantitative Methods. What Are You Trying to Prove? Retrieved from http://marketresearch.about.com/od/market.research.techniques/a/Choosing-Between-Qualitative-And-Quantitative-Methods.htm
Entrepreneur Media, Inc. (2012). Marketing Research. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82400 (and 82616).html
Kumar, D. A., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, NJ: John Wiley & Sons.
SFGate. (2012). The Difference Between Secondary and Primary Market Research. Retrieved from http://allbusiness.sfgate.com/marketing/market-research/1310-2.html
The methodology of this research project included both qualitative methods and quantitative methods. The qualitative methods were used for primarily background information and specific examples of respondents that would be considered part of the target market. The quantitative methods included a distributed survey and a collection and analysis of the results using statistical software.
Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Company.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Primary research is new data that is gathered by conducting different methods of marketing research.
Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
The main aim of this discussion is to discuss the main aspects that are very important in planning and implementing the activities of marketing in the global context. Once all the issues have been addressed, the organisation then needs to plan out the global marketing strategy. Marketing research is the core area of marketing, as the entire marketing strategies depends on how well the organization has conducted the research of the market. Mar...
Malhotra, N.K., 2002. Basic Marketing Research: A Decision-Making Approach. Upper Saddle River, New Jersey.: Prentice Hall.
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
On the other hand, weaknesses existed. The primary research was the most difficult and frustrating sector, for it was difficult to keep in touch with the potential competitors; hence, a chance to learn more and analyse deeper from the potential competitors was missed. To conclude, the result and analysis of primary and market research which was based on the questionnaire was not convincing enough, and it was the main sector which needed to improve in the future.