Marketing Research Assignment Help
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An Overview of Marketing Research as a Subject
Marketing research is a vast subject. It encompasses wide many topics that are required to understand the market and its response against a product or service. The management of an organization requires information related to a market in order to add value to their products or services. Such values are important to catch the attention of ultimate customers. Once the necessity of a marketing research is felt, the management or the manager of the marketing department of an organization needs to undertake the following steps:
Step 1: Defining the problem – The problem faced by the management needs to be defined precisely. A precise definition helps to pinpoint the tricky areas precisely. Once the problematic areas are known, it becomes easier for the management or marketing manager to find out solutions. For example, when the management is in a doubt, whether to launch a new product in the market or take more time, the marketing research subject will be to research whether the market is ready to accept a new product or not.
Step 2: Research design – The next step is to find out the most specific research methodology that will help to get answers of all the primary issues. Experts adapt any one of the following three research methodologies –
- Exploratory Research
- Descriptive Research
- Casual Research
Step 3: Data types and Data sources – Without sufficient and reliable data no marketing research will be completed. Data sources can be categorized into two heads –
- Primary data – Data that are obtained directly from a market survey are abbreviated as primary data. Some common types of primary data are as follows –
- Attitudes and opinions of people
- Brand awareness of people
- Socioeconomic characteristics
- Intention of people like purchase intention
- Psychological characteristics of people
Primary data are obtained through intentional communication or observation. In intentional communication, the researcher keeps questionnaires ready for survey, while in observational process, researchers just observe the behavior of the people in concern.
- Secondary data – Secondary data is the easiest way of collecting relevant information by saving precious time and money. These types of data are already created for some other research or purpose, but equally relevant to the concerned marketing research. The negative aspect of secondary data is that these types of data may not be perfectly suitable for the concerned purpose.
Step 4: Designing questionnaire – It is the most important part of marketing research. The success or accuracy of the research is primarily dependent on the efficiency a researcher or the management shows in designing a questionnaire to collect primary data. Choosing the right measurement scale is important for getting perfect data from the questionnaire. Most used measurement scales are nominal, ordinal, interval and ratio.
Step 5: Sampling frame – It is the size of a sample from which data can be collected by placing the questionnaire. Choosing the sampling frame is an important job. Marketing researchers use different sources to choose the frame, like telephone books, email list, customer list, etc. Every source of sample frame has some advantages and disadvantages. Researchers at first go through the marketing research subject, then decides on the source.
Step 6: Data collection – Already established data collection techniques are used to accumulate data scientifically.
Step 7: Data analysis and interpretation – After the collection of data, researchers analyze the data and come to a conclusion, which they convey to the management. On the basis of such interpretation, management comes to a decision and plans for future actions.
Marketing Research Assignment Writing Help:
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