By MD YUSUF
HND business level 5,
Student No- cc00111
Introduction: - Market research is very essential whether you want to enter the market with a new product, increase the market base of an existing product or give a unique offering to your customers. Every target group becoming smarter day by day, and word of mouth becoming stronger through social networks, Market research now very important which helps you make the right decisions.
Why Market Research
Market Research provides the right direction such that your customer base is satisfied with you and you get to know which plans and features need to be adopted to retain or expand on the customer base. . “Market research is the systematic collection of information on existing and exponential markets for analysis and subsequent action” (William G. Zikmund, 2009). Now to actually understand Market research, you need to understand this statement accurately.
Market research consists of two separate types of research that can be categorized as secondary and primary research. Secondary research consists of collecting already published data to create a "company database" that may serve to perform situation analysis. It helps to identify the company's competitors, perform a strategy for benchmarking and also determine the segments the company should target in view of factors such as demographics, population, usage rate, life style and behavioural patterns. The purpose of marketing research is to improve marketing and business decision making (Kolb, 2008). Recognize and define how primary and secondary information relating to products and service levels improve marketing decisions related to price, physical and virtual communications, distribution, and segmentation strategy and tactics. There are many categories of research design, such as exploratory versus quantitative, primary versus secondary, and experimental versus non-experimental. This module compares and contrasts alternative approaches, and discusses when each is appropriate. Primary research serves to provide information through monitoring sales levels and measuring effectiveness of existing business practices like service quality and tools for communication being used by the company. It carefully follows competitor plans to gather information on market competition. Both primary and secondary researches are essential to fulfil the company's objectives. Data Collection Methods:- Data collection methods for marketing research are divided into quantitative and qualitative methods. Quantitative studies use mathematical analysis, which can disclose differences that are statistically significant. The sample size used is quite large. Qualitative methods are used to provide a base for quantitative research and help in quantitative research design development. They target problem defining, generating hypotheses and identifying determinants. They consist of one to one interviews to probe for personal opinions, beliefs and values and serve to uncover hidden issues. The sample size in this method is small. The fact is that you can't have a successful company without having the right data about customers, products and the market in general. Market research is an essential management tool for a viable business plan enabling any company to survive and thrive in today's fiercely competitive market conditions.
Examination of the information and knowledge of the market
Many organizations are now more customer-focused and use knowledge-based strategies to reach out to their customers. This is particularly so in knowledge-intensive industries such as the biotechnology and the engineering industries. Marketing Guru Peter Drucker , views marketing as a philosophy or way of doing business and in its importance in focusing on the customer (Drucker, 2007) Knowledge exploration focuses on the detection and acquisition of new wisdom, while knowledge...