Marketing

Market research is a process of discovering information for the use of making marketing decision in business. Therefore, it is an essential component of understanding the market. It can be used for solving problems, identifying future opportunities and threats, generating ideas and to determine how to create, communicate, deliver and exchange offerings for stakeholders of a business. There are five steps in the market research that could be adopted by the Malaysian marketers.
The first step is to define the research problem or the objective of the business where the market research project is intended to answer. Next, it is to design the market methodology where the method used depends on the information required and the information already contained in the organization. There are three types of research where is can be done quantitatively or qualitatively. Types of research include exploratory research, descriptive research, and casual research. The next step is followed by collecting data, analyzing data and drawing conclusion before the last step is taken which is to present the results and making recommendations before the implementation take place.
The first step in market research is to define the market problem. Before undertaking market research, timing, relevance, availability of resources, need for new information and cost-benefit analysis should be taken into consideration. These decisions must be made regarding the benefit of conducting the research. The music industry in Malaysia (Yamaha Music School owner)have notice the increasing number of students who is interested in music and have planned to further their studies in this field. Yamaha music school might want to know whether it is worthwhile to introduce new courses to fulfill the current market.
The second step is to design the research methodology where question to ‘what kind of sample will the marketers use’ is answered. Observation approach under casual or descriptive research can be