Research Methodology in Functional Areas

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KRITHIKA (0918119)

NAMRATA (0918124)

NITA (0918129)


SHYAMALA (0918154)


While many business ideas blossom into successful businesses, there are many others

that did not move beyond the business plan or offering memorandum. And among those

that get funded and started, many fail eventually. While there can be many reasons

for business failures, often these were due to flaws in the business concept or the business

model that rendered them vulnerable to the difficulties encountered. Recognizing the

relevance of research in business planning has become even more crucial in the current

economic scenario with funding getting difficult as banks, other financial institutions

and venture capitalists are bound to put business propositions through a most

rigorous assessment process. Research indicates that many ventures fail on

account of market and industry factors. Yet,very often we come across ambitious

entrepreneurs starting ventures without having researched the market and industry to

determine the viability and sustainability of the business concept. The significance of research stems from the fact the success of a business does not depend only on the entrepreneur's perspective on the service or product offered. It also depends greatly on what the customers want or need. Here arises the need of research.

Various major functional areas in business:

1. Marketing

2. Finance and Accounts

3. Human resource

4. Production/operation


Marketing is an organizational function and a set of processes for creating, communicating,

and delivering value to customers and for managing customer relationships in ways that benefit

the organization and its stockholders. Marketing managers attempt to get the right goods

or services to the right people at the right place at the right time at the right price, using the

right promotion technique. This may be accomplished by following the marketing concept,

which is based on consumer orientation, goal orientation, and systems orientation.

The marketing manager must work within an internal environment of the organization

and understand the external environment over which he or she has little, if any,

control. The primary variables over which the marketing manager has control are distribution,

price, promotion, and product/service decisions. The unique combination of these

four variables is called the marketing mix.

Marketing research plays a key part in providing the information for managers to

shape the marketing mix. Marketing research has grown in importance because of management’s

focus on customer satisfaction and retention. It also is a key tool in proactive

management. Marketing research should be undertaken only when the perceived benefits

are greater than the costs.

A marketing research study can be described as programmatic, selective, or evaluative.

Programmatic research is done to develop marketing options through market segmentation,

market opportunity analysis, or consumer attitude and product usage studies.

Selective research is used to test decisional alternatives. Evaluative research is done to assess

program performance.

The Internet has had a major impact on the marketing research industry. The use of

Internet surveys has increased dramatically because they can be quickly deployed, cost

significantly less, are readily personalized, have high response rates, and provide the ability

to contact the hard-to-reach respondent. Most importantly, as Internet participation

by households has increased, identical online and offline surveys have been shown to produce

the same business decisions.

Marketing research has also found other uses for...
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