9 Stages to Marketing Research Success

“You are required to write a report on how marketers use the different methods of marketing research to identify opportunities of the market, segmenting and targeting the market based on the valuable results collected from their marketing research activities.

It is importance that you of selecting the appropriate method to help reach your purpose. When caring out an observation you should carry out the type of observations to suit desired aim of it.

In business, managers need to respond to any issues that may arise in the business. While one may be prone to do this based on past experience, the wiser choice would be to use business research to gather the information to make decisions as business research will increase the likelihood that the solution would make a positive impact. According to Business Research Methods, the definition of business research is the structured questioning which provides information by which to guide wise decisions that maximize the impact of the

The finally step of the marketing research process is information reporting. Information reporting consists of written research reports from marketing mangers that will be submitted to management that summarizes the research results and draws conclusions (Brown, 2014). Research reports need to be very clear and accurate as higher level managers will judge the research conducted as well as utilizing it to aide them in making their final decision. Also, the reports need to be clear and accurate because the project will be no more successful than the research report itself. Finally, the written research

Data collection methods are the third process.  Data can be collected in many ways such as: observation, surveys, focus groups, and reanalysis of existing data, questionnaires, and interviews (Hagan, 2010, p. 19).  Data collection is a vital portion of any kind of research.  Inaccurate data collection will affect the results of a study and inevitably lead to invalid results.

No other research method can provide this broad capability, which ensures a more accurate sample to gather targeted results in which to draw conclusions and make important decisions. Data collection is much easier with surveys which tend to use easy to read data sources that can be compiled and analyzed as needed for market research needs. Again, the anonymity of surveys allows respondents to answer with more candid and valid answers. To get the most accurate data, one needs respondents to be as open and honest as possible with their answers.

In order to effectively undertake market research on customer behaviour; such as expected prices, how they react to certain methods of research and what kind of care do the customers expect after the purchase is made, it would be best to use observation along with focus groups. Surveys, if used, should be done face to face by door knocking as it is more convenient and has a high response rate. The survey should include quantitative and qualitative type’s questions in order to get a `broader view of the customers’ behaviour. Questions could include “What do you think affects your behaviour

Devise and document measures and procedures for measuring the impact of the research information on the marketing decisions

There are a number of methods of collecting data, some of them are – questionnaire, surveys, checklists, interviews, observations, focus group etc (Cordray, 1986; Einhorn and Hogarth, 1986).

The online survey is the cheapest survey method. No need to pay for printing questionnaire, no cost for developing the questionnaire and telephone interviews. Also, no cost of additional workers to collect and analyze data. The time needed for completing the online survey is on average two-thirds shorter than that of traditional research methods as the information gathered automatically (smith et al. 1986). Also. It is quicky and easy to analyse like google Drive. You can develop your survey and the data will analyzed automatocly. Electronic survey easy to use for researchers, participants and also to style as you

The telephone surveys or the web surveys are more convenient for participants to complete, in the comfort of their own home, or on the go, as long as they are very brief, with only a few questions asked. However, it is very easy to lie or exaggerate, especially if you’re not directly in the presence of the interviewer. This is where face-to-face interviews come in – a direct way of obtaining information, with the interviewer asking the participant questions. Also, if you are using random sampling, you can easily select and ask random people on the road to take part in your survey, avoiding

Given the situation, a determination can be made about its relation to each of the first three steps in the marketing research process. At this point, Joe has already undertaken some actions that are consistent with the defining research objectives step. The first thing that Joe has done is define his situational problem. Although it appears to be lacking in content and clarity, he recognizes “that a great deal of research in

The prime managerial value of management research is that it reduces uncertainty by providing information that improves the decision-making process. The decision –making process associated with the development and implementation of a strategy involves four interrelated stages.

Another area that warrants a research study is the company market potential. Through this research, the company will understand how their target audience reacts to price changes or advertisements (Hart, 2003). From this research, it will be possible for the company to craft advertisement and promotional messages that will capture the attention of customers. Likewise, it is important for the

Key concepts of a marketing research problem is first determine management decision problems, and then defining a broad marketing research problem, which in turn should be narrowed down by specific components. These specific components guide researchers to define an approach to the problem, find relevant objective/theoretical framework and choose among