Describe a business situation in 175 words where market research can influence decision-making.
Entry into new markets necessitates in-depth and continued market research. In the event where a company is seeking to open a new branch in a high-risk market, it is very important for the entity to ensure that it has collected enough data on the market in order to make informed decisions on whether the new venture is a smart decision. More often than not, decisions on expansion and entry into new markets define the success of such moves, which means that the choice itself must be backed by a very solid background of data and information or the company will stumble into unforeseen challenges, all of which may cost the entity money, time, and other resources, and some of which may be completely insurmountable. Market research is, in this respect, one of the most fundamental components of the expansion process, particularly in instances where the organization is venturing into new markets, because without the data and guidance of market research, any entity, no matter how powerful and influential it is, will be taking shots in the dark.
Select three research methods from the following list:
Analyze each selected research method in 175 words as it relates to your selected business situation.
Research Method Analysis as related to a business situation
Primary research in the case of market exploration involves efforts to gather and analyze data on actual market characteristics from field engagements such as the tactics of market leaders to market demographic composition. Notably, primary research is imperative for players entering high-risk markets because the currency of data used and the validity of findings must be absolute.
Quantitative research involves the exploration of observable phenomena within the market of interest and the analysis of the entrepreneurial landscape using computational and statistical methods. Since numbers are the foundation of inferences on whether a foray into new markets is feasible and possible, it holds right to say that primary research in such a market must take a quantitative approach for the most part.
Mixed research combines the use of actual statistics from the field (quantitative) with more market-specific information (qualitative). In order for the company to adopt informed and accurate theoretical approaches to the uptake of challenges predicted by the statistics of primary research, it is necessary to engage in qualitative study to complement the quantitative efforts.
Compare the use of observational versus experimental research for the business situation in a total of 350 words.
Observational research is relatively cheap because there is limited interaction between the researcher and the variables under scrutiny.
It is easy, especially at the outset, because most of the work revolves around examining phenomena in the natural environment without much prior preparation.
An observational researcher allows for access to places and situations where questionnaires and interviews may not reach.
The observation provides a very strong validity for findings and inferences and enables an in-depth understanding of the market being observed because the documentary of market forces is both unbiased and highly accurate. Observational research is very time consuming because it is necessary for the researcher to collect data over a long period for serious patterns to emerge.
It is very easy for observational research inferences and findings to be seen as objective because the analysis and conclusions of the research process are based solely on an individual's observation.
It usurps ethical principles because observation takes place without the knowledge and consent of the people being targeted as sources of information.
Experimental research allows the research far more control over variables, which means that in the case of market research, the company will be able to know what elements of the target market are core consideration factors and which aspects can be ignored.
The findings from this explorative effort will be more accurate because the interplay of forces within the market ecosystem will have actually been tested using the very same demographic that is being targeted by the company. It will be very strenuous and resource-intensive to design an experiment and execute it.
The findings of such an experiment cannot be wholly relied upon because experimental research findings become irrelevant over time with the changes in the forces plying the business ecosystem in focus.
The manipulation of experimental factors will not be error-proof and may be subject to the flawed decision-making of the researchers, leading to inaccurate findings.
Explain in 175 words which type of research method would work best for the selected business situation.
In full consideration of all the above factors, it is correct to say that mixed research will benefit the business situation more than any other approach. The reason for this conclusion is very well steeped in the thoroughness and comprehensiveness of mixed research. Notably, the company needs serious and actual statistics to make informed decisions about market plans and the design of the product. However, these decisions need a very serious theoretical vehicle, and this is where the qualitative part of the research comes in. By and large, the combination of these two research models will contribute to a lot of knowledge, both theoretical and statistical, on the market under study and provide a very firm foundation from which the entity can spring into the business ecosystem with the highest possible chance of success while working against the minimum risk possible. Even so, it must be understood that the roles of primary research, which can serve as a very crucial examination of the market, should not be overlooked and must also be applied if possible.
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