Companies initiate initiatives to further their products and service efficiency by using the various types of research methods available to obtain pertinent data to evaluate their strategies. To do this, they utilize both primary and secondary forms of data gathering, which primary data include observations and social surveys, while secondary data include published tests, published statistics, personal diaries and media. The main objective of the research by companies is to offer collective information and collect data which can then be utilized to develop effective marketing strategies for the company as it sought to reach their financial goals. The information and data obtained can then be analyzed and data relationships are then used to develop marketing strategies relative to the company's goals.
Marketing data resource methods data collection approaches.
While conducting marketing research, exploratory research method is an open-ended approach, which marketers should make a good plan to utilize? To research the best possible results and outcome in using the approach is to develop a well-structured process. The best steps are, defining the problem, choosing the method, creating research procedures, collecting data, and determining the results (Berg, 2004).
Defining the Problem
Marketing research problems begin from a single place by identifying the problem at hand. Identifying this will help the research team in structuring a good planning process which is suitable for the target research study are. Additionally, this step will require the team to identify the questions the research to answer and also clarify the chosen questions. Or instance, in the case of the minority group, the research team is seeking ways in which the firm can market their products in a community which is of low population and from the different racial background while respecting their cultural beliefs and ethics. Additionally, in the case of the potential clients with low investment, the firm is aiming at introducing their products and services to the group with respect to their income while allowing them to continue with their normal budgets. This is important in ensuring that the research is done effectively and efficiently while implementing working strategies. The research question for the study therefore is to determine the best marketing strategy of the selected groups without undermining their livelihood as well as their cultural practices.
Choosing appropriate research method
This type of research involves interacting with a population that may have more information than what was intended. Therefore, this type of research can be used to vet new ideas from the research population with unbiased, unaware market in order to judge the perceptions of neutral parties. The most popular tools are questionnaires and surveys. These options solicit opinions, both expert and novice. Marketers are at best to receive a wide range of information that can then be boosted. In order to collect and obtain marketing strategies information, selected data collection teams need to use both primary and secondary data collection methods. While using such methods, they will be able to obtain inclusive and most required data for the required marketing strategy. Primary data collection methods objectively aim at obtaining ng the correct information about market trends first hand. The company, therefore, gets information from the ground and analyzes the data obtained for the use of these methods.
Interviews: This method allows the market research team to create an environment that allows discussion with the identified target market group, therefore, getting the required information direct response from the target market group. Response from the interviewees on certain questions are the recorded in real time or recorded on tapes for analysis later. Interviews are flexible as interviewee cannot be triggered to give misleading information, also, questions can be made flexible depending on the target group of study.
Questionnaires: They are structured responses, provided to selected respondents in a market research target group so as for them to answer the questions in written form and after which they return the questionnaires to the data collection team. The filled questionnaires can be delivered to data analyses centre via mail, fax or post office. It is crucial for the company to identify the right target group to be researched on with questionnaires or verbal interviews. While using questionnaires, it is important to identify the correct type of Likert scale that is appropriate for the target research market (Barua, 2013). In the case where many people are from different races, the odd response option of Likert Scale which is the 5 point response option will be applicable. In 5 point response option, Strongly Agree, Agree, Neutral, Disagree and Strongly Disagree options are provided (Nemoto & Beglar , 2014). Utilizing an odd number option scale will give the respondents the options to choose the neutral option in situations where they truly feel not to take sides about the topic. This will remove the possibility of forcing the respondent to skip the question because they do not feel comfortable to either giving a positive or negative response. Published in the Journal of Applied Psychology in a study done in 1972, the researchers found out that incorporating even or odd items in the rating of a study will depend on the objective of the study. The researchers went ahead to test different surveys which incorporated 2-19 options in their Likert Scale. In this study, they tested the time the respondents took to complete the questions, the proportionality of the scale used and the proportionality of the uncertain responses being selected. Their findings were that over 4 items used in the number of options gave a result of about 60% of the Likert Scale being used. This indicated that, the more the items in the scale, the less the possibilities of the neutral value being selected by the respondents. The 5 item scale gave a result of 21% on the possibility of neutral score selection. The 13 and 19 point response, gave a result of 3% on the possibility of a neutral score. However, the time taken to complete the study was not consistently affected. It is also important to note that cultural differences play a role in how the scales are used by the respondents in a selected market research are.
Surveys and Observations: Surveys of the target by the data collection team can be done using different methods. The team can visit the target market physically to learn the behaviour of the target market, by this, to observe the population behaviour in terms of consumer response to a specific product or service. The company can then come up with an elaborate marketing campaign to align with the target market consumer behaviour. For instance, the data collection team can identify the kind of products, the services and the demand for the products and services in the target market group. Observation, on the other hand, is a situation where the researcher will participate in certain activities as the data collection process continues (Patton, 2005). This method can be open where the research team collect data by the occurrences of certain activities or it can be closed where the research team will interact and obtain data from a limited number of people.
Creating Research procedures
Procedures can take different approaches and forms. Depending on the budget, objectives, timeline and the topic at hand, a range of approaches can be employed. There is no perfect way in research approaches, the important thing is the well-structured plan, and objectives of the research. Options include focus groups, expert surveys, open-ended questions and secondary research based on previous studies. The most efficient in this case is focus group as the company will obtain direct and one on one response from the study area.
Focus Groups: This is target groups with a population with the required information, as in the case, the development of a company, where it gives direct approach. The researchers ask leading questions in order to obtain detailed information. The team leader of the research asks relevant questions that lead data collection in the area of interest. The team leader then gives the research member a chance to discuss the findings and give views regarding the obtained information.
Upon decoding on the appropriate research procedure, the researchers must move forward to collecting the data based on the research question. The undertaking will depend on the method chosen. Third party individuals can be incorporated in the focus groups, perhaps in this case where there are African Americans, Hispanic Americans, Asian Americans, and Native Americans, who are willing to volunteer (Palinkas et al., 2015). This will help in obtaining information based on their feedback. The low investment group can also be incorporated in the focus groups. While using expert surveys, only educated and professional organizations can be employed, while in open-minded question, can be used on individuals who meet the needs of the study.
Determining the Results
After the research, the feedback from surveys and focus groups can then be analyzed for accuracy, viability and consistency after which existing knowledge is incorporated. For instance, focus groups will value on how the different groups will embrace the products and services of the company and what is the best marketing strategy based on their opinions and the investment capabilities as low investment individuals. The results are then interpreted based on the research question, which can lead to the development and new ways to approach the selected market groups.
Barua, A. (2013). Methods for decision-making in survey questinnares based on likert scale. Journal of Asian Scientific Research, 35.
Berg, B. L. (2004). The Basic of Action Research. In Qualitative Research Methods for Social Sciences (p. 197). Boston: Pearson Education.
Nemoto , T., & Beglar , D. (2014). Developing Likert-Scale Questionnaires. JALT2013 CONFERENCE, (p. 5). Tokyo.
Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N., & Hoagwood, K. (2015). Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health and Mental Health Services Research, 42(5), 533-544.
Patton, M. Q. (2005). Qualitative research. John Wiley & Sons, Ltd.
Cite this page
Marketing Research Essay Example at No Charge. (2022, Apr 11). Retrieved from https://speedypaper.com/essays/marketing-research-essay-example-at-no-charge
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Psychology Essay Sample on Human Sexuality
- Free Essay with Leaching System Plans
- Free Essay: Public Policy and Public Engagement on Social Development in Saudi Arabia
- Essay Sample about Microsoft Branding Strategy
- Free Essay on Reducing HCV Prevalence in Incarcerated Population
- Yalom's When Nietzsche Wept - Free Essay in Psychology
- Essay Sample on Natural Death, Accidental Death, Suicide, and Homicide