Topic > Market Research Tools - 1182

Market Research Tools An organizational problem must be identified before starting the market research process. In most cases, a problem is a research opportunity for product improvement or the launch of a new product. The first critical step in the marketing process concerns how the research problem is defined by specifying the research objectives; identify the consumer population of interest and place the problem in an environmental context. The next step is to determine the research design which involves whether primary or secondary data is available or necessary or not. Marketers must gather information and determine the type of study required before they can move forward. Primary Data Primary data is research collected to help make specific decisions about a current problem. “Primary data includes demographic and psychological information about customers and potential customers, customer attitudes and opinions about products and competing products, as well as their awareness or knowledge about a product and their beliefs about people who use those products.” (Judge, 1998) The various designs in conducting primary research are exploratory, descriptive and random research. Exploratory research is an in-depth investigation with a few typical consumer profiles used to generate topics for the future. Exploratory research takes many forms without the burden of high costs. Marketers have this option to allow them to explore search within the primary umbrella without taking considerable risk. On the other hand, marketers may not feel confident in generalizing to the consumer population. Most exploratory research is qualitative as the research is not numerical and consumer behaviors are in the form of work… middle of paper… internal sources of previous reports provide historical patterns for all target consumers. The marketer's research task is to determine the action plan by asking questions stimulated by the research problem. Examine research design methods that will help answer problem questions effectively. The research process is about continuing to investigate further, interpreting the data and finding out if the answers solve the organization's problem. Note that it is to the company's advantage to use secondary research if possible. If not, use primary research to provide the organization with the information it needs.Works CitedRoberts, Donna (2011) Qualitative vs. Quantitative Data http://regentsprep.org/REgents/math/ALGEBRA/AD1/qualquant.htmJudge, Paul. (1998) “Do you know who your most profitable customers are?” www.businessweek.com