MARKET RESEARCH

Market Research



Market Research

Introduction

Marketing research since past few decades have gained immense recognition and importance as businesses and investors are now relying on the market research before launching a new product or investing in any market. Marketing research help companies to identify the potential customers, factors of risk, appropriate time and place to launch a new product and above all how to launch, this heightens the importance of market research. Choosing the right techniques of research is of prime importance as McDaniel (2009) mentioned that the accuracy of any research is completely reliant on the method adopted to carry out research, if inappropriate method would be selected no matter how much efforts one put in will get erroneous results. A successful market research plan helps a new product to get success in the market, whereas for existing product, a market research plan may aid to boost the sale of that product. This paper aims to evaluate the advertising and promotion programs for this new product.

Research Objective

Through proposed method of the research following research objectives could be obtained:

What would be out target market and what amount they can pay for the latest product?

What is the right time to introduce this product in the market?

How potential market could be reached?

Who are the competitors and what are they offering at what price?

What factors should be introduced to gain the large market share and what should be the unique selling point?

Discussion

Market research is the gathering, recording and analysis of data related to problems of market goods and services. For our purposes, there are four terms we need to include in that definition. These are (1) systematic, (2) objective, (3) information and (4) decision-making. Therefore, we define marketing research as a systematic and objective approach to the development and provision of information applicable to the process of decision making in marketing management. (Zikmund & Bab, 2009)

Market Research

It is systematic in terms of need for the research project and well organized and planned. Objectivity implies that the market research strives to be impartial and unresponsive in conducting their responsibilities. The primary objective of the research markets is to provide information, not data, the decision making process at managerial level, thus market research for a new product should provide appropriate factual information so that decision can be made on the calculated and true facts. Basic research seeks to extend the frontiers of knowledge in some aspect of the marketing system.

Research studies or applied research is interested in providing support to managers to make better decisions. However, applied research method suggested for the launch of new product as this will help the organization in making calculated decision based on the ground realities, as applied research focuses on investigating all the facts and relevant situation, and in this case is willing to expand its services. Thus, it requires data not only from the secondary sources but also from the primary sources and applied research would enable the researcher to investigate all the relevant information. However, the objectives and benefits of marketing research should be understood clearly, as to enhance ...