There are times when an organization might need to do market research for different reasons but the most obvious one is the fact that the organization could be introducing a new product or service in the market and it would like to know how the market might react to the new product or service. Hence, market research incorporates the researcher to gather, analyze and interpret the information about the new product or service. This information is mainly about the past, present and prospective customers of the product or service. It is important for the research to take into consideration the spending habits, characteristics, needs and location of the target market, the entire industry and the competitors in the market (Wilson, 2003, 19).
For effective market research, precise and complete information is critical. This can be attributed to the fact that you the firm will get wealthy information about the existing and prospective customers, the industry as well as the competition.
It also helps the firm to determine the viability of the business before investing substantial resources in the new product or service. Hence, one objective of marketing research is the provision of relevant data that might be used in solving the firms marketing challenges that could be inevitable. For a firm like IMAGO Architects who want to introduce new stairways that are made of glass, they require to gather some information through a comprehensive marketing research (Proctor, 2003, 17).
[...] For effective market research, precise and complete information is critical. This can be attributed to the fact that you the firm will get wealthy information about the existing and prospective customers, the industry as well as the competition. It also helps the firm to determine the viability of the business before investing substantial resources in the new product or service. Hence, one objective of marketing research is the provision of relevant data that might be used in solving the firms marketing challenges that could be inevitable. [...]
[...] Report Preparation and Presentation This is the culmination of the marketing research project. The final report should address the specific research questions, approach description, the design of the research, and collection of data and analysis of the data. The final report should also present the results and the findings. A comprehensive format should be used to present the findings so as to ease their use during the decision making process (Imms 147). Advantages of Marketing Research There are a number of advantages that are accrued from a firm taking a marketing research. [...]
[...] The same should be done of any observation. Then codes are assigned to represent a particular response from the respondents from each set of questions from a questionnaire or an observation. The coded data is then key-punched into disks, magnetic tapes or fed directly into a computer (Birn 59). Data verification is necessary for ensuring that the original questionnaires data have accurately been transcribed. On the other hand data analysis gives meaning to the collected data. Data analysis is done using univariate techniques where there is a single measurement for every element. [...]
[...] Marketing research will also help the organization in its communication. When IMAGO conducts a marketing research, it will have opinions from the prospective customers about the glass stairway and how they can improve on it. Furthermore, the customers will communicate to the organization on other aspects such as the anticipated price that they expect that product to cost them in the market. This is very positive because the organization will have an insight into what the market expects of them and the expectation of the product (Wilson 47). [...]
[...] Disadvantages of Marketing Research It is expensive to conduct a market research especially on the part of data collection and analysis. IMAGO Architects must be ready to spend a lot of money on the marketing research and it is more disastrous if the marketing research proves that their product will not receive a favorable market response (Kumar 65). There is also the possibility that sampling errors could occur and this could lead to IMAGO Architects being adversely impacted. This is especially true when the marketing research falsely leads them to make the decision that the market is willing purchase the glass stairway only for the market to churn it. [...]
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