Process Essay for Conducting Market Research - 561 Words.
The steps are as follows: Step 1: Establish the need for marketing research Step 2: Define the problem Step 3: Establish research objectives Step 4: Determine research design Step 5: Identify information types and sources Step 6: Determine methods of accessing data Step 7: Design data collection forms Step 8: Determine sample plan and size Step 9: Collect data Step 10: Analyze data Step 11.
The Importance of Market Research Paper Define Market Research As stated by the American Marketing Association, market research is defined as “the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area” (McDaniel, 2005).
The primary and the secondary research are used to collect data and for continuing the entire market research process very carefully. The primary research process is that research process in which the data are collected on the first hand basis and generally, the company conducts the primary research by taking the insights of the customers only.
The fourth process of the new product development process is the development of product. During this process, the managers must design the final product and manufacturing the new product or service. This process also involves determining the selling price for the new price, estimating the sales volume, and conducting a market test.
Market research can help businesses in identifying what customers think about the product and if there is a gap in the image that the marketer wants to portray and the image that has been developed in the minds of the customers, the marketers can make efforts to minimize this gap or alter the product to meet the image that has already developed in the minds of the customers (Xu 170).
Identifying the Problem: The whole process of market research begins with the identification of the problem faced by the company. A research helps in depicting the proper view of problems that are important for the company to understand. The identified problem helps the researcher to set the research objectives, techniques, and the information that needs to be collected.
This sample essay on Research Methodology Of Cadbury Company reveals arguments and important aspects of this topic. Read this essay’s introduction, body paragraphs and the conclusion below. The biggest challenge facing existing companies globally is sustaining continued growth and expansion.