...Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable business decisions.The key to any successful business is to understand what it is that your customers want and giving this to them in a way that is profitable for you. purpose of market research Gain a more detailed understanding of consumers’ needs – Marketing research can help firms to discover consumers’ opinions on a huge range of issues, e.g., views on products, prices, packaging and recent advertising campaigns. Reduce the risk of product/business failure – There is no guarantee that any new idea will be a commercial success, but accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success. Forecast future trends – Marketing research can not only provide information regarding the current state of the market but it can also be used to anticipate future customer needs. Firms can then make the necessary adjustments to their product portfolios and levels of output in order to remain successful. Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups. Secondary research...
Words: 254 - Pages: 2
...P&G Market Research in China and US The market research in US and China would be different due to the cultural differences held by both countries. Children in China are brought up in a different culture as compared to the US. For instance, children in China are taught to relieve their selves nearby potted plants (Bruno, 2012). Absurd as it sounds, the children in China will in no time learn to use the ancient diaper free method of toilet training. The Kaidangku form of toiletry is taught as early as six months. The small baby is taught to do all his ‘business’ by just calling for his mother’s name that will direct him or her where to relieve. In the USA, the use of diapers is the best-known method. Procter and Gamble would have to be conscious of the two cultural differences in the marketing research to be used. The same case applies to the economy. People in Chinese have a tradition of saving more than their counterparts back in the US (GARON, 2016). The saving tradition in the Chinese started in the ancient time which is not the case in the US (China Daily, 2016). More incomes would be disposable in purchasing domestic goods and services in the US than China, therefore, the need to reduce prices in China than in the US. Procter and Gamble would, therefore, have to use products that would cover the interests of the two countries complying with their cultural values and economic standards. Market Research The market research done by P&G in the first example was not...
Words: 931 - Pages: 4
...has announced a new Report Package "2019 CAD Market in the Automotive Sector in APAC: Industry Size, Growth, Trends, Analysis, Technology, Report" Report Overview CAD is an effective and efficient tool for modeling and designing products and components with ease and accuracy. It helps engineers, architects, and other design professionals draft industry-specific products to enhance product development. Many industries such as automotive, aerospace and defense, industrial machinery, and electrical and electronics use CAD solutions. These solutions enable end-users to digitally prototype their products before production. As per the analysts forecast the CAD market in the Automotive sector in APAC to grow at a CAGR of 9.16% over the period 2014-2019. Covered in this Report The CAD market in the Automotive sector in APAC can be segmented into two product segments: 3D CAD and 2D CAD. The CAD Market in the Automotive Sector in APAC 2015-2019, has been prepared based on in-depth market analysis with inputs from industry experts. The report covers APAC; it also covers market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors. Key Country • China • India • Japan • South Korea Key Vendors • Autodesk • Dassault Systèmes • PTC • Siemens PLM Software Enquire About Report at: http://www.researchbeam.com/cad-in-the-automotive-sector-in-apac-2015-2019-market/enquire-about-report Other Prominent Vendors ...
Words: 412 - Pages: 2
...To: Mr Grinrod From: Cameron Nwanze Subject: D2 Make justified recommendations for improving the validity of the market research used to contribute to the development of selected organisations marketing plans All tests are designed to measure something; hopefully something specific. If the test does indeed measure what it is intended to measure, then we can say that the test is valid (or has validity). In psychology, tests are usually judged according to their validity and their reliability (if the test produces similar results each time the test is taken). Tests that are valid are also reliable. However a test might be reliable without it being valid. For example, let's say you go to class and your teacher says that he or she has learned that the weight of your head determines the likelihood of you getting cancer. So, each day at the beginning of class the teacher weighs everybody's head on a scale. This continues for one week. Across each day of the week, the weight of your head is going to remain approximately the same; thus we can conclude that the test is reliable. This sourced from the btec business book. Define validity Validity asks whether the research measured what it intended to. Validity implies reliability: a valid measure must be reliable. But reliability does not necessarily imply validity: a reliable measure need not be valid. Validity is usually considered more important than reliability because if an instrument doesn't accurately measure what...
Words: 475 - Pages: 2
...Global Market Research Case Study Analysis The situation discussed in the case tells of an opportunity afforded Sperry/MacLennan Architects and Planners; the Canadian company was founded in 1972 as a one-man architectural practice and years since then they have become a very respected and profitable company in the field of architecture. It has been recorded in text that Aaker, Kumar & Day (2007) stated, “Eight market niches were identified for Canadian architects in the United States, one of which was educational facilities, in particular post-secondary institutions. This niche, identified as most likely to match S/M’s capabilities, is controlled by state governments and private organizations. Mitch Brooks, a junior partner in the firm, has plans to identify and evaluate other possible markets for S/M’s services as part of his October presentation to the board. Other parts of the United States, or the affluent countries of Europe, where recreational facilities are regularly patronized and design is taken seriously, might provide a better export market, given S/M’s string of design successes at home and the international recognition afforded by the Amherst facility design award.” (Chapter 3). Fortunately for S/M, things began to take a turn in the right direction when their persistence and faith was rewarded in 1983. Sperry won the competition for the aquatics facility for the Canada Games in Saint John. Sperry had gained renowned nationwide acknowledgment for its sports facility...
Words: 1010 - Pages: 5
...examine the market segmentation, following this my other two colleagues will investigate the competition in this country. Finally, I believe our group work will help UK’s small and medium seized sector businesses to identify business opportunities in Mexico To begin with I downloaded the book Global marketing: a decision-oriented approach (2012) online. In this book, the section part 2 discusses about 4 important topics related to my assessment; The first one is (chapter 5) global marketing research, reading this chapter gave me knowledge about foreign market (micro environmental) and this chapter helped me a lot to learn about the decision-making process which are deciding whether to internationalise, deciding which market to enter, deciding how to enter foreign markets, deciding the global marketing programme and implementing and controlling the global marketing programme. Economic forces, political/legal forces in chapter 6 has taught me to understand how the political/legal environment will affect the attractiveness of a potential foreign market, how to describe the major tariff blocs and so on. Chapter 7, which is socio-cultural, taught me how the socio-cultural environment might affect the attractiveness of a potential market. Noticing that chapter 6 and 7 help for my colleagues to do competitor analysis and segmentation analysis, I recommended these chapters to them and shared my knowledge with them. By reading the chapter 8 which discuss the international market selection...
Words: 628 - Pages: 3
...Assessment Coversheet Last name: _____LiShen___________________________________________________________________ First name: ______________Yang__________________________________________________________ WIN ID: ______150050_______________ Student contact phone number: 0456888894_____________________________ Student email: __________253577862___________________@______qq.com ______________________ Have you changed your address or contact details recently? Please advise us below of any changes: Unit of study code: XXXXXXXX Unit of study name: __________________________________________________________________ Unit of Study Trainer: _____________________________________________________________ Assessment title and Number: _____________________________________________________ Due date: XX/XX/XXXX – OR – I have been granted an extension/Special Consideration until XX/XX/XXXX Time & date submitted: HR:MIN AM / PM XX/XX/XXXX Academic Honesty All forms of plagiarism and unauthorised collusion are regarded as academic dishonesty by WIN, resulting in penalties including failure of the unit of study and possible disciplinary action. In submitting this assessment, I acknowledge the following: • I have read and understood WIN's Plagiarism Policy 2014 on page 21 at (http://www.win.edu.au/images/Student_Handbooks/WIN_Shb_VET_v13_Oct_2013%20_2_.pdf). • I certify that this work is substantially my own, and where any part of this work is not...
Words: 1004 - Pages: 5
...MARKETING FOR HEALTH CARE INTRODUCTION Various concepts like target market, market segmentation, SWOT analysis, market research etc, constitutes Marketing for Health Care. Marketer should generally understand all the concepts related to marketing which helps in reaching the objectives in the given period. As health care industry should be dealt cautiously, market research is highly essential with the above mentioned concepts incorporated in the research. BETTER UNDERSTANDING OF CONCEPTS Market segmentation is crucial in marketing as it deals with the segmentation of the market depending on the groups and targeting the audience for desired results. These different groups are categorized under different categories and then the target market is considered. Research is the important concept for any industry as it includes gathering of information of the desired area. The data which is collected is then analyzed and scrutinized after which segmentation takes place. This should be done in a way which is fulfilled according to the needs and objectives of the organization. Hence, an action plan is prepared in which the plan is incorporated and the results are reviewed after the implementation of the plan in to organization. Market research is vital in any organization as it determines the types of methods and the steps involved in the research. Among all the concepts, SWOT analysis is the best as it does both internal and external analysis to determine strengths, weakness, threats...
Words: 485 - Pages: 2
...Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small. The Market Research Process To conduct market research, organisations may decide to undertake the project themselves (some through a marketing research department) or they might choose to commission it via a market research agency or consultancy. Whichever, before undertaking any research project, it is crucial to define the research objectives i.e. what are you trying to achieve from the research? and what do you need to know? After considering the objectives, Market Researchers can utilise many types of research techniques and methodologies to capture the data that they require. All of the available methodologies either collect quantitative or qualitative information. The use of each very much depends on the research objectives but many believe that results are most useful when the two methods are combined. Quantitative Research Quantitative research is numerically oriented...
Words: 907 - Pages: 4
...MARKET RESEARCH 1. Discuss the importance of attitude measurement, and describe tow different approaches to measuring people's attitudes toward a given object. There is a growing need among today's marketers to better understand their customer's attitudes and feelings toward the company's products, services, and delivery systems. Some researchers view "attitude" as a derived composite outcome of the interaction between a person's beliefs (i.e., cognitive thoughts) and expressed emotions (i.e., affective feelings) regarding those beliefs. Knowing these interactions can be helpful in predicting a person's behavior (i.e., conative action). Not all researchers accept this trilogy approach to measuring attitudes; some simply see attitudes as a global indicator of a person's feelings (i.e., affect = attitude) toward an object or behavior. No matter the approach, these is significant diagnostic value to both researchers and practitioners in understanding the different scale measurements used to capture people's belief structures versus emotional feelings versus behavior tendencies. Tell how to correctly design and text Likert, semantic differential, and behavior intention scales, and explain their strengths and weaknesses. Likert scale designs uniquely use a set of agreement/disagreement scale descriptors to capture a person's attitude toward a given object or behavior. Contrary to popular belief, a Likert scale format does not measure a person's complete attitude, only the...
Words: 2923 - Pages: 12
...Current Business Research Project Paper Many companies and organizations utilize business research to describe or answer an organized effort to discover specific issues encountered in their organization or society with regards to their products. Research can be defined as gathering information from credible sources for the purpose of solving a problem. Business research is utilized to investigate a described problem within an organization or one that is caused by a product of an organization. The following information is a synopsis of an article discussing marketing services that are used to satisfy internal customers (Harell, Fors, 1995). Industrial firms invest a considerable amount of time, effort, and money into understanding how organizations purchase from the perspective of marketing. This approach seeks to understand the needs, wants, and expectations of purchasers in developing a firm’s ability to provide effective customer satisfaction (Harell, Fors, 1995). The first step in the development of inter-organizational marketing strategies possesses an understanding of organizational purchasing behavior. Most companies devote very little attention to the concept of intra-organizational marketing of goods and services and some organizational groups market its capabilities to other groups within the same company. These internal transactions constitute an immense share of the business transactions that move goods and services throughout the industrial supply chain to the...
Words: 663 - Pages: 3
...organisation uses marketing research to contribute to the development of its marketing plane. A definition of marketing research: "Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing." The key words in this definition are; systematic, objective and analysis. Marketing research seeks to set about its task in a systematic and objective fashion. This means that a detailed and carefully designed research plan is developed in which each stage of the research is specified. Such a research plan is only considered adequate if it specifies: the research problem in concise and precise terms, the information necessary to address the problem, the methods to be employed in gathering the information and the analytical techniques to be used to interpret it. The market research brief: Marketing research can be concerned with any of a variety of aspects of the market: the product, sales, buyer behaviour, promotion, distribution, pricing, packaging, etc. Since the researcher cannot investigate everything about a market, he/she must be selective. The question remains as to how the researcher decides where to focus the study, and to what depth each issue should be investigated. The answer should lie in a document called the research brief. The research design is a set of guidelines given to the researcher by the person(s) who have commissioned the research and/or the individual(s)...
Words: 1793 - Pages: 8
...associated with international visitors who visit national parks in throughout Victoria. The research draws attention to ways in which Parks Victoria's can increase nature based tourism. Our aim was to develop and test a questionnaire for collecting the data, which provides a suitable consistent approach to international visitors, surveying for park visitation which allows for comparisons across parks and aggregation of data from selected variables. Further investigations reveal that park management requires better understanding towards international visitors, the facilities and park services. Park management require data from individual visitors, this data would include socioeconomic and cultural characteristics, experience, norms, attitudes and preferences. The questionnaire will provide detailed information regarding overall visitor satisfaction, who are the international visitors and are they getting value for money, across-park comparisons of key variables and the core data is predominantly of interest at a park level. The method of data collection has been consistently applied across all Parks and Tourism Victoria's sites by using a set of core variables. It is recommended that * As a questionnaire is an inexpensive research program, it would make an excellent starting point based on the required data. * This research insists that there is a need for a greater understanding of the facilitators for participation of international visitors and nature based tourism...
Words: 4827 - Pages: 20
...Market Research 1 The Importance of Market Research Paper MKT/441 Michael Schneider April 2, 2012 Market Research 2 Define Market Research According to American Marketing Association, “Market Research is the function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.” Marketing Research is systematic problem analysis, model building and fact finding for the purpose of important decisions making and control in the marketing of goods and services. Marketing Research is a well-planned, systematic process which implies that it needs planning at all the stages. It uses scientific method. It is an objective process as it attempts to provide accurate authentic information. Marketing Research is sometimes defined as the application of scientific method in the solution of marketing problems. Marketing Research plays a very significant role in identifying the needs of customers and meeting them is best possible way. The main task of Marketing Research is systematic gathering and analysis of information. Market Research is essential for strategic market planning and decision making. It helps a firm in identifying what are the market opportunities and constraints, in developing and implementing market strategies, and in evaluating the...
Words: 809 - Pages: 4
...buy a product or service, we expect it to be right. We don’t jump up and down with glee saying “isn’t it wonderful, it actually worked”. That is what we paid our money for. Add to this our world of ever exacting standards. We now have products available to us that would astound our great grandparents and yet we quickly become used to them. The bar is getting higher and higher. At the same time our lives are ever more complicated with higher stress levels. Delighting customers and achieving high customer satisfaction scores in this environment is ever more difficult. And even if your customers are completely satisfied with your product or service, significant chunks of them could leave you and start doing business with your competition. A market trader has a continuous finger on the pulse of customer satisfaction. Direct contact with customers indicates what he is doing right or where he is going wrong. Such informal feedback is valuable in any company but hard to formalise and control in anything much larger...
Words: 5068 - Pages: 21
