The Importance Of Marketing Research Marketing Essay
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 2807 words||✅ Published: 1st Jan 2015|
“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 is 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 organizations, whether they are large or small.”
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Market Research is a system or plan is thorough, efficient or determined the way, collecting facts that can be proved and analysis to understand data about a particular target market, competition from competitors and the location or environment. Other than that, is important to study the competitors. For example, the price and what makes the business success. It involve some form of data collection either secondary research or primary research which is direct from a respondent.
Market research is to increase understanding of the subject matter and to know more competitors and improve owns market. Due to markets drive worldwide nowadays, it becomes more competitive and market research is now a list of items to be discussed of many companies, whether is large or small.(http://www.marketresearchworld.net/)
“Scientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification of a specific market and measurement of its size and other characteristics. (2) Product research: identification of a need or want and the characteristic of the good or service that will satisfy it. (3) Consumer research: identification of the preferences, motivations, and buying behavior of the targeted customer. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data). The main objective is to find a real need and fulfill it in a most cost effective and timely manner. It is also called market research.”
The scientific found out that the methods of marketing decision-making are generally consisting of several steps. Market research is to identify a specific market and measurement of the size and other characteristics. While Product research is to identify of the customer’s needs or wants then deliver the desired satisfactions, so that to keep the customers. Product research is also characteristic of the good or service that will satisfy it. Consumer research is to identify of the interest or desire/demand that the consumer wants, motivations and buying the behavior of the targeted customer. The information is from several types of survey such as the questionnaire and the face- face interview, mail surveys, telephone, and from published sources. Questionnaires are mostly paper and pencil instruments that the respondent complete. Besides of survey is also collected from direct observation of the consumers. Rate:
“Marketing 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 specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications.”
American Marketing Association (AMA)
According to the case study American Marketing Association (AMA) is most suitable and related with this case study. Marketing research is to study the information of a business that involves customers and consumers. The information is to identify the business problems and so it can produce or create something to make it better. Other than that, it can also improve and make changes of it. However, marketing research can be to form an opinion of the amount, value or quality of something after thinking about it carefully and take actions. Besides, monitor and check over a period of time in order to see how it develops, so that can make any necessary changes in marketing performance and so to improve understanding of marketing as a process. To find out the detail of a subject that needs to think about or discuss the information to decide how to going to deal with the issues, and designs the methods of collecting information, manages and decided
start to be used the data collection process and analyzes. Lastly, communicates the findings and the possible effect or result of an action or a decision.
2.0 Marketing Research Process
According to Gaurav Akrani (2010), there are thirteen steps in Marketing Research Process.
Identifying and defining a marketing problem:
The problem that should be defined must relate to product, price, market competition, sales promotion and so on. The process could not start unless the marketing problem is identified and defined clearly.
Conducting a preliminary exploration (survey):
The researcher has to study such problems and select one major problem which is suitable for detailed investigation. A preliminary investigation is necessary to find out the possible reasons and which one is the most important and also suitable for detailed study.
Determining research objectives:
A hypothesis is important to fit the problem under investigation. According to the researcher, a sale is declining may due to poor quality and high price or due to limited interest taken by middleman. If the first reason is accepted, the investigation will be continue, on the other hand, if the first reason is not accepted, the researcher will move on to the second reason and thus determining the research objectives.
Determining the data required and their resources:
The hypothesis in step 3 guides the data collection process. The researcher can use primary data or secondary data to do his or her research process. Primary data can be collected through mail survey, telephone survey, and personal interview or through experimental method.
Creating research design:
The research design is to conduct the actual research investigation. The design guide the researcher to know whether they are moving in the correct direction or not. The researcher may ask the following questions when designing the research:
What is the nature and purpose of study?
What type of data is required?
How to collect required data?
What is the technique of data collection?
How much funds will be required?
How much time/period will be required for completion of research project?
Designing the Questionnaire:
An ideal questionnaire comes from the data that has been collected. The more suitable the questionnaire, the easier the required information can be collected as well.
Designing a sample of respondents:
A representative group will have to be selected out of the total for data collection process. Meanwhile, the sample design should be represent the total population under study.
This process depends on the method that has been used to collect the data. For example, if the data is collected through mail survey, the questionnaire will be sent by post to respondents. In the same token, this process must be quick and the data collected must be reliable, adequate and complete in all respects.
Organizing/Processing the data collected:
The collected questionnaire is further distributed to be organized properly for drawing conclusion. Hence, editing, coding and classification of data are required. Such processing make data integrated in a compact manner. After the data has been arranged in proper order, only the conclusion can be drawn.
Analyzing and interpreting data:
Tabulating data is to establish useful and logical relation between the information and problem. Thus the conclusion can be done after the analysis and interpreting of data.
Preparing research report:
A research report will then be produced after drawing the conclusion. A research report is the final outcome of lengthy research process.
Presenting research report:
The research report will then be delivering to the marketing decision-maker department. The final decision maker will only be the marketing manager or top level management, they are the one who is going to approve the recommendations.
The decision maker has to do the follow up step once the recommendations is being approved, the steps should be controlled effectively to have positive results in the cause of time.
(Adapted from http://kalyan-city.blogspot.com)
However, according to the other author, the marketing research process contains only 4 basic steps, which are shown as the following.
Defining the problem
Defining the problem by finding out how the product or service will fit into the marketplace. In the same token, this can be used to test whether a new product is suitable to introduce to the market or not. Defining the problem consists of 2 steps which are the setting objectives, the goals that the firm wishes to achieve, and the measure of success, which is the criteria used to solve the problem.
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Developing the Research Plan
This step allows the firm to find out the information needed to make a reasonable marketing decision. First of all, it has to identify the data that is needed. By defining the relevant data that is needed will make the final report be flawed. Meanwhile, hypothesis must be made to test the interest of the consumer of the market. The next part is to develop a research plan method. For instance, questionnaires, test markets and so on which are to collect the data that is needed.
The data can only be collected through two sources, primary data and secondary data. The primary data is the new fact and figures that have been collected only for the purpose of helping the firm to do the decision making. However, the secondary data is the information that has been used before which has already been stored in the internal data or external data.
The Final Report
The final report can be written after all the relevant data has been collected and analyzed and make sure it is match with the firm’s product or service. The report is a simple report that helps the firm in doing recommendation and final decision.
As a conclusion, the marketing research with 4 steps is more suitable and more preferred for the case study below.
3.0 The Importance of Marketing Research
Marketing research is a systematic collection and analysis of data about market and the important quality of market. Therefore, Market research is an extremely part of any business that wants to offer products or service that are focused and well targeted. It also affects the profit of a business and makes the best return on marketing investment. For example, a product’s price elasticity research can help you to find out the true or correct information that impact of an increased price on the sales and the profits of a product. This special importance give on profitability also helps the company’s focus to shift from widen the sales to increase the profits of a company and helps the company to survive longer.
Research is about finding and gathers the information to learn about something that is not fully known. Marketing research is allows company to discover the facts whether customers or consumers is satisfy with it. And it also provides crucial information that may be affecting the business. In addition, Market research will also minimize the risk as it can help to shape a new product or service, and identifying what is needed and ensure that the development of a product is high level focused towards needs and wants.
Furthermore, market research also helps to identify opportunities. For example, if there is a plan to operate a new service and would like to have enough information or experience of the people’s attitudes then the market research can give not only evaluating new idea but also identify the areas where a marketing needs to develop and improve. To survive in competition of markets is not easily especially markets has been throughout the world. Marketing research helps to find out the true or correct information and understand the competitor such as their identity, the marketing network, what is customer focus on and the range of level operations. Other than that, with market research can also helps to understand the consumer needs that have not been met. Target markets is also one of the important points that marketers should take notes with, from marketing research it helps to decide the target markets and provide customer information in terms of their location, age, gender and buying behavior.
Besides that, marketing research helps to create benchmarks and prepare the plans carefully and take necessary measures and give opinion of the amount, value or quality for its performance. Moreover, marketing research is system that has been give devise more effective strategies. The
most useful of marketing research is help to identify the potential problems and give ample time to discover the facts and to calculate an effective solution.
4.0 Case Study of Singapore Riverside Grand Copthorne Waterfront Hotel
The Grand Copthorne Waterfront Hotel 5 star lifestyle hotels with a perfect location. Shortly after the inauguration of the hotel, it became apparent that heat gain from morning and afternoon sun, through the hotel’s many large clear windows and glass, was a problem. The heat was identified to be most problematic in two restaurants, namely Brio’s and Pontini, which experienced immense heat from the afternoon sun. Assistant General Manager of CDL, Mr. Jimmy Loons states, “We’ve tried curtains, drapes, fabric but all not very effective in terms of controlling heat and for aesthetics purposes.”
Faced with increased energy consumption and affected business at the two restaurants, a cost-effective and prompt solution had to be found.
How to apply the marketing research process into the case study of Grand Copthorne Hotel, Singapore Riverside?
According to the marketing research process that has been stated above, there are four steps in conducting the marketing research process.
Defining the problem
After the inauguration of the hotel, the heat gain from morning and afternoon sun, through the hotel’s many large clear windows and glass. The heat was identified to be most problematic in two restaurants, namely Brio’s and Pontini, which experienced immense heat from the afternoon sun.
Developing the research plan
The research team has come out a detailed analysis of the hotel’s needs by using the Customer Needs Analysis Model. The process will also include the Energy Audit Calculation, which may be helpful in solving the heat problem that faced by the hotel.
After the Energy Audit Calculation that has been done by the research team, the payback and investment studies proves that it is a good system to install. After the person in charge has already finished collecting all the relevant data, it moves on to the final step.
The Final Report
The management has decided to approve the construction after noticing the marketing research that has been done by the research team.
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