MARKET RESEARCH ASSIGNMENT

Market Research Assignment



Table of Contents

Introduction4

Research Objective4

Market5

Market Rates5

Market Segmentation6

Marketing Mass6

Marketing Differentiated Product6

Marketing Selection of Market Segments7

Target market selection7

Marketing undifferentiated7

Marketing differential8

Marketing concentrated8

Market Research8

Objectives of Market Research10

Social objective10

Economic objective10

Administrative objective11

Planning Market Research11

Determination of the objective11

Preliminary investigation13

Benefits of market research14

Types of Marketing Research15

Exploratory research15

Conclusive research15

Research and Notorious Performance16

Marketing Research Process16

Steps of Research Process16

Problem Definition and Research Objectives19

How the proposed objectives of the research can be obtained?21

Conclusion22

References23

Market Research Assignment

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 setting up a business or investing in any particular market. Marketing research help companies to identify the potential customers, factors of risk, appropriate time and place to invest and above all how to invest, this heightens the importance of market research. In this study Balmas Institute (BI) has been taken as the company who is now willing to expand its business to overseas and require feasible technique of marketing research and which type should they use. Choosing the right techniques is of research is of high 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 wrong results. In this study, definition of marketing research along with its different types would be discussed, so that feasible type(s) of research could be marked out.

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 services?

What is the right time to introduce the services in the market?

How potential market could be reached?

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

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

Market

A market consists of people who have specific needs not covered and that, accordingly, are willing to purchase goods or services that meet and cover aspects such as quality, variety, care, right price, among others. It should be worth of knowing different terms of market so that market research and its process could be better justifies. (Keegan, 2006)

Market Rates

One can speak of real markets and potential markets. The first refers to people who normally buy the product and, second, to all who might buy it. (Gordon, 1999)

Market Segmentation

Market segmentation is a process by which you identify yourself or take a group of buyers with similar characteristics, i.e. the market is divided into several segments, according to the different desires of purchase and customer requirements. (Desai, 2002) Here are three cases where companies can implement different marketing research strategies, depending on what they are looking from consumers.

Marketing Mass

It is the business produced, distributed and promoted by mass, a single product to all clients. (Keegan, 2006) For example, there was a time when only one bottled soft drinks products for the entire market, hoping to capture the preference of the ...