Marketing Research

Marketing Research

Statement of Learning Focus

This paper aims at discussing the implications of market research in resolving the business problem. It also presents an analysis of how does market research data help in making decisions. Additionally, this assessment is linked to my professional working life experience and relating the knowledge I gained from my professional experience with the content of the market research. I have worked in numerous business fields that include working as an owner fo a gas station and a 7-Eleven convenience store, working as an employee in accounting field as a senior loan officer, agent in the insurance industry, and also as a manager in a hotel.

Market Research

This paper put focus on the study of the process of marketing research, along with incorporating in to it the personal experiences that I have gained throughout my career. Marketing research can be defined as studies to select all the relevant information used for decisions regarding the products, distribution, effectiveness of advertising and promotional techniques, and the evaluation of the overall enterprise. Market research is the systematic collection, preservation and analysis of data on issues related to the marketing of goods and / or services. Market research is aimed at a narrower scope of the analysis, being rigidly connected to the identification of information relating to market a particular good. Exploratory in nature and are used to determine specific aspects of the market.

Categories of Market Research Activities

Market research is primarily concerned with the study and analysis of expressed behavior and decision (reasons) of consumers in a market economy, or the definition of the structure of a market (Ofek & Turut, 2008). During my professional experience, I mainly relied on gaining the information through market research and using the results in making appropriate business decisions. For example, when I was working as a hotel manger, I was assigned the task of conducting a consumer survey for determining the factors that are most preferred by the customers at the hotel and improvement they want to see in the services offering.

Market research is a useful source of information. Market research is categorized into two types, i.e. quantitative and qualitative. These are the two major kinds of research methods and throughout my career were beneficial for me in order to analyze, study and understand the market situation, which helped me in making crucial decisions.

Quantitative

It is defined when both quantitative constructed in such a way as to give statistical representation of an entire population (or market segment) on the basis of a sample (Ofir, Simonson & Yoon, 2009).

Qualitative

It is when qualitative analysis is carried out so unstructured, usually through open discussion (which crosses a track of discussion) or a series of open questions, the interviewer with a wide leeway to investigate the responses. Through qualitative research, the researcher formula assumptions and conjectures, may identify connections of thought, but did not get any statistical representation. We analyze the emotional and symbolic components that are subject to their consumer choice processes using cognitive techniques, projective and creative, ...