APPLIED RESEARCH METHODS

Applied Research Methods

Applied Research Methods

Problem Statement

“Market Research undertakes the important information that facilitates manufacturers or employers with the future strategic planning for their firms.”

Discussion

In order for a company to make functional amendments within the organization to better improve its current efficiency and expand its entire business accordingly, organizations generally make way to look out for primary research tools. It helps in better comprehending and adopting the best alternative, which fulfills the ROI (Return on Investment) concept. Generally, ROI is identified and marked as a financial ratio; however, in this context, ROI contains three different characteristics, which help us identify and acquaint the relevancy, operation and the overall impact that a particular tangible or intangible commodity shall have on the overall running of the organization (William, 2009, 56).

When considering the understanding of the research, two broad options are available. It helps in better understanding of the market for current existing and potential organizations that are willing to enter into the market. These alternatives are primary research and secondary research. Although secondary research (also called ethnographic research) help us to get descriptive data in a normal setting, with respect to opening up a plant, primary research can gave an insight regarding the costs and benefits involved, through which we can achieve the depths of either accepting or rejecting the overall proposal undertaken. It would give the answers of all basic questions we would be requiring for our new business plant. This approach would help us to cover many variables such as how the things are, why they came to be that way, and what does they mean. It will not mediate or control anything but only provides us with the data that would benefit our research and firm in the future. Our research which is based on investigating the feasibility of the multi-national setting up a new plant would go to another level.

Quantitative approach would also help us in analyzing the financial matters which would be a necessary part of our research as every company needs to know how much to invest to earn most of the revenues at the end. The statistical analysis of data would give straightforward results. Statistical analysis allows researchers to find out diverse relationships and to conclude to what degree one variable impacts and influences another. In the end, deductive research report would enable us to settle the data as we require it. Whatever will be gathered through research would be minimized as per the company's practical approach, its capability and the vision in its own perspective. This report will analyze the consequences from which one would be gaining the methods that are useful for the research and evaluating feasibility (Campbell, 2003).

Aims & Objectives

Market research is useful to force producers to clarify, if necessary by writing on paper, the characteristics of the products or services: specialization, quality, and benefits over competition, presentation and finishing conditions of employment. 

Market Research analyzes the distribution of companies, communities and ...