Question

·         Create a marketing research problem in any sector you are interested in.

·         Accordingly prepare a research proposal in ppt

·         Consider all the sections in marketing research process and in your proposal explain me about:

o   Problem definition

o   Theoretical and sectorial background

o   Research objective and questions

o   Importance of research (Benefits to me as I am your client)

o   Type of research

o   Data collection method (quantitative or qualitative or combined, reason of it)

o   Sampling

o   Time planning

o   Analysis samples

o   What actions might be taken at the end

Answer 1

Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers. This method allows organizations or businesses to discover their target market, collect and document opinions and make informed decisions.

There are 3 types of marketing research designs, and they are: exploratory, descriptive, and casual.

Exploratory research is used in obtaining preliminary information that will help identify the problem and hypothesis. It is done to understand what is happening and why something is happening. Some of the most common methods of exploratory research are focus groups, interviews, literature research (library, newpaper, magazines, trade publication and online), and case analyses. Group interaction interview is the difference between a 1-person interview. Individuals in a focus group should match the target market or audience that the client desires to get insight from.

Descriptive research is used to identify the marketing problem and/or the potential for a market. This type of research is used to identify the characteristics of the target group or the average user of the product or service. Descriptive resesearch will allow us to make specific predictions and notice a correlation among variables. There are 2 types of descriptive studies, and they are: cross-sectional study and a longitudinal study. A cross-sectional study involves a sample of the market population at a certain point in time. A longitudinal study involves a panel or fixed sample of element at a certain point in time. An example of a logitudinal sudy would involve the manufacturer, distributor, individual sores, and consumers. Any one of these elements can be replaced with another. In other words, the distributor can be of new management or the department store can a competitor.

In a logitudinal study, there are 2 types of panels, and they are: continuous panels and discontinuous panels. In most scenario, panels members are compensated in one fashion or another for their efforts. In a continous panel, the study relys on a fixed sample of repsondents who are measured repeatedly over time under the same conditions. In a discontinous panel, the study relys on a fixed sample of repondents who are measured under various conditions over time.

Casual research is marketing research done to test a hypothesis; the cuase and effect of a hypothesis. For example, causal research may be used in a business setting to quantify the effect that a change will have on its current operations, and what it will have on future production levels to assist in the business planning process.