Question

(This question is from MARKETING 324) You have been appointed the position of team leader for a marketing research project at your employer. What would you tell your team are the three most important concepts to keep in mind while completing a marketing research project, and why are they important? How do those three concepts reflect the Saint Leo core value of excellence?

Answer 1

Marketing Research Project is the Analysis/Survey done before the launch of a product. It contains multiple steps such as defining the problem, Research Design, Design & Prepare Research Instrument, Sampling & Data Collection, Analyze Data,
Visualize & Communicate Results.

Assuming the fact that I am the team leader for my research project, I would like to emphasize on these three important concepts:-

• Clarity in Defining the Problem: The most important phase of the research project is defining the problem. The reason it is of high importance because your entire project methodology and execution is dependent on the clarity of the problem statement. One needs to properly explain what they want from the project.
• Precise in Sampling and Data Collection: Sampling and data collection gives you the direction towards your intended result. Assume that you have taken wrong sampling or data parameters, your product may have shown positive results on those samples but when you lunch in the real market the results differ and sometimes lead to business losses. Therefore it is of high priority to collect the right samples for your projects
• Visualize Results Effectively: It is always tricky to look at the results and interpret its consequences. Analysis of data collected may give you multiple patterns and trends, but choosing the right pattern and interpreting it with the project scope is the most important part of the project.

Saint Leo core value of Excellence These values directs individuals to work hard, develop the skills, build character and become morally responsible citizens. The above concepts instruct individuals to be precise with data sampling, work hard to find useful patterns to derive results and gain skills to effectively make the project research as efficient as possible.