Market Research

Market Research

Market research plays an important role in analyzing information and data about an organization, the environment, and consumers to inform the decision-making process. When market research is conducted, various aspects should be considered. Such include avoiding bias, adopting proper channels of communication with respondents, and selecting a sufficient number of respondents to represent the whole population (Hyman et al., 2019). Notably, the following marketing research for Companies A and B is appropriate.

Company A plans to introduce a new product into the market where no prior information is known regarding the market. Therefore, primary research will serve as the most appropriate type of research applied in the market. Primary research will help Company A acquire direct information from consumers regarding the new product to be introduced. The selection of primary research is due to the product’s newness being offered to the market. Since no information exists for such a product, the company will have to use primary research (Hyman et al., 2019). For example, a quantitative nature of marketing research whereby a survey is conducted among respondents to obtain their reactions towards the new product will be the most appropriate.

On the other hand, Company B should consider using a second type of marketing research. Notably, this is so because the information regarding their product is not new in the market. The reactions towards their product already exist in the market, and they can have easy access to it and use it to inform their decisions. Further, secondary research will be the most appropriate market research because it is cheap and thus will save costs for the company (Palací et al., 2019). In suggestion, a qualitative approach will be important for company B because most of their questions will be in the form of how and why, which, in turn, will offer insights to the company regarding customer satisfaction. Our homework help will you tons of energy and time required for your homework papers.

 References

Hyman, M. R., Kostyk, A., Zhou, W., & Paas, L. (2019). Novel approaches for improving data quality from self-administered questionnaires. International Journal of Market Research, 61(5), 552-555.

Palací, F., Salcedo, A., & Topa, G. (2019). Cognitive and affective antecedents of consumers’ satisfaction: a systematic review of two research approaches. Sustainability, 11(2), 431.

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Watch the video, “Forms of Marketing Research.” Company A is thinking about bringing to market a new product in a category where it knows very little about the consumers or their needs and wants.

Describe which forms of marketing research would be appropriate and explain why. By contrast, Company B has an established product and knows a lot about its customers. The company wants to measure customer satisfaction. Describe which forms of marketing research would be appropriate and explain why.