The Process and the Industry Marketing Research Process and Industry Paper

The Process and the Industry Marketing Research Process and Industry Paper

What are the benefits and drawbacks or risks of utilizing the services of market research firms?

Market research firms play a vital role in helping businesses understand their market. One of the benefits of using the services of market research firms is that the firms have the appropriate knowledge about market research and the tools that can be used to get reliable information. According to Provoke Insights (2022), market research firms can use past data and experiences gathered through market research in different industries to determine a business or organization’s market needs and possible solutions. The second benefit is that market research firms provide an unbiased opinion about a business or organization’s market because they rely on their expertise and objective research to create recommendations. The third benefit is access to different ideas. Kwon (2019) argues that marketing firms can offer fresh ideas to help businesses and organizations improve their marketing campaigns because they engage many people and exchange ideas on various marketing strategies. One of the drawbacks of using the services of market research firms is that they increase the cost of market research because businesses and organizations have to pay the firm for the resources, experience and time spent conducting market research. The second drawback is that the marketing firms may not properly understand the business or organization’s industry. Therefore, the marketing firm may take a lot of time to complete the research because they must begin the research by understanding the industry.

What codes and restrictions are in place to promote ethics within the industry? Are they sufficient, in your opinion?

According to Burns & Veeck (2020), the codes and restrictions in place to promote ethics within the market research industry are divided into the duty of care for market researchers and clients’ responsibilities. The primary duties of care that the researchers must fulfill include being transparent, honest, and straightforward in every interaction, respecting the well-being and rights of the research subjects and making all reasonable efforts to ensure that the subjects are not harmed, and always distinguishing between non-research and research activities to maintain public confidence in the research’s integrity. The responsibilities of the clients include being transparent and honest in all interactions, accurately presenting their skills, qualifications, resources, and experience, informing clients if any part of the research is subcontracted upon request, informing all clients when the project is being conducted on behalf of many clients, not using any data gathered for a client for any purpose without the client’s permission, retention of data and research materials based on the laws and regulations on data retention, company processes, industry quality standards, and the client’s requests and working in good faith to resolve all client disputes. In my opinion, the codes and restrictions are sufficient because they protect the interests of the market researchers and the clients.

How has the advancement of technology impacted market research and reporting practices?

Technological advancements have significantly impacted how market researchers conduct market research and report findings. According to Shah (2018), technological developments have led to the development of software that enables market researchers to be more focused and specific in measuring feedback and data, thus eliminating the complications in the interaction between market researchers and research subjects. Technological advancements have also increased automation in market research, leading to a streamlined research process because surveys can be repeated in more than one research. For example, market researchers can determine the effectiveness of their innovation by inputting specific parameters into an automated online survey, thus reducing the time taken to complete the market research process. Technological advancements have also created new roles in market research. Shah (2018) argues that the leading new roles in market research created by technology include data strategizing, processing, and translation. Technology has also increased the collection of unfiltered feedback through social media platforms, leading to access to a wide range of data that can be used to make marketing decisions. For example, the market researcher can use the customer’s comments on advertisement posts and product reviews to get insights that their clients can use to increase sales.

What steps can marketing managers take in the design of marketing research projects to mitigate risk while increasing the quality and reliability of the information they receive?

According to Burns & Veeck (2020), the steps that marketing managers can take in the design of marketing research projects to mitigate risk while increasing the reliability and quality of the information gathered include determining the marketing research need, problem definition, creating research objectives, choosing the research design, determining the types and sources of information, selecting the data access methods, designing the forms of data collection, establishing the sample size and plan, data collection, data analysis and communicating insights. Problem definition is the most crucial step because defining the problem incorrectly reduces the effectiveness of the other steps. Al-Shatanawi et al.(2014) argue that the problems that could be identified when planning market research relate to identifying prospective clients, understanding present clients, setting realistic targets, creating effective approaches, investigating and solving business problems, getting ready to expand a business, and identifying business opportunities. The main research designs considered in the design of market research include causal, descriptive, and exploratory research. Exploratory research focuses on learning more about a problem. Descriptive research includes describing a phenomenon, and causal research focuses on uncovering the factors causing a problem. The insights from the market research can be communicated through an oral presentation to the staff and client or a written research report submitted to the client.

References

Al-Shatanawi, H., Osman, A., & Halim, M. (2014). The Importance of Market Research in Implementing Marketing Programs. International Journal of Academic Research in Economics and Management Sciences, 3(2). https://doi.org/https://hrmars.com/papers_submitted/790/The_Importance_of_Market_Research_in_Implementing_Marketing_Programs.pdf

Burns, A. C., & Veeck, A. (2020). Marketing research. Pearson Education.

Kwon, J. (2019, October 4). Pros and cons of hiring a marketing agency. Figmints. Retrieved January 12, 2023, from https://www.figmints.com/blog/pros-cons-hiring-marketing-agency/

Provoke Insights. (2022, April 14). The Pros & Cons of hiring a market research firm. Provoke Insights. Retrieved January 12, 2023, from https://provokeinsights.com/the-pros-cons-of-hiring-a-market-research-firm/

Shah, J. (2018, September 26). Advantages of technology on market research in the modern era. Entrepreneur. Retrieved January 12, 2023, from https://www.entrepreneur.com/en-in/technology/advantages-of-technology-on-market-research-in-the-modern/320708

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Topic 1: The Process and the Industry Marketing Research Process and Industry Paper
The purpose of this assignment is to explain the marketing research process and industry.

The Process and the Industry Marketing Research Process and Industry Paper

Write a 750-1,000 Word Essay (excluding title and reference pages) following APA 7th Edition Style Rules that assess concerns about the validity of marketing research. The essay should address the following:

1. What are the benefits and drawbacks or risks of utilizing the services of market research firms?
2. What codes and restrictions are in place to promote ethics within the industry? Are they sufficient in your opinion?
3. How has the advancement of technology impacted market research and reporting practices?
4. What steps can marketing managers take in the design of marketing research projects to mitigate risk while increasing the quality and reliability of the information they receive?

Your Essay must include at least 4 Scholarly References (and associated in-text citations) from sources such as trade journals, academic journals, and websites from professional marketing associations (including the course text).