What is the issue? What is the objective or outcome that the firm hopes to achieve through investigating the issue? How will the results of the research be used?
Who are the stakeholders that have a key interest in the business outcome? Has any similar research been conducted previously that may help in planning this research? If so, this will allow for comparisons of results and trend analyses to be established.
When a firm commissions an external research company to provide support in a research project it is important to complete the following:. To see further information please visit DJS Research by clicking here: Polls How important is market research to start-ups in the current economic climate? Very important Somewhat important Neither nor Somewhat unimportant Very unimportant. What is Causal Research?
What is Descriptive Research? What is Exploratory Research? What is Qualitative Research? What is Secondary Research? What is Primary Research? Copyright - Research Portals Ltd. Main Menu Home of Market Research. Library of Research Articles. And because the population is also growing older, marketers are offering more products that appeal to middle-aged and elderly markets. Explain the importance to marketing managers of growing ethnic markets Multiculturalism occurs when all major ethnic groups in an area are roughly equally represented.
Hispanics are the fastest growing segment of the population, followed by African Americans. Many companies are now creating departments and product lines to effectively target multicultural market segments. Companies have quickly found that ethnic markets are not homogeneous. Identify consumer and marketer reactions to the state of the economy The — recession has drastically reduced the spending power of many people.
During a time of inflation, marketers generally attempt to maintain level pricing to avoid losing customer brand loyalty. During times of recession, many marketers maintain or reduce prices to counter the effects of decreased demand; they also concentrate on increasing production efficiency and improving customer service.
The United States excels in basic research and, in recent years, has dramatically improved its track record in applied research. Innovation is increasingly becoming a global process. Discuss the political and legal environment of marketing All marketing activities are subject to state and federal laws and the rulings of regulatory agencies. Marketers are responsible for remaining aware of and abiding by such regulations. Many laws, including privacy laws, have been passed to protect the consumer as well.
The Consumer Product Safety Commission, the Federal Trade Commission, and the Food and Drug Administration are the three federal agencies most involved in regulating marketing activities.
To sum things up, obtaining, reviewing, and using external marketing sources, or sources external to your business, can provide company, customer, competitor, or industry data. External marketing sources can include official statistics (such as those offered by local chambers of commerce), as well as competitor intelligence, which involves understanding a competitor's strategy.
(B) External Sources: In order to study marketing problems in detail the need of external sources of marketing research arises. External sources are of immense importance and utility in case where research needs detailed and thorough investigation. External sources data can be divided with two categories (a) Primary data (b) Secondary data.
Secondary research is just as important in the data collection process of market research. While market research is definitely not high school English, the same concept applies: external secondary research . External marketing firms have contacts in multiple geographic locations that can localize and conduct effective marketing research targeted at current or potential customers. Advantage: Agility Working with research firms requires somewhat rigid guidelines and research requirements.
Market research is essentially getting customer feedback on a new market or new product before the actual launch, and effective market research can prevent low sales and dissatisfied clients. The primary methods for doing marketing research are surveys, focus . Written By DJS Research Ltd a leading UK market research company Commissioning In some cases a firm may need to commission an external research company, as resources may need to be supplemented or additional skills are needed to understand the findings of the research.