Global Market Research Case Study Analysis Mkt 441 Week 4

Presentation on theme: "MKT 441 homework / mkt441homeworkdotcom.  MKT 441 Week 1 Individual Assignment The Importance of Market Research  MKT 441 Week 2 Individual Assignment."— Presentation transcript:

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2  MKT 441 Week 1 Individual Assignment The Importance of Market Research  MKT 441 Week 2 Individual Assignment Global Market Research Case Study Analysis  MKT 441 Week 2 Individual Assignment Market Research Plan Phase 1 Problem Identification and Project Outline  If your selected organization uses marketing research, identify the different types of marketing research it uses and describe the importance of that research to the organization.  If your selected organization does not currently use marketing research, describe the different types of marketing research that would be beneficial to the organization. MKT 441 Entire Course MKT 441 Week 1 Individual Assignment The Importance of Market Research

3  Describe the situation discussed in the case.  Identify the key issues for the organization in your selected case.  Discuss possible ways the organization might address these issues.  Based on your selected scenario, identify the detailed areas in which market research is needed, such as population, target market, and per capita, and describe their importance to the organization in the selected scenario.  Develop an outline with headings and a brief paragraph for each of the sections you anticipate having in your final Market Research Implementation Plan. You may decide to change these sections in future weeks. MKT 441 Week 2 Individual Assignment Global Market Research Case Study Analysis MKT 441 Week 2 Individual Assignment Market Research Plan Phase 1 Problem Identification and Project Outline

4  Select four different research tools.  Compare and contrast your selected research tools.  Analyze the applicability of your selected research tools to your selected scenario. Which tool is the most applicable? Which tool is the least applicable?  Write a 1,050- to 1,400-word paper in which you differentiate among the research tools used in primary and secondary research. In your paper, discuss the differences in primary and secondary research when using qualitative and quantitative approaches and indicate which tools are used for each approach and why. MKT 441 Week 3 Individual Assignment Market Research Implementation Plan Phase 2 Research Tools Paper MKT 441 Week 3 Individual Assignment Market Research Tools Paper

5  Analyze the market research data sets contained in the Kudler Fine Food’s Market Research Results located on the student website.  Convert the data sets into marketing information.  Identify any trends that exist in the data for the most recent marketing surveys.  Assume you are a field marketing professional, responsible for marketing your company's products in the South Florida region of a medium-size corporation. You receive a CD from your corporate marketing group, based in Detroit, Michigan, which includes a set of electronic files containing print advertisements ready for you to use in magazines you choose in South Florida. MKT 441 Week 4 Individual Assignment Marketing Strategies Proposal Kudler Paper MKT 441 Week 4 Individual Discussion Question

6  Select two of the four market research tools you analyzed in your Research Tools Paper (Workshop 3) and develop at least two survey instruments, such as semantic differential, Likert Scale, and questionnaire, based on these tools. Recommend sampling procedures for the implementation of the survey instruments. MKT 441 Week 5 Individual Assignment Market Research Implementation Plan Final Paper

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Unformatted text preview: Running head: MARKETING RESEARCH TOOLS PAPER Marketing Research Tools Paper Marketing Research MKT/441 1 MARKETING RESEARCH TOOLS PAPER 2 Marketing Research Tools Paper Companies use various types of research methods to obtain pertinent data needed to further programs and services. For example, primary and secondary research methods are most often exercised. Primary data generally consists of: observations and social surveys. Secondary data most often consists of: published texts, media, published statistics, and personal diaries (Dunsmuir and Williams, 1992). Objectives of research The main objective of the research is to offer information and collect data that can be used to develop an effective marketing strategy; the information will be analyzed and relationships that can be used in the development of a marketing strategy will be developed; the following are the supporting objectives of studies: To establish the market level of product or service To establish the main competitors in the industry and the strategies they use To understand how much the community knows about the product or service To get a culture intelligence of the target communities as well as enact a root marketing approach to assist in knowing the correct approach to use in the market To establish the locations that the product or service can be placed, to reach a majority of people in the community (Kotabe & Helsen, 2004). The above objectives will lead to an answer on the main question and assist in developing an elaborate, responsive marketing strategy. Marketing data resource methods /data collection approaches MARKETING RESEARCH TOOLS PAPER 3 To collect market information, data collectors need to use both primary and secondary data collection methods; when using these approaches; they will be able to locate the most appropriate data for the strategy: Primary market data methodologies Primary data methods aim at getting the right information about the trends in the market first hand; under this approach a company gets information from the ground and analyzes the information for its own use these methods include: Interviews with individual and corporate customers Under this method, the market research team should create an environment of discussion with the target group but they skew the talks in a way they will get the required information. Response from the interviewee regarding certain question are recorded either at the time of interview or may be tape recorded for later recording and analysis. The method should be flexible and one that cannot trigger an interviewee to give misleading information; questions may be fixed or flexible depending on the target group. Questionnaires are structured questions given to respondents who are expected to answer them in written form and then give them back to the data collector. The questionnaires can be sent through post, email, or faxed to a respondent, they can also be hand derived. The target group of the company is both individuals and corporate customers; it is crucial to know the right people to be interviewed with questionnaires and verbal interviews. Survey and observation The data collection team can survey the market using different methods, they can go to existing places of operation and learn the behavior of the people; by observing what the MARKETING RESEARCH TOOLS PAPER 4 population in the market is consuming, their behavior, and the kind of service offered by the players in the industry, and then the company can come up with an elaborate marketing campaign. For example, the kind of products, the services, and the demand of products and or services can be learned. Observation is a data collection method where the researcher uses his eyes and participates in certain activities as he collects data. Observation may be open where the researcher takes data from the occurrence of certain activities or may be closed where the observer takes data from a limited number of people. Focus groups Focus groups are groups composed of a population that has the required information; in the case of developing a company, the research may give the focus group an indirect approach. This means that the researchers can ask leading questions in gatherings that will trigger a more detailed discussion on the topic by the group. They are collected together and the team leader who is usually the researcher asks relevant questions that lead to data collection in his area of interest. The team leader gives members of a group the chance to discuss and gives their views regarding a certain phenomenon. Secondary sources Other than the primary data collection method, there is the secondary data collection method that involves taking data from literature reviews of related material. The researcher does not go to the field to collect data but reviews data that already exists may it be in books, documentaries, internet, and media. The following are the main sources of secondary data: Government publications MARKETING RESEARCH TOOLS PAPER 5 The researcher should get interested in government publications on the general trend of the economy and if there is information relating to the industry; then the research team should focus on such information. The materials of interest include the expected population and economic growth rate, developmental plans of towns and the incomes levels of different peoples in the community. The industry publications A number of scholars in different areas produce periodical journals and magazines on the industry, such materials offer up-dated information on the trends in the market. When such materials are used, the company will be able to develop the best market entry. To be competitive in a new market; the marketing team will need to know the current situation in the industry they want to venture into, thus considering the view of scholars in the industry is important. The internet and virtual teams The internet offers a reliable business communication tool; sharing of information has been facilitated; on the internet, there are a number of posts analyzing different aspects in of an industry. Such posts and reviews should also be used for data collection however; care should be taken to ensure the sites consulted have reliable information. Virtual teams are good sources of information, they work across time, space, and geographical area; marketers should enroll in virtual reality teams discussing various marketing issues related to the industry of interest. Information from virtual teams should be interpolated and enriched with information from other sources to develop an effective marketing strategy (Pratt & Loizos, 2005). When differentiating between qualitative and quantitative approaches the major discrepancy between them is that quantitative measures are more concerned with numerical data. MARKETING RESEARCH TOOLS PAPER 6 Qualitative measures are associated with yes/no or positive/negative answers. Qualitative data does not provide any data relating to quantity. Deciding which type of data to use is crucial to the perpetual success of any organization. Many companies choose to use both primary and secondary research to ensure they encompass all areas of concern methodically. MARKETING RESEARCH TOOLS PAPER 7 References Kotabe, M.,& Helsen, K.(2004). Globa Marketing Management. New York: John Wiley & Sons. Pratt, B., & Loizos, P.(2005). Choosing research methods: data collection for development workers. London: Oxfam. Dunsmuir and Williams. (1992). Primary and Secondary Research. Retrieved from http://www4.caes.hku.hk/acadgrammar/report/resproc/research.htm ...
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