MKTG 570 - Draft 1 - Perri

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Liberty University *

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570

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Marketing

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Feb 20, 2024

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docx

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MKTG 570 Draft 1 MKTG 570 – Draft 1 – Research Purpose Emily A. Perri DeVry University MKTG570 – Marketing Research
MKTG570 Draft 1 2 MKTG570 – Draft 1 – Research Purpose What is marketing research? Marketing research is the process of evaluating business decisions, new products, or services through research that is conducted with prospective customers (Drury, 2023) . Marketing research is important to any and all firms and is valuable to their growth and success. Marketing research gives crucial information about a firm’s market and its business landscape. There are many different ways research can be conducted such as surveys, focus groups, experiments, and ethnography (Hair, Ortinau, & Harrison, 2023) . Combining primary information, which is gathered directly from consumers, and secondary information, data from external sources; marketing research is used to address many problems and a lot of the problems are visible found in the marketing mix (Hair, Ortinau, & Harrison, 2023) . A specific problem I would be looking at would be centered around price. What questions should we be asking and what research needs to be conduct through primary and secondary information. What’s the problem? Pricing of products is one of the most important things to firms because it shows the value of your products, it’s how your firm makes your income, and how you know that you are successful. Some questions that we can look at and answer with marketing research include: 1. How large is the demand potential in that specific target market and at various different price points? 2. What are the suspected sales forecasts at various price points? 3. Are there opportunities to adjust prices? (Hair, Ortinau, & Harrison, 2023) Pricing is the reflection of everything a firm does, everything is second to pricing, and pricing plays a huge impact on profit margins. So properly researching
MKTG570 Draft 1 3 pricing and making sure that your firm has the right price point is vital (Bhatt, 2022) . Marketing research can be done in many different ways to make sure pricing is proper for your product. Primary and Secondary Data Primary and secondary data are research techniques used in marketing research. Primary data is information that is gathered specifically by the firm to address a current problem or upcoming opportunity. Primary data can be qualitative data or quantitative data, and mixed methods studies collect both qualitative and quantitative data (Hair, Ortinau, & Harrison, 2023) . During primary data collection firms can conduct interviews, asking shoppers at a store what their price range is for the product in question. Firms can gather a focus group of their target market and discuss the product the pros and cons and different price points and review who would be interested based on the answers. Secondary data is information that has already been gathered and is readily available. One of the biggest sources of secondary data is the internet. Firms can use online sources to research products similar to theirs and at the same price point in order to set their price. Most firms will start with secondary data because it is more cost-effective and less time-consuming. Firms can determine their price based on information that was received through this research. Research Design Research design is the overall plan of the different methods that are used to collect and analyze the data needed. Picking the best and most effective research design is important for the research objectives (Hair, Ortinau, & Harrison, 2023) . There are three different categories of research designs: exploratory, descriptive, and predictive. It isn’t uncommon to sometimes use a combination of exploratory, descriptive, and/or predictive techniques in order to meet the overall research objectives (Hair, Ortinau, & Harrison, 2023) . When determining price for a firm the most
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