Week 8 Assignment

.docx

School

American Public University *

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Course

400

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

9

Uploaded by aspenbean

1 Instructions The research paper for your term project is due this week. Your term project research paper may address any topic covered in this course that is of interest to you as long as you include the following. Frame your topic as a business problem/challenge Discuss how marketing research is used to identify and exploit business opportunities Examine the role of ethics incorporating concepts from the field of marketing and psychology Discuss how combining marketing and psychology perspectives/methods would contribute to the resolution of the problem/challenge Justify the importance of the problem/challenge in a social or global context Include a limited quantitative discussion and analysis of the business problem/challenge (be sure to incorporate accurate calculations, estimates, risk analyses or quantitative evaluations of the problem/challenge) Appraise the sources of information utilized in the assignment. The paper is to be 5 - 7 pages of content and is to follow APA style. You should have at least 5 references from professional publications. Your research references should be primary works from professional publications. Remember that your paper must use APA style. Here are some APA sources you should review. Use APA style for all your paper.
2 Term Project Research Paper Student Name MKTG400: Marketing Research Dr. Thomas Schaefer November 26 th , 2023
3 Term Project Research Paper For this week’s assignment, I will be discussing the potential problems faced when attempting to determine a sample size when conducting a survey, and how to develop a proper sampling plan for effective marketing research in trend analysis and product trends in the market. This paper will include research on how to process data received from a survey and when to use methods of sampling based on the subject of interest. Since a sample only reflects a small number of a population, it is important to understand which groups are being surveyed and what variables may be affected in the data. With this paper, I will be explaining how to best choose a sample including the size, population distribution, and how to conduct informative market research to produce the most effective data. Primary & Secondary Research In any business or organization, marketing is extremely important for businesses to establish their presence in the market and reach the targeted market. Marketing tools help create brand awareness, drive growth in the market, reach and obtain customers, and improve overall engagement with a brand (Emeritus, 2023). The marketing mix contains internal factors (price, product, promotion, and distribution) and environments (economic, political and legal, cultural and social, and competitive and technological environments), which allow businesses to identify their objectives. Research allows businesses to have a greater understanding of the market and consumers’ buying habits, therefore providing data on how to proceed in the market. There are two main types of market research to aid businesses and their objectives: primary and secondary research. Primary research is conducted when data or information is gathered for a particular product or hypothesis and needs to be collected specifically for consumers or businesses (Stokes, 2012). Secondary research uses existing, published data and research that is not specific to the
4 problem or objective at hand. Utilizing secondary research is helpful when conducting primary research because it can provide information that may be relevant to sample size and audience, or even used as a reference to measure the accuracy of the primary research (Stokes, 2012). Understanding the differences between primary and secondary research can help researchers identify which method is the best use of their resources and survey methods based on what information is needed. Benefits of Marketing Research Market research is a process that aids business decisions by systematically gathering, recording, and analyzing data and information about customers, competitors, and the market (Stokes, 2012). Using this information allows businesses to design better products, improve user experiences, and create a successful marketing strategy. Marketing research provides information that will help identify a problem or opportunity and assists managers with determining the best possible solutions based on research findings (Mishra, 2008, pp. 4). Primary research is timely and can become very costly in order to get accurate and broad results. Secondary research is the most cost-effective option since it has already been collected, so it is important to evaluate costs and objectives of the research. Market research helps businesses and decision makers study the factors of buying decisions in a market, profitability of the business, and competitors in the market. Utilizing the data and information collected will improve marketing decisions, identify opportunities or problems, and assist managers in making the best possible decisions. If done correctly and efficiently, market research can determine the success of an organization and its products in the market. This leads us to difficulties in collecting data and information, and what methods may be unethical. Marketing Research & Ethics
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