Essay about Marketing Research Tools

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:

Secondary marketing research is based on information previously gathered by an individual, the government, and other agencies. “Secondary sources are those sources of information that have been collected previously by other individuals or organizations. Secondary sources of information can help you to identify other sources of information, it can help you to get an overall picture of your market or it may provide more detailed information on a specific segment of the market” (Karen Paiyo). There are also various research tools used when conducting secondary research. Secondary research can be acquired from previous reports, public sources, newspapers, magazines, commercials, educational sources, and websites. Secondary research is often easy to find and generally free. It is much more inexpensive than primary research. An example of secondary research is a general manager, of a professional baseball team, gathering a summation of statistical information (of a player whose contract is expiring) from previous

Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioural patterns or fall into a predetermined age group.

The difference between primary and secondary data collection is, a primary data will be gather

According to (Wilson, 2012), Secondary data is information that has been previously collected for a purpose other than the current research project. ‘Secondary data are best remembered as ‘second-hand’, because such data are ‘old’ primary data. Good researchers start with secondary data before designing primary research studies’ (Bradley, 2014, p.70). The three main types of secondary data are Documentary, Survey based and Multi-source secondary data. An example of Documentary secondary data would be a written report such as an email. Survey based secondary data is usually information that is collected through a questionnaire and Multi source secondary data is information gathered from multiple sources such as

In this case, researchers use information that is already available and accessible to the public. Such information is retrieved from governmental institutions, companies, and other researchers (Kumar, 2010). As such, there are various benefits that researchers gain for using this approach. One of such is that it is cheaper than primary research. Secondly, secondary researches and their findings are readily available in various sources. As such, they take a shorter time to conduct and complete than primary research studies. Thirdly, they are a source of information that is used in clarification of various issues in the study. This leads to proper development of information in the study. Finally, the initial sourced analyze the various types of research methodologies. Thus, the researcher using secondary research does not dig into such details. However, the approach has various disadvantages. For instance, sometimes the research questions and the data lack coherence. This is contrary to the primary research that establishes data that is tailored to respond to particular questions (Boyle & Schmierbach, 2015). It also has a high degree or error propagation. Errors that were incurred in the initial research are translated into the current research. Another weakness is that some data may be outdated and thus unsuitable for use in current studies. Consumer behaviors and attitudes change from time to time, on a frequent

As a team of six investigating how to overcome the four different research tools, many ideas will flow through to allow the reader to get the most out of what is being taught. The team wants for the reader to indulge themselves in a company who will compare and contrast the selected tools available. Team C will choose to show the reader that tool is the most applicable and which tool is the least applicable. With this to be read and evaluated the team asks the reader to self evaluate what he or she thinks should be done in this situation. After reading and applying this idea to the reader’s sense of understanding, how did the reader evaluate this to be so and how will the team of six strive to learn more to

Primary and secondary are the two major forms of any particular study. Primary has unprocessed and information which is not manipulated and it is gathered directly from the source whereas secondary means a reliance on the already researched work which is available and has been researched by numerous scholars and researchers. Both methods are used to gather the important info for the use of exploratory study as in this case.

Marketing experts also conduct research, in two particular ways; primary and secondary research. Secondary data is information that has already been collected or published and is readily available, while primary data is information collected specifically to solve a current problem. Typically when researchers rush to gather data and there is much relevant secondary information already available. One of the first places researchers should look for secondary data is the Internet. Marketing managers can find a slew of useful information on the Internet, however not all information is reliable. Being sure to look for reliable Internet sites is key.

Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies.

Key concepts of a marketing research problem is first determine management decision problems, and then defining a broad marketing research problem, which in turn should be narrowed down by specific components. These specific components guide researchers to define an approach to the problem, find relevant objective/theoretical framework and choose among

There are several steps in marketing research process, and the first step involves defining the problem and

Reporting and presentation, if not the most important of the steps in marketing research, is the second behind research design. Once marketing information about the target market, competition and environment is collected and analyzed, it should be presented in an organized manner to the decision makers of the business. For instance, an organization may want to report findings in the market analysis section of a business plan. The data gathered was created to help guide business decisions, so it needs to be readily accessible and understandable to the decision makers.

According to Price (2014), any useful marketing research study begins with a clearly defined problem. A clear research problem should declare the specific question that necessitated the research and its importance.