THOUGHTS ON MARKET RESEARCH
THOUGHTS ON MARKET RESEARCH
Marketing research is an integral part of marketing management. Research provides managers with information that helps in making decisions. Accurate or thorough information is the foundation of all successful business ventures.
Some of the key takeaways from the study and videos were the descriptive insight into the Research process.
Market research involves two types of data-
Primary Information- This is research you compile yourself or hire someone to gather for you.
Secondary Information- This type of research is already compiles and organized for you. Examples of secondary data include reports & studies by govt. agencies, trade association or other businesses within your industry. Most of the research you gather will most likely be secondary.
Second key learning was the questionnaire guidelines that can increase our response rate. It was very helpful in preparing cool hunt questionnaire. Questionnaire should n short and to the point. It should be addressed to specific individuals and is of interest to the respondent. It shouldn't be more than 2 pages. A professionally prepared cover letter to complete the questionnaire should be present. Along with this, I even learnt guidelines to other modes of survey too.
Third and the most important takeaway was learning that the ethics are the most important foundation for both in collection and reporting of the research. We need to set the foundation right to complete the data making it truthful to yourself and even for the concerned organization.
Some of the questions that were raised in my mind while going through the videos and paper were-
Formulating a problem is the step in the research process. In many cases, research starts with a problem that management faces. However, most management problems are not always easy to research. 'So what then is the difference between a management problem & a research problem?'
Second question is 'How much data( Information gathered) is enough data
Marketing research is an integral part of marketing management. Research provides managers with information that helps in making decisions. Accurate or thorough information is the foundation of all successful business ventures.
Some of the key takeaways from the study and videos were the descriptive insight into the Research process.
Market research involves two types of data-
Primary Information- This is research you compile yourself or hire someone to gather for you.
Secondary Information- This type of research is already compiles and organized for you. Examples of secondary data include reports & studies by govt. agencies, trade association or other businesses within your industry. Most of the research you gather will most likely be secondary.
Second key learning was the questionnaire guidelines that can increase our response rate. It was very helpful in preparing cool hunt questionnaire. Questionnaire should n short and to the point. It should be addressed to specific individuals and is of interest to the respondent. It shouldn't be more than 2 pages. A professionally prepared cover letter to complete the questionnaire should be present. Along with this, I even learnt guidelines to other modes of survey too.
Third and the most important takeaway was learning that the ethics are the most important foundation for both in collection and reporting of the research. We need to set the foundation right to complete the data making it truthful to yourself and even for the concerned organization.
Some of the questions that were raised in my mind while going through the videos and paper were-
Formulating a problem is the step in the research process. In many cases, research starts with a problem that management faces. However, most management problems are not always easy to research. 'So what then is the difference between a management problem & a research problem?'
Second question is 'How much data( Information gathered) is enough data