Essay about Marketing Research Tools - 1167 Words

Market Research Tools An organizational problem must be identified prior to beginning the market research process. In most cases, a problem is a research opportunity for product improvement or the launch of a new product. The first critical step of the marketing process involves how the research problem is defined by specifying the research objectives; identifying the consumer population of interest, and placing the problem in an environmental context. The very next step is to determine the research design that involves whether or not primary or secondary data is available or required. Marketers must collect the information and determine the type of study required before they can move on . Primary Data Primary data is research†¦show more content†¦Cross-sectional designs involve the systematic collection of responses to a consumer survey instrument from one or more samples of respondents at one point in time. Also use the descriptive research investigations. Casual research understands cause-and-effect relationships, which is generally used by marketers when there has been a change. Independent variables and the outcome dependent variables are the cause of such change. Secondary Data Secondary data, if available saves time and money because the expense of the study has already been incurred. The internal data found in the company’s reports are previous company research studies, feedback from customers, salespeople, stores, and feedback from longtime employees. External data reports from syndicated research firms sell the research information to advertising agencies, and marketers. This type of data has already been collected for some purpose other than the problem at hand. The unique difference between primary and secondary research is the marketer’s ability to answer specific questions to seize organizations opportunities, which requires heavy budget projections and time. Data collected as secondary research provides massive data compiled and made available to anyone through syndicated research, government sources, and published research. Opposite to gathering data already collected as primary data and tested.Show MoreRelatedMarketing Research Tools Essay1198 Words   |  5 PagesMarket Research Tools Marketing research is primarily focused on two categories of research: primary and secondary. These two forms of research provide insight into the driving source of the business, consumer behavior and attitudes, and possible pitfalls to the business. Secondary research provides knowledge gathered from within the business or already published information from outside of the business. 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