Marketing Research Process Essays

Marketing Research Process Essays-26
You would send them students to be tutored, and they would give you a cut of their pay for each student you referred to them.Both of these scenarios would be a problem for you, wouldn’t they? For example, maybe your business has dropped off because your school is experiencing financial trouble and has lowered the number of scholarships given to incoming freshmen.They take a look at symptoms and try to drill down to the potential causes.

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This is admittedly a simple example designed to help you understand the basic concept.

If you take a marketing research course, you will learn that research objectives get a lot more complicated than this.

They are problems insofar as they cause you headaches. Consequently, there are fewer total students on campus who need your services.

Conversely, if you’re swamped with people who want you to tutor them, perhaps your school awarded more scholarships than usual, so there are a greater number of students who need your services.

Consequently, you should always try to collect secondary data first to solve your research problem, if you can.

A great deal of research on a wide variety of topics already exists.The key is to look at all potential causes so as to narrow the parameters of the study to the information you actually need to make a good decision about how to fix your business if revenues have dropped or whether or not to expand it if your revenues have exploded.The next task for the researcher is to put into writing the research objective.Watch Video Clip: 1985 Pepsi Commercial—“They Changed My Coke” https://v=8_hv OBnsir I This video shows how Pepsi tried to capitalize on the blunder.Suppose your product is tutoring other students in a subject you’re a whiz at.You have been tutoring for a while, and people have begun to realize you’re darned good at it. Or it explodes, and you can’t cope with the number of students you’re being asked help.Many a marketing research effort is doomed from the start because the problem was improperly defined.Coke’s ill-fated decision to change the formula of Coca-Cola in 1985 is a case in point: Pepsi had been creeping up on Coke in terms of market share over the years as well as running a successful promotional campaign called the “Pepsi Challenge,” in which consumers were encouraged to do a blind taste test to see if they agreed that Pepsi was better.The following is an example: “To gather information from a sample representative of the U. population among those who are ‘very likely’ to purchase an automobile within the next 6 months, which assesses preferences (measured on a 1–5 scale ranging from ‘very likely to buy’ to ‘not likely at all to buy’) for the model diesel at three different price levels.Such data would serve as input into a forecasting model that would forecast unit sales, by geographic regions of the country, for each combination of the model’s different prices and fuel configurations (Burns & Bush, 2010).” Now do you understand why defining the problem is complicated and half the battle?

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