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Marketing Researc: How And Why Essay

510 words - 3 pages

Market Research: How and Why

Market Research: How and Why
Authors Mullins and Walker, Jr. define marketing research as the “design, collection, analysis, and reporting of research intended to gather data pertinent to a particular marketing challenge or situation” (p. 167). Marketing research is beneficial to any organization because without it, the organization makes decisions based on assumptions or guesses about market conditions and the needs and wants of potential buyers.
Properly conducted market research follows six primary steps beginning with identifying the specific objectives to be met by the research. Effort is wasted if the research does not ultimately solve a specific managerial problem or answer a particular question. Only when the objectives are clearly understood can proper ...view middle of the document...

Surveys, a common form of primary data, are based on what they say. The two are not the same...” (p. 169). If primary data are necessary, researchers commonly conduct qualitative research first to form a hypothesis that is then tested with a quantitative study.
Next, the research is designed. For secondary research, this involves locating credible sources. If primary qualitative research is used, the researcher may need to create interview guides for use during interviews or focus groups. Primary quantitative research requires determination of a suitable data collection method; contact method; and sampling plan while being mindful of the population of respondents, proper sample size, and probability sampling method. Researchers can then move to step four, collecting the data, and then to step five, analyzing the data. If the first five steps are carried out correctly, researchers are able to report meaningful results to the decision maker, which is the final step in the process.
I work for a supply chain organization that is just beginning to focus on marketing research. We're a for-profit operating division of a healthcare system, and while we provided services solely within that system, formal marketing research was not conducted. We simply carried out the wishes of our owners. However, we now have a second minority owner and new commercial customers. As a result, marketing has taken on new importance. For example, we recently began using a Net Promoter Score to measure customer loyalty to our brand. Customers respond to an electronic survey telling us how likely, on a scale of one to ten, they would be to recommend our services. Their feedback helps us build relationships, refine our services, and continuously improve to meet our customers' evolving needs.

References
Mullins, J. W. & Walker, Jr. O.C. (2013). Marketing management: A strategic decision-making approach (8th ed.). New York, NY: McGraw-Hill.

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