Mgt301 Solution

“Marketing Research”
Q: You are the marketing manager of a company. You are going to introduce a new product in the market. You have to perform a marketing research in order to analyze the consumer demand. Explain any four methods by which you can collect the data necessary for conducting your research?Also explain the advantages associated with using these methods? (5*4 = 20 Marks)
Research Method = 1 Mark
Advantages = 4 Marks

Solution:-
1. Experiment

Advantages
gain insight into methods of instruction
intuitive practice shaped by research
teachers have bias but can be reflective
researcher can have control over variables
humans perform experiments anyway
can be combined with other research methods for rigor
use to determine what is best for population
provides for greater transferability than anecdotal research




2.Survey

Advantages
Surveys are relatively inexpensive (especially self-administered surveys).
Surveys are useful in describing the characteristics of a large population. No other method of observation can provide this general capability.
They can be administered from remote locations using mail, email or telephone.
Consequently, very large samples are feasible, making the results statistically significant even when analyzing multiple variables.
Many questions can be asked about a given topic giving considerable flexibility to the analysis.
There is flexibilty at the creation phase in deciding how the questions will be administered: as face-to-face interviews, by telephone, as Group administered written or oral survey, or by electonic means.
Standardized questions make measurement more precise by enforcing uniform definitions upon the participants.
Standardization ensures that similar data can be collected from groups then interpreted comparatively (between-Group study).
Usually, high reliability is easy to obtain--by presenting all subjects with a standardized stimulus, observer subjectivity is greatly eliminated.


3. Observation

Advantages

Qualitative observational research, especially ethnographies, can:

Account for the complexity of Group behaviors
Reveal interrelationships among multifaceted dimensions of Group interactions
Provide context for behaviors
Narrative inquiry,especially ethnographic, can:

Reveal qualities of Group experience in a way that other forms of research cannot
Help determine questions and types of follow-up research
Observational study can:

Reveal descriptions of behaviors in context by stepping outside the Group
Allow qualitative researchers to identify recurring patterns of behavior that participants may be unable to recognize
Qualitative research expands the range of knowledge and understanding of the world beyond the researchers themselves. It often helps us see why something is the way it is, rather than just presenting a phenomenon. For instance, a quantitative study may find that students who are taught composition using a process method receive higher grades on papers than students taught using a product method. However, a qualitative study of composition instructors could reveal why many of them still use the product method even though they are aware of the benefits of the process method.


4. Primary dataAdvantages


Addresses Specific Research Issues – Carrying out their own research allows the marketing organization to address issues specific to their own situation. Primary research is designed to collect the information the marketer wants to know (Step 2) and report it in ways that benefit the marketer. For example, while information reported with secondary research may not fit the marketer’s needs (e.g., different age groupings) no such problem exists with primary research since the marketer controls the research design.
Greater Control – Not only does primary research enable the marketer to focus on specific issues, it also enables the marketer to have a higher level of control over how the information is collected. In this way the marketer can decide on such issues as size of project (e.g., how many responses), location of research (e.g., geographic area) and time frame for completing the project.
Efficient Spending for Information - Unlike secondary research where the marketer may spend for information that is not needed, primary data collections’ focus on issues specific to the researcher improves the chances that research funds will be spent efficiently.
Proprietary Information – Information collected by the marketer using primary research is their own and is generally not shared with others. Thus, information can be kept hidden from competitors and potentially offer an “information advantage” to the company that undertook the primary research.