What Is Conducting Marketing Research - 1319 Words

Conducting Marketing Research Name Institution Date Introduction The marketing research is important in establishing the characteristics of the target market (Wong Law, 2002). This will enable the organization to strategize on how to reach more markets and increase sales. This paper will consider the exploratory research which may be conducted to establish the factors hindering the American minority groups from investing. Major Research Question What hinders many American minority groups from investing? What the Researcher really wants to know The purpose of this paper is to establish what hinders or prevents many American minority groups (such as African Americans, Native Americans, and Asian Americans) from investing.†¦show more content†¦Further, through the literature search, the organization will be able to establish the income levels of the American minority groups. This will help the organization to establish if there is any hypothesis related to the failure of investment due to income levels (Bhojraj, Lee, Oler, 2003). In other words, this may help further to carry out a causal-effect research to establish if there is any relationship between the income level and the investment levels among the American minority groups. Factors to Consider in Designing Focus Groups with the Potential Clients One of the factors to consider is to ensure that the people being involved in the focus group have a common background and that they have comparable experiences in terms of investment or money spending activities. This is very important since there should exist no conflict among the members in a focus group. The other factor to consider relates to the questions that the moderator needs to ask the focus group members. The questions must be formulated carefully prior to meeting the focus group. The moderator of focus group must have prepared the questions in advance by considering the background and the experiences that are common to the members in the focus group. This will help in getting the intended information which will be helpful in establishing relationships among the various variables. Further, the other factorShow MoreRelatedCompanies Are Impacted By Competition Through The Price Of Their Resources929 Words   |  4 PagesAccording to Chapman, L. (2010), â€Å"Companies are impacted by competition through the price of their resources and the demand of their products. Market Research provides the insight to improve daily operations and save costs.† Over the course of this program I have learned that society often believes that the words business and ethics do not belong in the same sentence. History has proven that we are making a valiant effort to change that way of thinking. For instance, if we look back at how someRead MoreMayo Clinic Case Study Memo851 Words   |  4 PagesMayo Clinic Case Study International Marketing March 18, 2014 The Mayo Clinic Memo To: Marketing staff From: Ethan Robinson cc: All Mayo Clinic representatives Date: March 18, 2014 Re: New Marketing Research Strategy New Marketing Strategy Attention Staff: The information contained within this memo will immediately go into effect. It is the responsibility of all staff to represent the Mayo Clinic brand in a uniform and responsible way so that patients and allRead MoreMarketing Research Tools Essay1277 Words   |  6 PagesMarketing Research Tools Strategic and tactical decisions need to be made when an organization needs to achieve the objectives of the research. Market research is a strategic step in determining the best solution for discovering opportunities and acquiring clients. This is the first critical step in the marketing department that creates a foundation for what a company needs to research to identify what opportunities are given and what steps need to be taken to achieve the goals. The process providesRead MoreMarketing Plan For The Pet Food Industry Essay1030 Words   |  5 PagesMarketing Plan for Caninantics Caninantics is a company that has developed a dog food-dispensing product that offers busy pet owners with the capability of feeding dog during their absences. This product is developed because of the wide recognition of Americans love for their dogs and animals. Caninantics had developed a device known as â€Å"Pooch Pantry,† that automatically opens dog food cans and empties the contents into a dog food bowl. The device carries out this process either through a timedRead More Marketing Research Tools Essay example1410 Words   |  6 PagesMarketing Research Tools Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfactionRead MoreWhat Is Market Research?846 Words   |  4 PagesWhat is market research? According to authors Mullins and Walker, market research is the design, collection, analysis, and reporting of research intended to gather data pertinent to a particular marketing challenge or situation (2013, p. 167). The market research process is broken down into six different steps: defining the research objective and identifying the managerial problem, determing data sources and research approaches, determining the research design, collecting data, analyzing the dataRead MoreMcBrides View of Market Research942 Words   |  4 PagesMarket research is defined as the gathering of information about a markets size and trends (QuickMBA, 2010). For McBride, the point of conducting market research is to identify good markets to pursue that the bank is not already pursuing. This research should also help McBride to determine how these markets compare to the market it already has. The company may find through the course of this research that its current target market is the best one to target going forward, a strategy that impliesRead MoreCommuniation1182 Words   |  5 PagesMarketing assessment Outcome 1 1. Identify three key characteristics of the marketing concept. Marketing is about being consumer orientated. All the marketing and the business activities involved should be directed to create and satisfy consumers’ needs and wants. The goal should be consumer satisfaction in order to succeed. The product or service which is being offered should be purely focused on customers/consumers. Market research is another key characteristic in order to succeed asRead MoreThe Value and Importance of Market Research Essay1332 Words   |  6 PagesIntroduction In today’s competitive economy, marketing research is vital for a growing organization. So much so that having thoroughly gathered market information should be a prerequisite for any startup business. Market research helps a business excel by providing help with factors such as advertising, marketing, pricing, market trends, customers, competition among others. Effective market research can be so useful that a company can psychologically condition their customers to believe thatRead MoreImportance Of Managing Global Market Research925 Words   |  4 Pagesconsumers is key for success. With effective global market research, your company can gain invaluable information about their competitors, economic shifts, demographics, the current market trends and the spending traits of you’re the customers. In this essay we will be reviewing the article â€Å"Living in a global world† and explaining the importance of global marketing research. In this article the importance of conducting global market research is to understand the importance of how consumers from developing