Market Research

 

1.      The five marketing research is a form of marketing research which is aimed at understanding issues that are facing the company and coming up with the most appropriate way of solving them. The importance of market research include understanding the competitors and thus trying to beta them at their game. Second is developing the customers needs and developing the required products. Others includes forecasting the future demand and understanding the economical patterns which are prevailing so that the business can adjust accordingly.

 

2.      Defining the problems is the first step which focus on identifying the problem and developing the critical objectives that will guide the research. In this case the problem is decline in the number of the subscribers which is making the organization to suffer. The objective is to look for mechanisms which will return the organization in normal ways and increases the number of new customers. The critical question is what are some of the reasons why this might be happening.

 

3.      To develop the research plan one should consider the cost element and the effectiveness of the methods that are used. In our case it is non profit making organization and this cost must be minimized as possible. With this use the four method interview, survey, review analysis and running test will have minimum cost related operations and thus they are justified. They will open an avenue for analysis and understanding the root cause of the problem.

 

4.      The data collection should be made in an open manner the data should not be discriminated. Using al the method listed will yield better harmony and thus create something tangible. Relying on personal stories might give better reasons as compared to when the one ask questions. In over case the data collected should be purely based on the understanding the decline in the member of the subscribers and the reasons

 

5.      The focus of this step is interpreting the data and information which was collected in the market. Trying to develop patterns or twisting the data to fit should be avoided at all the cost. The data should not support hypothesis ion most cases and that why testing is done to approve the hypothesis.  By the end a clear results as to why the customers are declining should be seen. It will be the beginning of trying to find the solution to the problems which are presented in the case.

 

6.      It is the last step which means the research is complete. Implementing the finding should be the focus of ensuring that everything is done is the best possible manner. It will involve introducing the identified method directly to the market to see how they are aligning. A continues evaluation process should be initiated due to the changing dynamic in the business which needs radical analysis  to make sure that everything is working normally. The evaluation should also propose critical changes to the process.

 

7.      The five step method offers a better scope of doing research because it utilizes even other method of research as compared to another method listed. The only similar is that all start from a common start which is the problem identification. Five step method is more prominent and appealing to the market demand as compared to any of the two other methods. It has a better base of analysis as  compared to the survey and the observation method which are very limiting.

 

8.      The five step method offers an expert analysis which is based on scope which combines a number of research method. It gives a better understanding of the market condition as opposed to any other method. The only cons are it is time consuming, it very expensive and it requires the experts top conduct the research. the other two are very simple to conduct and they produce their results within very short time making sure that everything is working accordingly. The cons of this method are the scope matter and the results can be cooked by poor researchers.

 

9.      Primary data is the data that is collected directly from the research field. The data in this case have not be manipulated or analyzed in any way. It is the most trusted data that can be used in the research process due to the background. The second data type is the secondary data which is processed in most cases any researcher only needs to report the finding . It should not be trusted.  It is because of the manipulation element by the researchers.

 

10.  Product differentiation is the market process that aims to showcase  ways of making an organization product unique and to look different from the competitors products. In cost cases differentiation looks to make the product more attractive and appealing as opposed to improving the overall quality of the product in the question. The process can start with incorporate new design and branding to the old products to give customer unique view which cannot be given by the competitors products. It can involve changing the market strategy and the promotion techniques which the company uses.

 

11.  In this case uses the market differentiation components the organization can achieve a number of benefits. These benefits includes changing the marketing message which was previously been used to the new message that aligns with market needs. Second  is developing better products and services which the customers will be willing to Purchas. Others include winning in the competitive market  and understanding the market dynamics as they are presented.

AccountingQueen

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Status NEW Posted 05 Jan 2018 02:01 PM My Price 10.00

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