Analysis of Market Research Methods and Their Applications

The provided document is a list of academic sources related to market research methods, published on Desklib. The list includes books, journals, and online resources that provide an overview of market research methods and their applications in different contexts. The sources cover topics such as data analysis, survey design, and customer behavior, offering insights into the various methodologies used in market research.

Controversy Essay

Ethical dilemma will happen when a person has to select amongst two unfavourable
options. It is a complex judgement to make balance between social and in addition economic
performance. This circumstance will arise if there is raise in moral problems which cannot be
answered clearly or simply. It can occur in any field such as law, business or accounting
(Braswell, McCarthy and McCarthy, 2017).
A case which is identified in above mentioned fields, i.e. improper accounting for sales.
There was a firm of three people who are operating their business as accountant. Almost two
years ago, they were appointed in an organisation as a extrinsic accountants. Company where
they were assigned, is a fast growing firm. At present, almost 160 staff members are working
with them. Therefore, it is not mandatory for them to conduct statutory audit. But, if they want it
then, they can do this.
Members of partnership firm has an adequate relations with production and sales
manager. Some material was purchased by employer and it was not recorded in the books. Goods
were manufactured and sold out to customers and entries related to sales were also not done in
the books of accounts (Zaman, 2017). Money which is earned through this, used by superior for
party of New year. All this was done without consultant of director of association. Therefore, this
was entirely wrong in the eyes of law, business and accounting. This mistake is determined by
accountants, but as their relations are very strong with manager of production and sales
department. Thus, there is an ethical dilemma in front of them i.e. they have to share about this to
higher authority or not. If they do this, they this will affect their relationship with employers. But
if they don't do this then, they are termed as a dishonest and in addition breaking trust of
management.
Finally they decided to share this information with top authority. This will help them to
build up trust and loyalty. Additionally, it has been found out that they are recording each entry
and following all accounting standard in an adequate manner (Antonakakis, Chatziantoniou and
Filis, 2017). But if they are sharing this information with any customer or workers then, this will
affect goodwill of enterprise. By doing all this, they are able to protect interest of stakeholders or
customers. This will also assist enterprise to maintain their profits effectively as well as
efficiently.
A restaurant, New Street Grill is newly opened in London, which is providing best food
and beverages to their customers at a reasonable price. They are located at the prime location
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which is near to city mall. To improve customer base or attract more clients, it is fundamental for
manager of hotel to conduct market research in an adequate manner. For above stated purpose,
they need to make an appropriate planning which needs to be follow by them in a systematic
way. Company will utilize two methods, i.e. primary and secondary (Coolican, 2017).
Firstly, it is required for employer to divide market into some category i.e. age, gender,
income and so on. This will aid them to identify needs and wants of people in an effective
manner. Therefore, they will accomplish their requirements within limited period of time.
Furthermore, to acquire recent data and information they will use primary method. This will
consist focus groups, surveys, observation, experiments, interviews and many more. In this,
survey and interview, these two are best tool which will be used by manager. They will prepare
questionnaire to know about the prerequisite of customer (Williamson and Johanson, 2017).
Apart from all this, employer will take assistance of social sites as this is much effective
technique which is using by many restaurants in recent time. If they are using primary method
then, they need more time and fund (Market research methods, 2017).
Rather than this, to save time and cost superior will use opt secondary methodology.
There are many tools which include in this, like internet, research papers, newspaper, magazine
and so on. New Street Grill is newly opened restaurant in UK; thus, they will select another
method, i.e. secondary, because it helps them to save finance and time. To run business
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Illustration 1: Market research methods
(Source: Market research methods, 2017)

operations appropriately, they need sufficient resource; so that, it is must for them to reduce
unwanted cost.
Henceforth, by using this, they will able to know about the needs and wants of their
clients and will fulfil their requirements within certain period of time. This will help them to
compete their competitors at competitive world (de Groot and Hagoort, 2017). Along with this, it
will aid them to build their reputation at marketplace which is essential to attract more people
towards them. New Street Grill is much famous for their Grilled sandwich and pizza. There main
target is youngsters or college students. Thus, it has been comprehended that, by conducting
research, they will improve their profits which help them to expand their business in some other
areas.
It is necessary for an organisation to maintain equality and diversity at workplace. This
will help to increase reputation of firm at marketplace. There are many companies who don't
want to appoint people who belongs to different culture because they think that this will raise
conflicts at premises. It will become typical for them to understand their issues (Elton‐Chalcraft
and et. al., 2017). Thus, they only give jobs to individuals who belongs to same place.
Irrespective of this, superior of New Street Grill provides job to persons as per their skills,
knowledge and abilities, rather than their culture, beliefs, value, gender, age and so on. It aids
them to attract new talent into their firm; as a result, they will be able to render more qualitative
and tasty food items to customers.
It is must for employer to comprehend needs and wants of their staff members which will
work as a motivation for them. Along with this, it is must for manager to maintain an adequate
coordination and communication amongst each workers. For this, they will provide some
sessions to them as this will aid to increase interaction with each other. Every employee wants to
be treated with equal respect, this will help in their retention at firm for longer period of time.
If there is an effective practice of diversity and equality at workplace then, this will assist
to eliminate unwanted wastage. If all staff members are accomplishing their task together then,
they will able to cater quality items to clients, which help an enterprise to enhance their customer
base (Mertkan and et. al., 2017). Henceforth, it has been comprehended that, by maintain
equality and diversity in firm, superior will improve their goodwill and in addition acquire
talented and skilled individuals into business.
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There are many policies which will be adopted by New Street Grill restaurant, equality
and diversity at workplace is one of them. Apart from this, they have to follow health and safety
act into their firm; so that, they will produce healthy food for customers. It is essential to fulfil
these standards into business. Therefore, they will able to provide best and hygiene food products
to people. This will assist them to attract many persons towards them and improve customer of
base of association. To maintain quality of foods and beverages, manager will render some
training sessions to their workers. As a result, they will produce products up to the desired
standards (BENHABIB, 2017).
Credit card fraud is a wide ranging term for theft and fraud committed using a credit card
or any similar payment mechanism as a fraudulent source of funds in a transaction. Aim for
doing it may be to acquire products without paying. It is a crime and for this defaulter will get
punishment as per Fraud Act, 2006 (Kültür and Çağlayan, 2017).
As per the case study, there was an individual named, Mike Ross is an employee in multi
national company. He holds a credit card of HSBC bank. A transaction was done by him which
was $10000. according to policy of bank, an individual needs to pay amount of credit card within
60 days. He paid entire amount after 45 days but due to some technical faults payment was not
received by bank. He left country after 16 days from the date he paid amount.
On 61st day a notice is sent by manager of bank regarding non – payment of credit card.
But no response is given by Mike Ross as he left country before some days. Almost 3 notices
were sent it HSBC but when they don't get any respond then, they make a complaint in police
station. After investigation it has been determined that he left country due to promotion in his
occupation. Police found out him and he got arrested. Now, he has to be present in court for his
fault. Furthermore, he hired a legal advisor for his protection. He gave explanation that before
leaving the country he made the payment of $10000 to bank (Adewumi and Akinyelu, 2017).
But, no one believed him; then, his legal advisor talked him and ask for any evidence. Along
with this, lawyer said him to collect all his payment of credit card to show that Mike is very
responsible and paid amount within limited time span. Then, he thought about it, and after some
time Mike Ross said, yes, I have a receipt of online transaction. He checked out his mobile phone
and search its screenshot and present it in front of manager and police. After examining each and
every thing carefully, judge gave his decision in favour of Mike Ross and release him will all
respect (Chen and Asch, 2017).
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After more investigation, it was identified that, there was a technical issues in
organisation; thus, they does not able to find out about the payment. Finally, police released him
and manager of bank apologized him for this. Moreover, he got his credit card services again.
It is must for an organization to record its entire transaction related to money whether it a
struggling entity or a successful and developed corporation. There are two major accounting
models that are single entry system and double entry system. It depends which option they
choose. Single entry system is much easier than double entry system and it does not need any
kind of specific training to maintain books of accounts (Fischer-Pauzenberger and Schwaiger,
2017). Meaning of this is it is a simple format of bookkeeping which records financial
transactions of business day to day operations in journal. Because of its simplest form it is called
as single entry system and this approach is known as Single entry Bookkeeping.
Double entry system is a complex approach of keeping accounting books and needs
proper training of handling these transaction logs. It this type of accounting model all
transactions appears at least two time in books one is called debit (Dr.) and another one is credit
(Cr.). Mainly large organizations use double entry system because it ensures accuracy of their
transactions and authenticity of their operations. It is an accrual reporting systems of business
entries (Brenner and et. al., 2017).
Small firm uses this because they new in market and they don't have large number of
operations that are need to be recorded in books. Business proprietors can maintain their books
of accounts by themselves with entered every transaction single time. They do not require any
professional candidate for this activity. Single entry system reduces cost of appointment of
professional personnel and firm can invest this saved money in other operations of business . On
positive note single entry system is a good and cost saving options for struggling organizations it
records transaction in easiest way that anyone can understand and it takes lesser time to prepare.
On the contrary double entry system uses much higher time and cost and not everybody is
eligible to understand this. Only professionals can understand this.
Single entry system does not follow a certain per forma rather than double entry system.
It has several formats that has to be follow in recording transactions accordingly. For example
cash book for recording cash transactions and balance sheet for showing firm's position in front
of its stakeholders and shareholders (Jones and Sahu, 2017). Contrariwise struggling business
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don't have much stakeholders to them they have to show their growth and success. That is why
they can use simpler way of recording business entries.
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REFERENCES
Books and Journals:
Adewumi, A. O. and Akinyelu, A. A., 2017. A survey of machine-learning and nature-inspired
based credit card fraud detection techniques. International Journal of System Assurance
Engineering and Management, 8(2), pp.937-953.
Antonakakis, N., Chatziantoniou, I. and Filis, G., 2017. Energy consumption, CO 2 emissions,
and economic growth: an ethical dilemma. Renewable and Sustainable Energy
Reviews. 68. pp.808-824.
BENHABIB, S., 2017. The Struggle over Culture: Equality and Diversity in the European Public
Sphere. Postfilosofie. (2). pp.77-96.
Braswell, M. C., McCarthy, B. R. and McCarthy, B. J., 2017. Justice, crime, and ethics. Taylor
& Francis.
Brenner, K. and et. al., 2017. Immiscible two-phase Darcy flow model accounting for vanishing
and discontinuous capillary pressures: application to the flow in fractured porous
media. Computational Geosciences. 21(5-6). pp.1075-1094.
Chen, J. H. and Asch, S. M., 2017. Machine learning and prediction in medicine-beyond the
peak of inflated expectations. N Engl J Med, 376(26), pp.2507-2509.
Coolican, H., 2017. Research methods and statistics in psychology. Psychology Press.
de Groot, A. M. and Hagoort, P. eds., 2017. Research methods in psycholinguistics and the
neurobiology of language: A practical guide. John Wiley & Sons.
Elton‐Chalcraft, S. and et. al., 2017. To promote, or not to promote fundamental British values?
Teachers’ standards, diversity and teacher education. British Educational Research
Journal. 43(1). pp.29-48.
Fischer-Pauzenberger, C. and Schwaiger, W. S., 2017. The OntoREA accounting model:
ontology-based modeling of the accounting domain. Complex Systems Informatics and
Modeling Quarterly. (11). pp.20-37.
Jones, J. B. and Sahu, S., 2017. Transition accounting for India in a multi-sector dynamic general
equilibrium model. Economic Change and Restructuring. 50(4). pp.299-339.
Kültür, Y. and Çağlayan, M. U., 2017. A novel cardholder behavior model for detecting credit
card fraud. Intelligent Automation & Soft Computing, pp.1-11.
Mertkan, S. and et. al., 2017. Diversity and equality in academic publishing: the case of
educational leadership. Compare: A Journal of Comparative and International
Education. 47(1). pp.46-61.
Williamson, K. and Johanson, G. eds., 2017. Research Methods: Information, Systems, and
Contexts. Chandos Publishing.
Zaman, M. D. K., 2017. Environmental ethical commitment (EEC): factors that affect Malaysian
business corporations. Journal of ASIAN Behavioural Studies. 2(5). pp.9-16.
Online:
Market research methods. 2017. [Online]. Available through:
<http://www.mymarketresearchmethods.com/an-overview-of-market-research-
methods/>.
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