Effective Market Research Assignment Report

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Marketing
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For a firm to meet its set goals and objectives, collection of accurate and timely data is
necessary. The data collected from the market gives insights about the firm with reference to key
market variables such as customers, competitors and current trends in the market (Klaus, 2019).
For this assignment, our reference firm is DHL Global. The firm is one of the world best
logistics company whose success has been highly dependent on market information and
forecasts.
According to Kotler and Keller, effective market research comprises of six key steps as
outlined below;
a) Problem Definition- A good research problem directs and creates
uniformity for the process. One needs to be careful not to select a broad or narrow
research problem.
b) Develop a plan for research- this involves the plan for collection of data.
One has to decide whether to adopt primary or secondary research approaches or both
and as well chose the tools of data collection.
c) Collection of data- Involves collection of data by conducting interviews,
experiments or general observations. This step is prone to errors as some of the
respondents might falsify data or fail to corporate in giving the same data (Chand, 2014).
d) Data Analysis- The collected information has to make meaning. Analysis
involves tabulating the information or application of research software such as SPSS to
extract meaning from the information (Market Research Guy, 2019). This aims at
generating information to aid in decision making.