Market Research and Analysis Report for Management 1 Course

This report provides a comprehensive analysis of market research, focusing on key areas such as customer satisfaction, return on investment (ROI), and market analytics. It explores the importance of understanding customer needs and preferences, emphasizing the role of market research in influencing sales, revenue generation, and overall business growth. The report delves into various aspects of market research, including primary and secondary research methods, the significance of market analytics in decision-making, and the impact of intellectual, structural, and cultural changes within organizations. It also presents research questions, the market research process, and an interview with a company representative, along with recommendations for improvement. The report highlights the need for a customer-centric approach, emphasizing the integration of market research into strategic planning to achieve sustainable business success.

Running head: MANAGEMENT
Management
Name of student
Name of University
Author note

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Table of Contents
Introduction................................................................................................................................3
Review of information...............................................................................................................3
Areas of market research............................................................................................................3
Questions of the research...........................................................................................................4
Market research process.............................................................................................................4
Conducting an interview............................................................................................................4
Recommendations......................................................................................................................5

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Introduction
Considering the Marketplace simulation game play in the current unit, it is important to focus
on the options for growth and development along with the conduction of market research to
facilitate the process of decision making as well as understand the views and opinions of the
potential customers. This will not only help in providing them services according to their
needs and preferences, but can also benefit the researcher to conduct market research much
comprehensively along with ensuring growth and development in business too.
Review of information
From the research conducted, it is clearly found that the understanding of needs of
customers is critical for the assessment of market conditions, furthermore, ensure influencing
the sales and revenue generation largely. Not only does the market research considered as the
focus of the study is essential, but it is also essential for determining the needs of employees
and understand them properly so as to review and assess the market condition, thereby, assist
in the growth of certain areas associated with the management of people as well as products
and services to be delivered (Warnaby & Medway, 2013). As stated by van Hamersveld & de
Bont (2007), the topic basically centres on the concept of marketplace business games that
are associated with the management of marketing of products and services and associated
services required to conduct market research as well as assess the conditions of marketplace
for ensuring that the needs and preferences of the clients are met and the company sustains in
the marketplace effectively (van Hamersveld & de Bont, 2007). The clients have different
kinds of needs and preferences and thus the main purpose of the companies are to increase
the value of the organisation as well as deliver extensive value and benefits that can meet the
needs of customers and keep them satisfied as a whole. Based on the information provided,
the needs could be implicit, explicit as well as latent, which are needed to be fulfilled and

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here the marketing simulation comes into practice, which may assist the students and other
learners to conduct different researches as well as experiment with the tactical ideas,
strategies and furthermore, experience the outcomes of the actions undertaken thereby, ensure
dealing with the challenges and issues much comprehensively (Rani, 2014).
Areas of market research
The market research is done for the assessment of market conditions and meet the
different needs and interests of the customers. There are various areas of market research that
must be focused on to ensure facilitation of sales through influence of consumers’ buying
behaviours and at the same time, increase the value of firm to achieve the desired level of
customer satisfaction too. The market research could be both primary and secondary and thus
there are multiple areas that I have felt interested in and want to learn more about it as well.
As per the sources of information provided by Foxall (2014), the market research could assist
in getting into the customers’ consciousness and at the same time, allow them to make their
purchasing decisions too (Foxall, 2014). Few major areas of market research include the rate
of return on investments made, investment in analytics as well as the intellectual, structural
and cultural changes experienced. The analytics of marketing is somewhat related to the use
of both market as well as customer data, which can help in the process of decision making
and at the same time, encourage the businesses and shareholders to make investments in
analytics for increase the return on investments and improve the sales ad profit level too
(Brace, 2018).
Another area that I have found interesting from the market research context is the
intellectual structural and cultural changes, which has enabled to manage the strategic
planning assets properly and at the same time, helped in using the market research techniques
and market analytics for gaining more information about the products and services to be
offered to the clients. The market and customer information could be linked together and this

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should assist in enhancing the marketing communications, furthermore ensure fostering a
healthy corporate culture where communication, teamwork and better human resources
management should be possible too (Pantzar & Ruckenstein, 2015).
Questions of the research
 Is it true to believe that by making investments in market analytics, the rate of return
on investments tend to increase?
 How effective is the marketing attributes related to the link between customer and
market related information?
 Dis the structural and intellectual changes within the organisations lead to fostering a
healthy corporate culture where communication and teamwork can be promoted?
 How does the primary and secondary data be collected while conducting the research
effectively?
Market research process
Considering the opinions and ideas of a market research professional regarding the
search process, the research procedure mainly includes 3 ‘M’ stages, based on which, the
market conditions are assessed and reviewed and then targeted to meet the needs of
customers. The research starts with the collection of data, which can be possible with the help
of conducting surveys by distributing survey questionnaires to people while the focus group
interviews and acquiring the feedbacks of customers are also considered as beneficial for
gathering primary data (Riley Jr et al., 2013). The secondary data is mainly acquire with the
analysis of secondary sources of data and information including the journals, articles,
documents, newspapers and websites. The consideration of decision time is essential, which
is based on three major choices such as the licensing, selling it to the shareholders or
investors and lastly, manufacturing and distribution of products and services. Managing

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contacts with the suppliers and distributors of services is essential aspect of the research
process too, which could also assist in conducting the research appropriately (Boissier et al.,
2017).
Conducting an interview
Interview with a company representation:
1. Do you believe that the marketing simulation game play can assist in creating convenience
for the customer to know about the services to be delivered by the company?
Yes, definitely, it can not only create convenience for the customers, but will also facilitate
the H
2. How effectively does the investments in market analytics lead to increase in ROI?
Higher the investments will be, the higher will be the rate of return on investments as with the
investments in market analytics, the market conditions will be assessed much effectively and
this would help in meeting the clients’ demands and expectations appropriately too.
3. What are the other areas to be considered for conducting market research?
To conduct the market research, the consideration of KPIs is important, which can improve
the sales and result in lesser complaints made by the customers, thereby, drive the behaviours
of clients and encourage them to make purchasing decisions.
Recommendations
 It is important to consider both the CSFs and KPIs to prioritise on the areas where
performances are needed to be improved largely
 The consideration of a good corporate culture is recommended as well for ensuring
that the teamwork and communication processes are improved

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 Taking care of the employees and managing welfare are recommended as well, who
are associated with the management of market research
 It is also recommended to integrate the market research in the strategic planning
process for adjusting with the structural changes as well as maintain good financial
condition

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References
Boissier, M., Schlosser, R., Podlesny, N., Serth, S., Bornstein, M., Latt, J., ... & Uflacker, M.
(2017, August). Data-driven repricing strategies in competitive markets: An
interactive simulation platform. In Proceedings of the Eleventh ACM Conference on
Recommender Systems (pp. 355-357). ACM.
Brace, I. (2018). Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Foxall, G. R. (2014). Consumer Behaviour (RLE Consumer Behaviour): A Practical Guide.
Routledge.
Pantzar, M., & Ruckenstein, M. (2015). The heart of everyday analytics: emotional, material
and practical extensions in self-tracking market. Consumption Markets &
Culture, 18(1), 92-109.
Rani, P. (2014). Factors influencing consumer behaviour. International journal of current
research and academic review, 2(9), 52-61.
Riley Jr, R. A., Cadotte, E. R., Bonney, L., & MacGuire, C. (2013). Using a business
simulation to enhance accounting education. Issues in Accounting Education, 28(4),
801-822.
van Hamersveld, M., & de Bont, C. (Eds.). (2007). Market research handbook. Wiley.
Warnaby, G., & Medway, D. (2013). What about the ‘place’in place marketing?. Marketing
Theory, 13(3), 345-363.

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