Market Research: Methods, Techniques, and Importance

This article discusses various methods and techniques of market research, including primary and secondary data collection, standard deviation, correlation analysis, sample size, and more. It also explains the importance of market research for businesses and how to evaluate its success. The article provides references for further reading.

Running head: MARKET RESEARCH
Market Research
Name of the student
Name of the University
Author note

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Answer 1) Data can be collected in relation to market research with the help of primary and
secondary data. The primary data is collected at first hand by the researcher and it helps in
assessment of the current problem (Brace, 2018) The secondary data refers to data that has
been already collected and which are easily available.
Answer 2) Standard Deviation is used for measuring dispersion around that of an average. It
proves to be a measure in relation to volatility. It refers to the difference between actual and
that of average value (McQuarrie, 2015). It can help in measuring the deviation from that of
the mean that proves to be an important statistic in relation to marketing research.
Answer 3) Co-relation analysis refers to a method pertaining to statistical evaluation that can
help in studying strength of the relationship between that of two variables. It can help the
researcher in analysing whether it is possible to have connections between the variables. The
Pearson product-moment co-efficient can help in measuring co-relation and its ranges
(Malhotra & Peterson, 2014).
Answer 4) There are certain aspects of the project that can be re-assigned to the staff
members instead of being contracted out. This can prove to be immensely helpful in meeting
the budget constraint and the budget constraints should be communicated to the contractors
along with vendors (Rothschild, 2014). The efficiencies should be resolved in relation to
workplace structure that can help in the alleviation of time along with cost.
Answer 5) Quantitative research can help in generating numerical data or any other kind of
information which can be converted into numbers. Qualitative research can help in providing
detailed description pertaining to the research topic. The qualitative research takes recourse to
observation and visual analysis for the purpose of data collection. The data is collected in
quantitative method by the help of experiments and recording of well-defined events.

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Answer 6) Sample size plays an important role in relation to research as it can help in
influencing the research outcome. A good sample can help in producing accurate results and
the inferential statistics can help in reaching at a conclusion (Tulung & Ramdani, 2018).
Answer 7) Statistical approach can be taken recourse to for identification of the sample size
and the qualitative factors should be taken into consideration while determining that of the
sample size (Mooi, Sarstedt & Mooi-Reci, 2018). The statistical data is generally cheap and
the patterns are visible. Formulas can be made use of for the calculation of the sample size
and tables can prove to be useful for determining the sample size.
Answer 8) Probability sampling refers to a sampling technique where the subjects of
population gets the equal opportunity of being selected as the representative sample. Non-
probability sampling on the other hand is a method in which it is unknown which individual
shall be selected as that of the sample (Mahmoud, 2015).
Answer 9) The problem statements become the research hypothesis in the event of
operationalizing of the constructs. The initial ideas along with observations give rise to
statement of problem. It can lead to the formation of research hypothesis that can be called a
specific deductive prediction.
Answer 10) Business market research refers to the process of collection of data that can help
in determining whether the product or the service have been able to meet the needs of
consumers. With the help of effective market research, the company can get valuable
information regarding their competitors along with their economic shifts (Li, 2016).
Answer 11) Exploratory research can help a business in discovering ideas along with
insights. Exploratory research can help a business in the initial stage and it can help in
defining the issues related to the company. Ethnographic research can be used in business and
it can help the company in meeting with the clients face-to-face. Causal research can help the

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business into investigating into an issue that focuses on the effect of one thing on that of
another (Roztocki & Weistroffer, 2015).
Answer 12) Face-to-face interview help in the process of accurate screening and the
individual is often unable to give false information. It can help in capturing verbal along with
non-verbal cues. The interviews help in capturing the raw emotions along with behaviour of
the interviewee. Cost is a disadvantage pertaining to interview. Quality of data is dependent
on ability of interviewer.
Answer 13) Questionnaire as a survey instrument can prove to be cost-efficient. They can
help in the gathering of quantitative data. Online along with mobile surveys have got very
low cost and they have got a generous reach. Pre-testing of a questionnaire survey is essential
as it can help in gauging the reactions of the respondents (Yin & Kaynak, 2015).
Answer 14) The importance of validity and reliability of market research data is on account
of the fact that marketing research wants to collect data that is correct. The entire purpose
will be lost if the market research it not valid. It will prove to be disastrous for the growth of
the business. Valid market research is an important cause for the success of the company.
Answer 15) The advantages of focus groups in relation to market research is that it can help
in achieving detailed information regarding the personal along with group feelings. It can
help in saving time along with money as compared to that of individual interviews. It can
help in providing large amount of information. The disadvantage of focus groups lies in the
fact that it can prove to be hard for controlling along with managing (Brace, 2018). It can
prove to be tricky for analysis and there can be disagreements.
Answer 16) A sound market research policy can be built by reading the policy documents
that are created by organisation. Legislation should be researched over the internet that can
help the company in building the policy along with procedures. The problem should be

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identified in the beginning that necessitates development in relation to the policy. A person
should be appointed who can help in the co-ordination of the policy development process.
The policy development process should be established by conducting research.
Answer 17) The stakeholder consultation can be done with the help of focus groups or
workshops. It is on the basis of a small group of people who are selected so that they can
discuss on a single topic. Facilitators can assist in the process of discussion by making use of
a topic guide (Yin & Kaynak, 2015). They also record the session for ensuring that
information is collected in relation to all kinds of opinions.
Answer 18) PERT is a project management technique that is used for managing uncertain
activities in relation to a project. CPM is indicative of a statistical technique that can help in
managing the well-defined activities in relation to a project. PERT is a technique that is used
to plan and control. CPM is used for controlling cost along with time.
Answer 19) The evaluation of the success of a project can be assessed by measuring that of
customer satisfaction. The clients cannot always articulate properly what they want and it is
the job for the business of finding out what they are actually looking for and providing the
service or the product. The higher number of people availing a particular service of a business
points forward to the success of the project. Survey can act as a useful tool that can help in
understanding about the opinions of a group of people after the completion of a project. The
reactions of the people whose survey was taken can serve as a useful measure of success in
relation to a project.
Answer 20) A consultant should have good amount of knowledge about the particular service
that the business offers. He should be knowledgeable and should be confident about his
advice and decisions. He should have qualification in the particular field of business that can
help him in serving the company.

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Answer 21) The process of marketing should not indulge in any kind of deceptive conduct
while doing the promotion of the products along with services. The handing out of brochures
will require permit from that of territory government. A permit form should be downloaded
from ABLIS website (Roztocki & Weistroffer, 2015).
Answer 22) The Market and Social Research Privacy Code can help in protecting the market
and it acts as an important contributor in relation to the social and economic well-being of the
Australians. The success of a product or service in the market depends on willing cooperation
of public along with the business community.
Answer 23) A market researcher has to ensure that Market and Social Research Privacy Code
has been upheld and he has to see to it that honesty and objectivity have been maintained in
relation to the products and services. It can help in providing the business community with
assurance that can help in encouraging willing participation within social research activity.
Answer 24) The economic landscape can offer great amount of financial opportunities in
relation to a business. Foreign investment can help in fostering local growth. The accelerated
economic growth gets translated into that of increased manufacture spending (Li, 2016). It
can help in fuelling the demand in relation to Australian commodities.
Answer 25) Knowing about the social trends can help the business in relation to targeting the
marketing efforts and it can help in tailoring the products so that it can fit into the shifting
landscape. Social trends like immigration can play a pivotal role in influencing demographics
in relation to customer base.
Answer 26) Brands are making effort so that they can connect with the audiences across
different social platforms. The competition has increased in the present age and the attention
span of the individuals in the society has decreased to a great extent. The business in the

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present age takes recourse to social media websites like Face Book and Instagram so that they
can get the attention of the common people.

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References:
Brace, I. (2018). Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Li, X. (2016). Emerging-market research: New bottles and new wine?. Journal of Travel
Research, 55(4), 419-426.
Mahmoud, O. (2015). Book Review: Misbehaving: The Making of Behavioral Economics.
Malhotra, N. K., & Peterson, M. (2014). Basic marketing research. Pearson.
McQuarrie, E. F. (2015). The market research toolbox: a concise guide for beginners. Sage
Publications.
Mooi, E., Sarstedt, M., & Mooi-Reci, I. (2018). Data. In Market Research (pp. 27-50).
Springer, Singapore.
Rothschild, A. R. (2014). U.S. Patent No. 8,645,211. Washington, DC: U.S. Patent and
Trademark Office.
Roztocki, N., & Weistroffer, H. R. (2015). Information and communication technology in
transition economies: An assessment of research trends. Information Technology for
Development, 21(3), 330-364.
Tulung, J. E., & Ramdani, D. (2018). Independence, Size and Performance of the Board: An
Emerging Market Research.
Yin, S., & Kaynak, O. (2015). Big data for modern industry: challenges and trends [point of
view]. Proceedings of the IEEE, 103(2), 143-146.