Importantance Of Marketing Research Process †MyAssignmenthelp.com

Questions: 1.Which of the steps of the marketing research process doyouthink is themostimportant and why? 2.Do you think that a company should follow findings from market research? Why or why not? When would it be appropriate (or not)? Answers: 1. Each and every step that is taken in the research methodology process is essential and is important to ensure that the information that is gathered and analyzed is appropriate and is not tampered due to the variation in the relevance of the study. There is a set process that is internationally accepted to follow while constructing a research paper whether it is market research or academic research. This procedure is undertaken to ensure that there is a logical flow of information so that the reader is able to understand the study. Selection of the right data collection tool or instrument is very important to get the right kind of information from the right people at the right time, for example in case the subject requires for a semi structured interview but the chosen tool is survey then the findings may be irrelevant (Hague et al., 2013). Selection of the sample size out of all the steps is the most essential part of market research, the population of the study has to be thorough ly checked and analyzed in order to determine a concrete outcome. Therefore the process of selecting the sample size is essential as the response of these people will manipulate the result of the findings and lead to the conclusion of the research (Burns et al., 2014). 2. I think that a company should follow findings form market research as it helps them to understand the need and requirement of the stakeholders of the company based on the topic of research. It is important to formulate the decisions and policies of the company based on the dynamics of the industry in which the company exists and with the help of market research the company can analyze and determine the various prevalent dynamics o the industry. For example a company is diversifying with an existing product or service idea, in order to initiate the process the organisation requires a lot of capital it is a good idea to undertake a market research regarding the new idea as the response and the findings will help the company understand the perspective of the target market which will in turn help the company save from investing the capital in case the response is negative. References Burns, A. C., Bush, R. F., Sinha, N. (2014).Marketing research(Vol. 7). Boston, MA, USA: Pearson. Hague, P. N., Hague, N., Morgan, C. A. (2013).Market research in practice: How to get greater insight from your market. Kogan Page Publishers.