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The document summarizes the research process undertaken by CoffeeTime to determine whether and how to expand into India. It describes a two-stage research design using secondary data collection and a primary questionnaire. Secondary data on demographics and market factors of major Indian cities was analyzed. A questionnaire surveying potential customers in the top 6 cities helped CoffeeTime select target cities and segments. While the research process and data appeared valid, constraints like budget and cultural differences pose risks to CoffeeTime's expansion into India.
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Nicholas George Christakis
California Intercontinental University
MKT 645 -2016 CT4
June 20, 2016
To: Dr. Debra McCoskey-Reisert
MARKETING RESEARCH
Market research is a systematic way to gather, evaluate and present it in a form that explains various facts and figures to the business. Collected information acts as a vital tool to have increments in business activities, qualitative work done and improved profits. Any company, whether small scale or large scale, can perform market research before marketing its products or services. It can also be useful when launching a new product or diversifying the business. It is useful as well when a company has to expand its business globally. It avails numerous benefits to the businesses.
Among the different methods of data gathering for research purposes, many researchers due to its various advantages, strengths and benefits prefer the survey method. However, surveys also have their disadvantages and weak points that must be considered.
Advantages of Marketing Surveys
Market research is a scheduled method to collect, analyze and correlate beneficial data for the benefit of business to make strategic decisions. Collected information acts as a vital tool to have increments in business activities, qualitative work done and improved profits. Any company, whether small scale or large scale, can perform market research before selling its products or services. It can also be useful when launching a new product or diversifying the business. It is useful as well when a company has to expand its business globally. It avails numerous benefits to the companies.
Among the different methods of data gathering for research purposes, many researchers due to its various advantages, strengths and benefits prefer the survey method. However, surveys also have their disadvantages and weak points that must be considered.
Online surveys and mobile surveys tend to be the most cost-effective modes of survey research, yet they may not reach those respondents that can only respond using alternate modes. Results of online surveys and mobile surveys may suffer and differ greatly if important respondents are left out of the research. Hard-to-reach respondents may be easier to reach using more traditional methods such as paper surveys or face-to-face interviews. The self-completed postal or mail survey is a recognized form of data collection in marketing research (Dillman 1978). There are well- documented practical problems with this form of data collection: poor response rates, slow response, and manual transcription of data from a hard copy questionnaire to an appropriate statistical analysis tool. Non- response and data entry errors may result. Consequently, research into online data collection methods increased significantly during the late 1990s. This was preceded by (1) a growing number of Internet and email users, which started ...
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Learn about different types of market research and when to implement them.
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Solving the Problem:
Five-Step Marketing Research Approach Presentation
Name
MKT/ 421
Date
Instructor
Introduction
A a local nonprofit charity has noticed a severe drop in new memberships as well as a decline in repeat membership. Because memberships are the primary source of the foundation’s funding, the decrease in both areas threatens the organization's ability to survive and grow. Therefore, management has decided to implement the five-step marketing approach to increase their understanding of the problem and find possible solutions. To be successful, the research must determine the problem, set research objectives, decide what data is needed, and then choose a method for obtaining the information. After compiling and analyzing the results, the marketing manager can then suggest changes that may optimize the chances of the charity’s future survival and growth.
(University of Phoenix, 2017)
2
Define the problem and set objectives
Decide what data is needed
Choose a research method
Make recommendations based on the results
Utilize the Five-Step Marketing Research approach
FIVE-STEP MARKETING RESEARCH
The above graphic depicts the five-step marketing approach as a series of steps. As new information or data becomes available, the researcher may go back to previous steps and repeat them. This circular process allows firms to refine the scope and quality of the potential solutions. Additionally, the five-step process may employ multiple data collection methods that include surveys, focus groups, one on one interviews, interception interviews, observation, or a combination of any of these methods or other techniques (Kerin & Hartley, 2017).
3
The Importance Of Marketing Research
Market research definition
Keeps business focused
Reduces risks
Enables managers to be future oriented & relevant
Permits business growth opportunities
Knowledge is power. And in the modern global market, marketing research is not just helpful; it is essential to be successful. (Fletcher, 2013). Marketing research provides knowledge to industries by alerting them to their strengths, weaknesses, opportunities, and threats by providing detailed information about their market, their product, their audience, the competition, and possible opportunities and threats (Kerin & Hartley, 2017). According to Kerin & Hartley (2017), "Marketing Research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" (p. 206). These processes can improve a firms decision-making capabilities and reduce their level of risk. Such an analysis is important because it keeps the business focused on activities that fulfill their customer value proposition, fostering an increased level of relationship marketing. When companies are acutely attuned to the needs and demands of their clients, they can respond to changes in trends and customer preferences in a timelier fashion. Such det.
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Market Research Overview
What is the idea of using marketing research? The idea of suing market research is to offer excellent research enable people in life to understand and interpret products and services’ issues. Market research is used because companies need to listen to people understand and give the product or service meet their expectations. It is also important conduct market research to evaluate information that would benefit organizations to make better decisions and reducing risk. This research can help businesses to increase consumer goods, reach out to people about the company’s products and services. Researchers’ role is to collect data about case studies on subjects, such as consumers’ testimony on foo products like cookies. With this market research, it helps to develop questions on sample of consumers or employees on views of the majority of population. Market research is conducted the BIPAC market research report 2011-2012 case study. One of the focuses on this topic is dealing with improvement advanced in technology affecting all disciplines in the research world.
BIPAC Background
BIPAC is an organization provides important information regarding to their employees or constituents, by the government affects website or department. The members are trade and business associations in the business community. They plan to provide accurate information about strategy issues that affect the running and development of the business. The specific goal oriented strategy including affecting active impactful role in the policy making process in the public business sector. BIPAC conduct the Prosperity Project for any organization’s strategy for the website and other information on reaching out to employees about the activities occur in business in the report. The company surveys to gather information from employees’ views on increase awareness on making changes on issues that need to be resolved in this case study. The research problem is if the organization continues to not alerting employees about the issues, that need to be resolved this case study. BIPAC Market Research (2012) shows, “More than 500 responses represent many industries that are diverse organizational size and geographical including measurements of using tools, issues and political awareness, this also includes respondents involvement in political activities” (p.1).
The research question is how BIPAC company are going to make sure employees are aware of the changes that needs to be made in this business community? If, employees are aware of changes, how would they discuss their views of the changes, if they are not notice about the activities in the business community? To answer this question and resolve this problem, the goal is both Minerva Marketing, LLC and BIPAC will conduct surveys to collect employee’s voting answers on ways to address the issues in this business. Lauga and Ofek, (2009) indicates, “Market research may target the smaller niche segment with its.
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The key differences between the MDR and IVDR in the EU
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
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