Marketing Research and Industry Paper 445

docx

School

Grand Canyon University *

*We aren’t endorsed by this school

Course

465

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by ChefJellyfishPerson2087

Marketing Research and Industry Paper Braelyn Ayala Colangelo College of Business, Grand Canyon University MKT-445: Marketing Research and Reporting Ernie Rahn January 21, 2024 1

Marketing Research Process and Industry For organizations to have the best opportunity at being successful, there is a need for marketing research. The process of market research refers to designing, gathering, analyzing, and reporting any data or information that can be used to identify an organization’s target market for consumers, (Burns & Bush, 2012). Many companies have utilized market research to gain the most insight into how they decide their marketing strategies. Although used by many, there are several concerns about the validity of marketing research. To address these concerns, the benefits and drawbacks of using market research firms, the codes and restrictions that promote ethics, the impact of technological advancements on marketing research, and the steps marketing managers take in designing market research projects will be discussed. Benefits and Drawbacks Organizations looking to utilize market research may utilize the services of market research firms. Utilizing their services can have many different advantages and disadvantages. Some of the advantages of using these services may include an unbiased third part opinion, it is time saving for the company, and the results are usually reliable due to proven methodologies. Since a firm hired to provide market research has little to do with the organization’s success, opinions and research will be unbiased and recommendation will be tailored to the brand, (Provoke Insights, 2022). In terms of saving time, organization may hire a firm so they can focus on day-to-day tasks outside of market research. This may go together with market research firms’ ability to know methods to research in a timely manner. Rather than an organization performing the research themselves, they can rely on skilled researchers to provide the information instead. 2

Though advantages of using the services of market research firms may continue, there are also many disadvantages. The first disadvantage is that these firms are costly to the organization. Firms must be paid for the resources they use, the time they take, the experience, and the result. For firms on a budget, this route of research would not be an option. Another disadvantage may be that only a small population may be targeted, (Indeed, 2022). For a specific business, market research firms may only be able to get data from a small portion of potential consumers which could increase risk for the organization. Overall, there are a handful of benefits and drawbacks to utilizing the services of market research firms. Codes and Restrictions To promote ethics within the industry, there are many codes and restrictions put into place. Some of these codes and restrictions include the prohibiting of selling or fundraising under guise of conducting research, avoiding misrepresentation and omission of pertinent research data, and ensuring clients and suppliers are treated fairly, (Burns & Bush, 2012). Another ethical practice put into place includes confidentiality, which ensures that researchers keep the identities of respondents anonymous to clients, (Burns & Bush, 2012). In my opinion, the ethical values practiced are necessary to the industry, however it is insufficient because there should be more. There are many risks involving marketing research which can be deemed from uncredible researchers, inappropriate data sets, unethical and illegal pricing of products, and invalid data being used in marketing strategies, (Masters, 2019). The industry should take more steps to avoid these issues and respect the privacy and vulnerability of consumers. Impact of Technological Advancement The advancement of technology has had an impact on marketing research and reporting practices. This includes the introduction of AI technologies, social media, computer administered 3

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

surveys, and more. Interviews and focus groups have been a prime method for marketing research. However, in efforts to collect data from larger audiences, the AI technology has provided a newly efficient way of research. New AI-driven tools have been introduced such as Natural Language Processing (NLP) and Machine Learning (ML). These tools can quickly and accurately categorize data from customers and can aid in anticipating industry shifts, (Pro Business Plans, 2023). Social media has impacted market research through easily seeing analytics of social media posts by specific companies. This includes seeing which audiences are most relevant to viewing their company such as females ages 18 to 25. Analytics are easily seen, for example, in social media apps such as Instagram or Facebook. Finally, computer administered surveys have become popular in reshaping marketing research and reporting practices. Systems such as computer-assisted telephone industries (CATIs), which automatically interviews respondents, are fast, error free, and may encourage more truthful answers from respondents, (Burns & Bush, 2012). These technological advancements have made marketing research and reporting practices easier for firms in terms of innovation, speed, and ease for obtaining data. Steps in the Design of Market Research Projects Marketing managers have a big role when designing market research projects. They take into consider risk-mitigation while increasing the quality and reliability of the data they receive. To ensure a project is low in risk and high in quality, many steps can be taken. The first step is to identify potential risk using a SWOT analysis or other forms of identifying threats or weaknesses in research. In this step, ethical and legal implications of research should be taken into consideration as well. This includes understanding the codes and restrictions mentioned. The 4

second step is choosing credible research methods and tools. This includes designing questions relative to the project that can be found through multiple resources. The third step would include continuing to monitor and control the risks throughout the project. Communicating regularly to the project team and participants and testing the data quality and validity are important throughout the time of the project completion. Overall, these three steps would be the most important for a marketing manager to focus on to mitigate risk while increasing the quality for a market research project. Conclusion Overall, the validity of marketing research can be assessed through understanding the benefits and drawbacks of utilizing market research firms, codes and restrictions to promote ethics within the industry, how the advancements impacted market research, and the steps a marketing manager could take to mitigate risk and ensure quality and reliability of data. Market research is incredibly useful for organizations to practice as long it is done in an ethical way. 5

Resources Burns, A. C., & Bush, R. F. (2012). Basic marketing research using Microsoft Excel data analysis (3rd ed.). Englewood Cliffs, NJ: Pearson Prentice Hall. ISBN-13: 9780135078228 Indeed. (2022, June 24). Market research: 8 Pros and Cons (plus definition and methods) - indeed . Indeed. https://www.indeed.com/career-advice/career-development/market- research-pros-and-cons Masters, T. (2019, March 1). Ethical considerations of Marketing Research . Small Business - Chron.com. https://smallbusiness.chron.com/ethical-considerations-marketing-research- 43621.html Pro Business Plans. (2023, June 14). AI market research: Unlocking the power of AI in Market Research . Medium. https://pro-business-plans.medium.com/ai-market-research-unlocking- the-power-of-ai-in-market-research-ec95f23df1cb Provoke Insights. (2022, April 14). The Pros & Cons of hiring a market research firm . Provoke Insights. https://provokeinsights.com/the-pros-cons-of-hiring-a-market-research-firm/ 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Marketing Research and Industry Paper 445

Related Documents