Week 8 Assignment

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American Public University *

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400

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Marketing

Date

Feb 20, 2024

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docx

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1 Instructions The research paper for your term project is due this week. Your term project research paper may address any topic covered in this course that is of interest to you as long as you include the following.  Frame your topic as a business problem/challenge  Discuss how marketing research is used to identify and exploit business opportunities  Examine the role of ethics incorporating concepts from the field of marketing and psychology  Discuss how combining marketing and psychology perspectives/methods would contribute to the resolution of the problem/challenge  Justify the importance of the problem/challenge in a social or global context  Include a limited quantitative discussion and analysis of the business problem/challenge (be sure to incorporate accurate calculations, estimates, risk analyses or quantitative evaluations of the problem/challenge)  Appraise the sources of information utilized in the assignment. The paper is to be 5 - 7 pages of content and is to follow APA style. You should have at least 5 references from professional publications. Your research references should be primary works from professional publications. Remember that your paper must use APA style. Here are some APA sources you should review. Use APA style for all your paper.

2 Term Project Research Paper Student Name MKTG400: Marketing Research Dr. Thomas Schaefer November 26 th , 2023

3 Term Project Research Paper For this week’s assignment, I will be discussing the potential problems faced when attempting to determine a sample size when conducting a survey, and how to develop a proper sampling plan for effective marketing research in trend analysis and product trends in the market. This paper will include research on how to process data received from a survey and when to use methods of sampling based on the subject of interest. Since a sample only reflects a small number of a population, it is important to understand which groups are being surveyed and what variables may be affected in the data. With this paper, I will be explaining how to best choose a sample including the size, population distribution, and how to conduct informative market research to produce the most effective data. Primary & Secondary Research In any business or organization, marketing is extremely important for businesses to establish their presence in the market and reach the targeted market. Marketing tools help create brand awareness, drive growth in the market, reach and obtain customers, and improve overall engagement with a brand (Emeritus, 2023). The marketing mix contains internal factors (price, product, promotion, and distribution) and environments (economic, political and legal, cultural and social, and competitive and technological environments), which allow businesses to identify their objectives. Research allows businesses to have a greater understanding of the market and consumers’ buying habits, therefore providing data on how to proceed in the market. There are two main types of market research to aid businesses and their objectives: primary and secondary research. Primary research is conducted when data or information is gathered for a particular product or hypothesis and needs to be collected specifically for consumers or businesses (Stokes, 2012). Secondary research uses existing, published data and research that is not specific to the

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4 problem or objective at hand. Utilizing secondary research is helpful when conducting primary research because it can provide information that may be relevant to sample size and audience, or even used as a reference to measure the accuracy of the primary research (Stokes, 2012). Understanding the differences between primary and secondary research can help researchers identify which method is the best use of their resources and survey methods based on what information is needed. Benefits of Marketing Research Market research is a process that aids business decisions by systematically gathering, recording, and analyzing data and information about customers, competitors, and the market (Stokes, 2012). Using this information allows businesses to design better products, improve user experiences, and create a successful marketing strategy. Marketing research provides information that will help identify a problem or opportunity and assists managers with determining the best possible solutions based on research findings (Mishra, 2008, pp. 4). Primary research is timely and can become very costly in order to get accurate and broad results. Secondary research is the most cost-effective option since it has already been collected, so it is important to evaluate costs and objectives of the research. Market research helps businesses and decision makers study the factors of buying decisions in a market, profitability of the business, and competitors in the market. Utilizing the data and information collected will improve marketing decisions, identify opportunities or problems, and assist managers in making the best possible decisions. If done correctly and efficiently, market research can determine the success of an organization and its products in the market. This leads us to difficulties in collecting data and information, and what methods may be unethical. Marketing Research & Ethics

5 As discussed, there are many methods of marketing research and gathering information on potential or current consumers in the marketplace. With many avenues available to gather information, there are many opportunities for ethics to be blurred or disregarded by the researcher. Moral issues in marketing are important because marketing is expected to identify, anticipate, and satisfy customer requirements profitably, which sustains the interface between consumer preferences and companies market aspirations (Carrigan, et al., 2005, pp.6). While there are many views on ethics and the moral responsibility for businesses to protect consumers, ethical standards should be practiced by businesses in order to protect their consumers, as well as build a strong reputation for being an honest and ethical brand. Many consumers today value businesses moral and ethical views, and marketing concepts should satisfy consumer preferences for their wants and needs while creating profit for the business. Honesty in business retains the existing customers and provides the opportunity to gain more. Psychology has been a key component in research aiding in understanding behavior or emotions towards the subject of interest. When discussing surveys and ways to examine proposed questions, psychology is often used to create a baseline for human emotions and behavior in relation to the subject. This can be a difficult variable to assess because it can’t provide scientific analysis, rather, it attempts to predict behavior based on uncontrollable factors in the market (Mishra, 2008, pp.19). This research can be valuable in addition to the scientific methods used in marketing research but should not be used as a definitive result of a study. Disadvantages to using this method include potential biases or even interviewees not answering truthfully which could hinder the results of the study. In concerns with ethics, the researchers deal with potentially sensitive information which will be used to form an analysis of the study.

6 The privacy of participants in the study must be protected and making sure any public information shared will not violate moral or ethical responsibilities of the business. Marketing Research in a Social Context In today’s society, the use of technology and the internet has become increasingly advanced and an aid to the business world. Businesses are able to reach consumers and potential partners all over the world efficiently and effectively. Consumers are also able to purchase goods from their homes, conduct research on companies and products they may buy, and compare the goods and prices against competitors in the same market. This level of advancement in technology and the internet are beneficial to both businesses and consumers. Primary research provides researchers and companies with information about the trends seen in the market and creates hypotheses for what may happen in the market in the future. Research can be a reliable and effective way to get information about people’s emotions and attitudes towards the topic of interest for the researcher. There are many factors in the social context for marketing including age, race, geography, or religion that could affect trends in the market. Understanding these factors and conducting research with these in mind will provide more accurate and precise data. In reference to the business problem illustrated previously, these social factors can be a great way to separate the population and create clusters to collect data on. A sample is a subset of the population that is used to make estimates about the population and is the best way to get information on a population by using the best sample size and subgroups. Once the differences in the social factors have been identified and organized respectively, the researchers can develop a sampling plan. A sampling plan is an outline of how the company intends to gather data to fulfill marketing objectives which could include: sample size, data collection method, quantitative research methods, and execution of the sampling plan.

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7 The goal of the research may differ and require different subgroups, so it is important to create the best sample based on factors of the population. The data collection method may include phone calls, surveys, interviews, focus groups, etc. Sampling methods can be divided into probability or nonprobability samples, determining whether they are selected with random processes or not. Sampling methods that are commonly used include stratified sampling, cluster sampling, and stratified sampling. Once the sample and method of sampling has been chosen, the procedures can be created followed by execution of the sampling plan. Surveys and sampling present many difficulties and potential errors that could be made when conducting research. A sample should represent key characteristics in the population to best serve the objectives of the business, provide sufficient accuracy in the sample, save time and effort, and represent usable data. Problems that could affect the business’s marketing decisions are that the results may not be interpreted effectively, the sample chosen was not the best to illustrate the common consumers, and the estimation did not portray the needed parameters to make a confident decision. Selecting a sample of a population is extremely important in order to provide reliability, validity, and at a defined confidence level. Quantitative Discussion and Analysis of Marketing Research When conducting marketing research, quantitative methods may be useful to gather information about specific topics or questions that could be cost-effective and save time. Analysis of marketing research is important to understand the findings in the surveys that were conducted. The discussion and analysis include the results and outcomes of a study that will help interpret and explain the significance of the findings in the study. These findings may provide a solution or discover a flaw in the current process. Statistical tools are often used to analyze the findings of a study. Statistics help understand the significance of marketplace characteristics by

8 reducing the uncertainty of management decisions by identifying measured variables that are managerially significant and statistically significant from one other (Silver & Wrenn, 2013, pp.207). Using statistical analysis methods provides decision-makers with several methods to test theories and innovative ideas with alternative solutions. Statistical tests include sample size, variability and reliability of data, and confidence levels desired in the results. Understanding if test results are statistically significant or not will help marketers determine whether the change being tested will impact the marketing campaign or not and can improve confidence in marketing decisions. As discussed, determining the sample size with a defined population and limited bias is very important. An example of a good sample size could be the population of graduates in the last 3 years. You could separate the population first by gender (male, female, other), age (18-25, 25-30, 30-35, and 35+) and the type of graduate (bachelors, masters, doctoral). This defines a sample that is representative of the entire population, and the findings can be generalized back to the population. Paying attention to the defined population and following the proper sampling techniques will help to eliminate errors. To conclude, there are many aspects of a sample and survey that can affect market research and ultimately the decision-making process of management. There are many methods to obtain data through research, and it is important for the researcher to identify their objectives in order to use the best method. Market research is essential to gathering information and applying it to the best possible marketing decisions. Utilizing the data and information collected throughout the research will improve marketing decisions, identify opportunities or problems, and assist managers in making the best possible decisions.

9 References Carrigan, Marilyn., Marinova, Svetla., & Szmigin, Isabelle. (2005). Ethics and international marketing research background and challenges . Emerald Group Publishing. Emeritus. (2023, September 4). A comprehensive guide on Marketing for Business: 5 key elements. https://emeritus.org/in/learn/what-is-the-importance-of-marketing-for-business/ Mishra, M. N. (2008). Modern marketing research (Rev. ed.). Himalaya Pub. House. Silver, L. S., & Wrenn, Bruce. (2013). The essentials of marketing research (3rd ed.). Routledge. Stevens, R. E., Wrenn, B., Sherwood, P. K., & Ruddick, M. E. (2008). The marketing research guide (2nd ed.). Routledge. Stokes, R. (2012). eMarketing - The Essential Guide to Online Marketing V 1.0. Saylor Academy.

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