Data Gathering and Market Research
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Write a paper regarding data-gathering and market research.
Assignment Description: You may choose quantitative, qualitative methods, or both. Feel free to pick a service or product that you feel could be marketable and profitable for your organization. In this paper you are to fully discuss the process for gathering your data, how to interpret the data that you have gathered, and how you will analyze and apply the data is appropriate to a proposed marketing plan.
SAMPLE ANSWER
Data Gathering and Market Research
In the past century, the debate of quality detergent products has been wagging on the lips of many individuals. The information entailed herein provides vivid background details of the research process conducted, and an interpretation of the information gathered. It also provides an analysis of the research data for the manufacture of highly sustainable and better quality detergents in the market.
For starters, the company has been searching for ways to make a market statement through the sale of washing detergent. This has been met by numerous obstacles ranging from a very competitive environment by similar pre-existing companies manufacturing the same product to the presence of counterfeit washing detergents. The company resolved to conduct a market research study to capitalize on the market demand and profit realization (Creswell, J. W., 2013). The research was conducted by ethical means and provides an in-depth look at the nature of the product and its influence on the ever-changing market.
In conducting the research, various research methodologies were put into an account in the collection of viable information. It was conducted in a metropolitan region and the nearby suburban areas with over two thousand participants to be credited. This location was an ideal area and provided the right type of information that would be very useful once the analysis process of the study was reached. Some of the methods used to collect the data included oral interviews from respondents, provision of questionnaires, surveys, newspaper articles and journals just to mention a few.
The research process was conducted in a two week period. This necessitated the use of numerous resources for the provision of efficient and reliable information that would be used by the company in its motive of realizing the customers’ needs and satisfaction.
During the research, individuals from the area of study were provided with questionnaires that they were required to fill both accurately and candidly. It should be noted that a one major highlight from the research study was that the subjects who participated did it voluntarily. The few who declined purported due to personal restraints that could not be overcome. The institutional review board approval was in fact obtained from the research agency in which the study was conducted to conform to the regulations of the research. The questionnaire contained information concerning the company’s product about other similar products from other companies.
This was used to gauge the product’s sustainability in the market as well as the level of demand among its users. The results were then collected and analyzed for credible results. Secondly, the other method used in collecting data was through individual interviews. This not only provided firsthand information but also offered an in-depth perspective of the buyer’s thoughts about the product (Wedel, M., & Kamakura, W. A., 2012). These interviews were conducted by ethical procedures and were carried out on over seven hundred participants. The views were either recorded through audio and video or by note taking. It should be clarified that the views received were neither biased nor mitigated for credibility purposes.
The other method used to conduct the research was through newspaper articles and journals. Some of the data collected from the articles dated over ten years ago. Information on the articles collected included details of the shortcomings of former pre-existing products or companies, the challenges faced by some of these companies and pricing details about these products. One major highlight on the information from the articles and journals was stiff competition from foreign detergents in comparison to the locally produced. This was evident from the many advertisements that were present in the local dailies.
Moreover, government records disclosed the high importation of foreign detergents that are flooding the market scene. It was discovered that close to thirty-six percent of the available detergents in local stalls and shops were imports of the product. Thus, locally manufactured detergents face stiff competition that necessitates the need for adequate advertising and
The company also conducted a survey on its products on the market. This was time-consuming since required a lot of information from the users’ perspective of the product. The outcome was of mixed reactions since many individuals had contrasting views upon the survey. The methodology for conducting the survey was through T.V advertisements, posters and their general views about the detergents
For data consistency and clarity purposes the company also had to implement observation as a means of collecting information about the detergent. The company resolved to use individuals within its ranks to have a reflection of the product’s demand in the market (Easterby-Smith, M., et al, 2012). This involved sending selected individuals to a variety of stalls and shops to oversee the level of purchase and the availability of the product among its esteemed customers. They also had the added role of talking to the customers on their knowledge of the product and their personal views about the changes that perhaps need to be effected on it.
This, of course, was met with some challenges that might have inhibited information that would have been very essential to the company’s chief goal. One of the obstacles encountered was the reluctance of some individuals to express their views due to personal constraints. Moreover, some the stalls that were part of the research were not welcoming claiming it was part of their security protocol to bar strangers from collecting data relating to their stock and pricing
The findings showed a relation between the demographics of the regions and the customer demands for the product (Bryman, A., & Bell, E. 2015). It was noted that close to 48 percent of the locals in the sub -urban areas were not fond of using washing detergents while doing their laundry. This means close to half of the population preferably used ordinary soap only or nothing at all.
Therefore, mass sensitization needs to be effected on the benefits of using washing detergents. The interviews carried out proved quite evidently that the product was familiar with the locals and received several accolades from all corners. Despite the fact it is new in the market, most of the respondents preferred it in contrast to the rival products.
In contrast, some of the respondents questioned the supply of the products since it was inaccessible in most of the local stalls. This was also met with the user’s preference of local pre-existent products that are firmly becoming a monopoly. The respondents showed an interest in older local detergents that have shown success over their period of existence. The survey conducted also showed that the locals have an interest and approval in new products that was quite commendable by all manner.
For the success of any product in the market, user needs have to be met by all standards. Therefore, the products need to be in reach of the customer for the company to realize the profits (Miles, M.B., et al. 2013). One approach in providing sufficient service to the customers is by satisfying the users’ needs. It involves the provision of sufficient information about the product in this case and giving an indication of why your product is of better quality.
With respect to the results from the data collected is an analysis of the research process. It provides a summary of the research findings and an in-depth look. First and foremost, for the company to establish a profitable approach in its quest for delivering its products, some structures need to be in place. One of them is proper advertising, as is in the case of suburban areas.
It was realized that close to 22% of the respondents had little or no knowledge of the detergent. This could be attributed to poor advertising methods since there were no posters or any form of advertising media available in this area. Therefore, this necessitates the creation of avenues for advertising the company’s products.
Despite the increasing number of imported detergents, locally produced detergents are very much popular and appreciated by the users. The survey conducted indicated about 57% of detergent users preferred using locally manufactured detergents in comparison to those imported. It was also discovered that many people opted for washing detergents rather than ordinary soap due to the added advantages such as the removal of stains and the scent effect after a thorough cleaning.
In summary, the research was conducted provided a significant amount of information. The information submitted by the study was acquired through ethical means and considerations were put into the research methodologies of the study. Once the information is obtained company will use the information to meet its prosperity goals.
References
Bryman, A., & Bell, E. (2015). Business research methods. Oxford university press.
Creswell, J. W. (2013). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Easterby-Smith, M., Thorpe, R., & Jackson, P. R. (2012). Management research. Sage.
Miles, M. B., Huberman, A. M., & Saldaña, J. (2013). Qualitative data analysis: A methods sourcebook. SAGE Publications, Incorporated
Srinivasan, S., & Hanssens, D. M. (2009). Marketing and firm value: Metrics, methods, findings, and future directions. Journal of Marketing research, 46(3), 293-312.
Wedel, M., & Kamakura, W. A. (2012). Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
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