Answer To: 2 1 Market Research Project Plan NatureCare Products Written and prepared by: Purpose Detail the...
Amit answered on Sep 23 2021
Running Head: MANAGE MARKET RESEARCH 1
MANAGE MARKET RESEARCH 3
MANAGE MARKET RESEARCH
Table of Contents
QUESTION 1 4
QUESTION 2 4
QUESTION 3 4
QUESTION 4 5
QUESTION 5 5
QUESTION 6 6
QUESTION 7 6
QUESTION 8 7
QUESTION 9 7
QUESTION 10 7
QUESTION 11 8
QUESTION 12 8
QUESTION 13 9
QUESTION 14 9
QUESTION 15 10
QUESTION 16 10
QUESTION 17 10
QUESTION 18 11
QUESTION 19 11
QUESTION 20 11
QUESTION 21 12
QUESTION 22 12
QUESTION 23 13
QUESTION 24 13
QUESTION 25 14
QUESTION 26 14
QUESTION 27 14
QUESTION 28 15
References 16
QUESTION 1
Locating the issue an organisation is facing, which has led it to conduct market research and defining that issue is the first step in market research. Next, the researcher has to provide a series of research objectives in forms of research questions, theories or official statements. Afterward, a research design has to be developed for the study per the necessary data collection. A sample means a small part of the population to derive the data to represent the whole population, which is the fourth step (Palmatier, 2017). Collecting data comes after this followed by its analysis. The final step is to conclude a statement based on the findings.
QUESTION 2
Raw data needs to be processed to sort out the important parts and excluding the irregularities before analysing it. The four methods of data processing involve scientific processing, manual vs automatic processing, online, and real-time processing. Raw data is processed by topic and data experts scientifically to exclude the errors, which may affect the conclusions in scientific processing (Rahi, 2017). Manual processing means bookkeeping the raw information and sorting it manually while the automatic process is done via computer applications. Online processing takes the help of data servers and processing data software to finish the task. In real-time processing data needs to be collected at once, it happens and sorted out immediately.
QUESTION 3
When a researcher collects data for a study from one or multiple primary or first-hand resources, it is called primary data. Primary data includes information collected through interviews, surveys or experiments (Woods, 2016).
Four techniques of primary data collection are interview, schedule, observation and questionnaire method. The researcher contacts an individual and interviews face to face for the first technique. Schedule method is when the researcher ensures that each respondent knows the aim of the questionnaire and any difficulty has been removed beforehand considering the crowd.
For the third, the researcher uses his observational findings and concludes data based on it. The fourth technique is also a set of questions or questionnaires presented to respondents but without any prior scheduling and in a more random manner.
Interview and observation methods are qualitative whereas schedule and questionnaire methods are quantitative (Mirabi, Akbariyeh, & Tahmasebifard, 2015).
QUESTION 4
If a researcher collects data from second-hand sources, and the same data, which has already been collected by another researcher using primary resources, then it is identified as secondary data. Secondary data is any information collected from the internet, data published by government websites, or journals.
Two major methods of collecting secondary data is from newspapers, journals, transcripts, etc. for qualitative data and from financial statements, the government published census reports or survey reports of a case study, and statistics for quantitative data (Sinkovics, Richter, Ringle & Schlaegel, 2016).
QUESTION 5
Most commonly used methods for qualitative data analysis are—
Narrative analysis: interview, survey responses, and observational contents are analysed using this technique to derive necessary information from it, which would answer the research questions.
Grounded theories: in this type, the events, phenomenon, and responses are analysed using qualitative data to figure out the possible explanations from it. Afterward, the explanations are altered by changing the circumstances to fit into the research objectives and the case study.
For quantitative data analysis, the methods are—
Interferential analysis: the researcher takes into account all the variables and relates them to each other to produce outcomes and probable predictions.
Descriptive analysis: the collected variables are taken and summarised using several procedures to generate numbers and to identify the patterns (Tumele, 2015).
QUESTION 6
Market research becomes more accurate when it includes both qualitative and quantitative data. Qualitative is often used in cases in which information cannot be derived from quantitative approaches. Moreover, quantitative outcomes are utilised to realise, which part will be rejected; and vice-versa. Even theories concluded from qualitative approaches can be verified via quantitative. Furthermore, a conclusion becomes even more useful when one type of method can be used to predict probable data, which will be derived from the other one. So the company prepares itself beforehand and come to a more logical and effective conclusion from the research.
QUESTION 7
Exploratory is one type of research design, which is utilised when the previous outcomes and developments of an organisation were not sufficient from the previous market research designs. This design allows the researcher to generate objectives that would suit the company’s goals and missions and the issue, which has been figured out (Gog, 2015). Thus, the outcome becomes more suitable and effective for the operational issues while keeping the company targets in mind. The exploratory design provides a better data collection method and analyses. The result will be an extremely beneficial conclusion along with certain cautionary aspects. Secondary data research is one of the most common techniques of this design.
QUESTION 8
The observation method is most beneficial when the participants are observed using a certain product or facility in their comfort zone and their immediate reactions. The ethnography in market research allows a more systematic method to derive more accurate and free of bias or subjectivity outcomes. Ethnography keeps the observer more systematic and thus, his statements and judgments based on his observations are more truthful and valuable to the study. One fault in the judgment may alter the conclusion. The participants’ reactions are examined carefully and gaps are figured out, which would draw more customer satisfaction. The gaps can be used to make revolutions in the business.
QUESTION 9
Casual research is mostly used in business planning procedures. The researcher looks at an event that is an effect of another event and then examines the effect event to come to valid conclusions (Kohtamaki, Rabetino & Moller, 2018). The events may a variable collected from previous quantitative data or a statement of reactions derived from the qualitative investigation. For instance, if a company wants to change one aspect into their work environment or work culture or business operations to affect the company or its employees, it has to look at the effect that change may cause to the business and its future operations by predicting the most possible outcomes.
QUESTION 10
When the researcher or the investigator interviews and asks for responses directly from...