Market Research Business Methods

This essay sample on Market Research Methods Business provides all necessary basic info on this matter, including the most common “for and against” arguments. Below are the introduction, body and conclusion parts of this essay.

Evaluate the Market Research Method Used by a Selected Organization BY nali143 Dl – evaluate the market research method used by a selected organisation Introduction I am going to evaluate the market research methods IVe used in P3 to carry out my marketing research into the restaurant industry; I will talk about the strength and weaknesses of the methods.

In addition I will also give recommendations for improving the methods and Justifications for improving them.

Criteria Strengths Weaknesses Recommendation from improving the method Justification for improving the method Questionnaires The strength of questionnaires is it can give an insight into respondent’s thoughts and opinions and also cost efficient as it is inexpensive. The weakness of questionnaire would be that respondents may be influenced the researcher and therefore compromise its validity.

In addition questionnaires must be kept short to avoid confusing the respondent.

To improve the method of questionnaires in my research would be to use a bigger sample size than 20 as it does not give a much broader insight into people’s opinions. The reason I would need to improve and use a bigger sample size is that 20 sample sizes does not give much insight into people’s houghts and opinions as its too small and to improve my results I would need use a much bigger sample size maybe 300 at least.

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Office for National statistics (ONS) The strength of using ONS statistics is that it’s a reliable source and well researched and doubled checked to make sure it’s correct.

Market Research Methods Business

The weakness of ONS would be that it is time consuming as ONS produces wide range statistics from economy to market industry statistics. For example as I was researching for Maliah Miah into the restaurant industry, I had to browse ONS website and find the information that specific and relevant to my research which took I a bit of time. To improve this method I recommend using the search engine provided by ONS website to narrow down the information relevant and specific to your research.

The reason this method needs improving is that it can be really time consuming to browse the ONS website for hours looking for information that is relevant to your research so it would be quicker using search engines to narrow down the information by typing into search engine bar. For example if you’re looking for statistics related to the restaurant industry you would type “restaurant industry’ which would return a hit and results elated to the restaurant industry and then pick out the information relevant to your research.

Internet The strength of using the internet for your research is that you have access to wide range of information; it’s also fast and time efficient. The weakness of using internet if the information you’re looking at is correct and up to date. To improve the method of using internet for your research , I would recommend checking the reliability of the information you’re looking and cross check your results to make sure that they are correct , in addition also check the time and date the information was last updated or odified as this gives you an idea of the accuracy of the information.

The reason you would need to improve this method is that if you’re carrying out a research , your information needs to be reliable , up-to date and accurate and if it’s not your whole research ceases to be valid as it cannot be relied on to make decisions. Keynotes The strength of using keynotes for your research is that its reliable and accurate as it’s produced by the city of business in Moorgate. In addition it records trends over the years and since its collection of information it’s easy to analyse.

The weakness of sing keynotes for your research are its time consuming to find specific information that is relevant to your research and also it may be expensive as you have to purchase it from the city of business library in Moorgate. My recommendation for improving keynotes as a method for your research would be to look at the index page and the contents page to find the relevant information that specific to your research. Using the index you can alphabetically pinpoint the information you’re looking for and turn to that page to read about and implement the information into to your research.

My Justification for improving this method is that it would easier and not time consuming to pinpoint and find the information that specific and relevant to your research. No one wants to sift through lots of information to find the date theyre looking for as this would not be time efficient method so using the index and contents page to find the information you’re looking for would save time and make the researcher time efficient Stages of research The strength of the stages of the research is that it’s concise and easily laid out timeline which shows when each aspect of the research would be completed.

For example stage one of the research which research brief would be completed by 5th march 2013 followed by stage two which should be completed a week later on 12th of march 2013. Stage two :Define the issue The strength of the stage two: define the issue is that you’re able determine problem presented by your client and plan the ways you to solve those problems and carry out your research.

Stage three: set objectives The strength of setting objectives is that it gives you an idea of you want to achieve by the end your research and also serves as guideline of what you need to cover throughout your research Stage four: write a research proposal plan of work The strength of writing research plan of work is that you as the researcher are able to specify the information you need to collect for your research and the timings for collecting each aspect of your data.

Stage five: collection of data The strength of stage five is that you’re able to gather the date you intended to collect for your research using the timings and the methods specified in stage four The strength of stage six is that once the researcher has collected his data, he is able to analyse and interpret the results from his research and also clarify the uantitative and qualitative data he acquired.

Stage eight: Re-evaluate the market research The strength of stage 8 is that once the researcher has completed his research his able to look back in hindsight and look at anything that may have been missed or could have been done better as this could provide useful feedback for his next research and implement the things he could have done better and missed out. The weakness of using the stages of research time line is that one of aspect of the research stage may take longer than week which would mean the delaying of the other aspects of the research which would not be time efficient and cause onfusions.

I will list the weakness of each aspect of the research below Stage two :Define the issue The weakness of defining the issue is that if the researcher does not truly understand what research to carry out, it will lead to the researcher undertaking inappropriate and irrelevant research that is not relevant to the client. Stage three: set objectives The weakness of setting objectives is that if it’s not realistic and measurable it cannot be achieved. In addition if the researcher does not clarify what needs to be covered, it could cause confusions and therefore cause delays in carrying out the research.

The weakness of stage four is that if the researcher does not specify what information to collect , how it’s going to be collected and when to collect , it can cause confusion and delay the research therefore its paramount to establish the timings and the data that needs to collected. Stage five: collection of data The weakness of stage five is that if the researcher does not clarify the objectives and the data that needs to be collected it would lead to him collecting irrelevant information and unnecessary data.

Stage six: Analysis and evaluation The weakness of stage six is that if the researcher has collected irrelevant and nnecessary data his research ceases to be valid therefore the client cannot trust the results of his research as its validity has been compromised. Stage eight : re-evaluate the market research There isn’t any weakness in evaluating the market research as you are Just going back to your research to see if youVe missed anything that you needed to cover or any other aspect of the research you could have done better.

My recommendation for improving using the stages of research would be to have trial run before you undertake or carry out your research as this not only prepares but also gives the esearcher an idea of how long each aspect of the research would take in terms of time. Stage two: Define the issue he completely understand the issues before carrying out his research. Stage three: My recommendation for improving stage three is that the researcher ensures that he is using the SMART method and clarifies all the objectives he needs to cover.

My recommendation for improving stage four is that the researcher sets out a timeline covering all the information that needs to collected, when it needs to collected by and how it’s going to be collected. Stage five: collection of data My recommendation for improving stage five is that the researcher clarifies the objectives and which data needs to be collected. My recommendation for improving stage six is that the researcher avoids collecting irrelevant data by ensuring he understands which data needs to collected and the objectives he needs to cover.

Stage eight : re-evaluate the market research My recommendation for improving stage eight is that the researcher ensures he covered all the objectives and collected the data to avoid missing anything. My Justifications for improving the stages of research method would be that it’s a ood idea for the researcher to first have trial run as it gives the researcher an idea of how much time stage of the research requires, this then allows the researcher to plan his research time efficiently and avoid delays and confusions.

Stage two: Define the issue My Justification for improve stage two is that if the researcher completely understands the issues , he will be able to avoid carrying out irrelevant research that is not specific to his research and therefore the researcher does not waste his time undertaking irrelevant research. Stage three: set objectives My Justification for improving stage three is that if the researcher is using SMART method to set his objectives it’s realistic, measurable and therefore achievable and also if the researcher clarifies the objectives he needs to cover he is avoiding the confusions and the delay it would cause if he didn’t.

My Justification for improving stage four is that if the researcher sets out a time line covering the data that needs to be collected, when to collect the data and how it’s as it ensure the smooth undertaking of the research. Stage five: collection of data My Justification for improving stage five is that if the researcher clarifies his bjectives and the type of data that needs to be collected it helps him to avoid collecting irrelevant data therefore ensuring the validity of his research is not compromised.

My Justification for improving stage six is that if the researcher ensures he completely understands the data the needs to be collected and the objectives he needs to cover will help him avoid collecting irrelevant data therefore not compromising the validity of his research. Stage eight : re-evaluate the market My Justification for improving stage eight is that if the researcher double checks and nsures he covered all the objectives and collected all the data will help him avoid missing anything and therefore making sure his research is completed.

Conclusion In conclusion, I believe the marketing research methods of questionnaires, keynotes, internet, ONS and research stages are all paramount in assisting the researcher to efficiently and effectively to carry out his research and also asses the validity and accuracy of his research. in addition using the recommendation and Justifications I provided , the researcher will be able to better research data and ensure the validity and accuracy of his information is not compromised.