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Market Research Implementation Plan: Research Tools Paper. Wal-Mart in India - Essay Example

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Market Research Implementation Plan: Research Tools Paper. Wal-Mart in India

Thus, the data is more reliable and tailored (Dillon, Madden, & Firtle, 1994) to the issue. On the other hand, research tools such as focus groups will also prove productive in accumulating second hand data that has already been acquired and published from some other purpose. Although, it is of a general nature; however, publications can provide insight into statistics, demand trends, demographics etc. In addition, this will be far cheaper than primary research methods in terms of both, time and money. In addition, information from relevant industry and trade associations should be gathered as they can provide vital data on industry specific needs. Usually, such associations publish statistical data that reflect the industry’s profits, economic trends, sales, ratios, and the like. Therefore, information through various industry publications should be obtained in order to identify the sales figures of various products in various departmental stores. Industry specific magazines and publications are a rich source of information of businesses and markets in a sector. All methods, be it primary and second research should employ market segmentation to segregate the customers into subgroups sharing similar characteristics, for instance by product, age, geographic, gender, region, techno graphic, personality (Dillon, Madden, & Firtle, 1994). Subsequently, techniques should divide their audience in the light of the market segmentation data and make surveys, observations, conduct focus groups and interviews aimed even more specifically at each segment. Moreover, all the four methodologies will help in obtaining descriptive and qualitative information on the Indian market Interviews and surveys will enable market information related to the local prices of commodities, demand and supply trends to be identified. In addition, interviews and surveys will identify market trends, market size related to all kinds of products to be offered in Wal-Mart, India. Local trained moderators should be appointed to conduct docks group proceedings. However, it should be ensured that the respective trainers are capable enough to lead these meetings in an unstructured way encouraging open-mindedness for respondents to offer their opinions. These groups can be used to discuss the viability of any other similar competing brands from abroad or the introduction of entirely new products. Moreover, focus groups can precisely delineate on how to develop, market, and make a product appealing for the local customers (Welch, 1985, p. 247). This will also highlight the potential acceptability of various food products in the Indian market. For instance, Hinduism and Buddhism, two of the primary religions followed in India prohibit eating meat; therefore, focus groups should be used to ensure that commodities offered by Wal-Mart do not conflict with the local Indian culture and values. A cheaper way to conduct focus groups is by relying on emails, web sites, and Usenet newsgroups. Simply posting questions to online forums can create significant discussions; however, discussions on the internet cannot be confidential. Nevertheless, online platforms might not be an effective indicator of average persons concerns as majority of the Indian population is below the poverty line; hence can’t afford computers. However, on the downside people in group environment often get influenced by other people’s opinion, leading to biased answers. Both formal and informal interviews should also be used by keeping the interviewers as low profile as possible. Indian population composes primarily of ...Show more

Summary

Both, primary and secondary research tools will be utilized to determine the extent and kind of demand for Wal-Mart in India. This shall be more productive as primary research tools such as interviews, questioners; observation …
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Market Research Implementation Plan: Research Tools Paper. Wal-Mart in India essay example
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