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Market - Research Paper Example

The theorist implied that obtaining research from the entire population would be considerably expensive and injurious to a firm’s operations (Wiid and Diggines, 2009:56). His emphases were that a proper survey and random sampling of the population would present relevant data that would adequately provide information about the population. The following script argues out on the various concepts related to market research. 2. The Benefits of Sampling Sampling is a crucial process of accruing relevant data from the target population. As a researcher, sampling denotes the best approach to a study with the provision of different sampling methods for research. The methods range from probability and non-probability sampling, stratified sampling, quota and area sampling, and cluster sampling. The following are the benefits of a good sampling method. I. Time Researchers engage on marketing research to identify the factors and solutions to a business problem. This process requires an effective and efficient approach as delays may pose negative impacts to a company’s production, processing, and delivering of satisfaction to the final consumer (Czinkota and Ronkainen, 2007:38). Therefore, time is a beneficial tool in relation to the issue of marketing research, and to the establishment of viable factors for business progression and success (Wiid and Diggines, 2009:57). As a marketing researcher, the appropriate sampling method should be time effective and precise on obtaining the amount of data required. The essence is that a sample method determines the longevity of obtaining data for use in forecasting different prospects of the business. Whenever a sampling method takes a long time, businesses may fail external forces that may threaten to halt operations. For instance, the global market is competitive and a time-consuming sampling plan may draw the attention of rival competitors. II. Cost Research is a necessary tool in amassing information relevant in establishing the long range forecasts for a business’ operations. However, marketing researcher should intrigue and determine on the most effective approaches to conduct research. The ideal program shall depict a considerable and cost effective approach. Researchers should consider a cost effective mechanism that enables them to conduct the study within the stipulated amount of time. It is important to determine a minimum and a maximum amount of cost incurred as each edge reflects on different consequences (Czinkota and Ronkainen, 2007:39). For example, overspending in a sample plan may ruin a company’s profits and reserve amount thus; such a company becomes vulnerable to external threats in case of any occurrence. On the contrary, spending a minimized budget in the research may injure operations since researchers would not have the ability to access all the required sample population (Wiid and Diggines, 2009:58). III. Low Level of Non-response Researchers often encounter hindrances whenever conducting their studies. The research study determines the amount of response that researchers may draw from the interviewees. For example, a study that intrigues on determining a private aspect of live may limit the amount of response from the population. Forecasting on the viability of engaging a research tool is a complementary factor in determining the eventual outcomes. Therefore, study depicts that the best ...Show more


Introduction Market research is a salient tool for defining the viability of market offerings before and after introducing them to the market. Researchers should focus on defining the population encompassed in a particular sample and identify the sample group…
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Market research essay example
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