In order to formulate proper strategies for a particular market, prior research is necessary. It is not possible to use same marketing strategies everywhere even for the same product. The buying habits of the consumers…
For example, Benz cars are one of the costly vehicles in the world. So it can be successfully implemented in developed or developing countries whereas it might not be an ideal choice for the people of underdeveloped countries. Consider Benz is trying to introduce their expensive vehicles in Indian market. In India, different geographical regions have different type of economies and Benz need to account for these geographical economical and cultural differences before formulating their marketing strategies. Sachin Tendulkar might be a better brand ambassador for Indian conditions whereas he may not be the same in Chinese conditions. Thus marketing is a complicated task which needs lot of researches and analysis for the successful movement of the product in a particular region or market. Millions of dollars spent for the market research and analysis by the marketers which lead towards a situation; analysis paralysis.
Primary market research is based on the data collected directly from the market. It is classified into two categories; qualitative and quantitative based on the characteristics of the data collected. ‘Gathering of descriptive information, usually representing verbal or narrative data through open-ended interviews or focus groups usually come under qualitative data whereas gathering of numerical information that can be analyzed statistically through surveys come under quantitative data’(Small business notes, 2009) Open interviews composed of descriptive questions often used to collect qualitative data. The probability of answers like ‘Yes’ or ‘No’ would be avoided while formulating questions for collecting qualitative data through interviews. The interviewees would be forced to open their minds and to answer questions with more details if the questions are designed correctly. The greatest benefit of qualitative research is its ability gather data about the common trends, emotional motivators, and general likes and dislikes of the ...
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