Ways Which Can Market Research Influence the Development and Implementation of Marketing Strategy - Essay Example

?Marketing Research In what ways can marketing research influence the development and implementation of marketing strategy? Does that mean that organizations that conduct market research will perform better than organizations that does not? Please provide adequate references and examples for each of the points in your discussion. Marketing research forms the essential basis of marketing strategy. This is because marketing research encompasses the exact details under which marketing of a product or service is ensured. This research comes about with a great amount of hard work and commitment within the related ranks. The marketing strategy depends a good deal on the research which has come about with the passage of time. The marketing research realms find out the exact dynamics of the market and then study the basis of how products and services would be targeted to the relevant market domains. The last part signifies the real role of the marketing strategy and how it has been instrumental at shaping up actions and behaviors by the people who matter the most within any marketing scenario. Organizations conduct marketing research so that they could know what kinds of preferences are being followed by the people who fall under the category of the target audience1 (Fahy, 1996). These elements are severely important because these emphasize the need for getting the act together to make the marketing strategy a success in the long run. However, if the marketing research realms are not properly worked upon, there would be serious predicaments within the understanding that is reached upon within the ranks of the marketing strategy that has been drawn up. There is a dire need to set things right within the marketing research dynamics so that the organization grows as a whole, and the business practices are given the required room and expertise through the proper inputs of the people who matter the most, and their preferences which remain quintessential on any given day. Marketing research is the amalgamation of data that has been taken over a period of time within the reins of business realms. It takes into account the qualitative as well as the quantitative details which are pursued for a particular area of study and hence the results are envisaged only after the research has been completed. Marketing research is a fact finding exercise and it requires extensive planning and allocation of much needed resources on the part of the researching party. The purpose of marketing research is to seek for answers that are raised in the wake of different queries and questions, all of which form the vital part in the implementation of the marketing strategy for an organization. There are two different marketing research methodologies – the primary research and the secondary research, both of which require extensive finding of data and knowledge on the organization’s part. The primary research methods include sampling through questionnaires, survey methods and one-on-one interviews. The questionnaires could be open ended where there is room for respondents to spell out as much information as needed or these could be close ended where the respondents are tied to certain answers from which they need to choose. These could also be mixed ended – having a combination of open ended and close ended questions and queries. The survey could be through interviews and questionnaires. This is basically a case of quantitative research where quantities and figures could be tabulated rather than quality which is judged through the use of secondary research methods. The secondary research methods include the usage of books, journals, websites, encyclopedia and other related information and knowledge which have already been sorted out and has been documented for pretty much the same purposes. Moving ahead further, a marketing strategy is a long term end point where the business organization wants to see itself in a particular duration of time. It indeed is the end goal where it wants to reach before it draws up another vision statement. The strategy is not set every now and then. In fact strategy is usually drawn in nearly two or three decades for any business organization and such is its impact that it lasts for a long period of time. It is an obvious that tactics and operational activities go hand in hand with the strategy – a position where the ultimate stability and success for the business would be measured in entirety. Therefore it is true to state that strategy has a long term and lasting effect, remains there in a lengthy notion and must not change in tactical moves and directions that are adopted by the business organizations every now and then2 (Elkin, 1998). Planning can help a particular company gain so much in accordance with its goals and objectives that had been planned and drafted but in the current times more and more attention and emphasis is making the rounds of the discussion as to whether these plans can actually deliver what was expected of them in the first place. The marketing strategy coins the foundation for the best practices within any organization and on this tangent; the company finds its way through. The company understands what it needs to do in order to harness its strengths and plug the weaknesses which are present within its domains. The qualities and tangents on which organizations are set apart from the visionary ones include their tact of dealing with the long term growth and expansion basis of the business regimes. These strategic organizations know what they are doing with the assistance of the marketing research within their working domains and they make sure that the leading industry players know what their aims and objectives are in the long run. They might not reveal much about the tactical level planning steps but the strategic, long term objectives are made aware to one and all. They have an attacking mindset where they try to exploit the weaknesses present within the competitors as well as play around the areas of strength that the competitors have all this while3 (Lowson, 2002). They like to have the first mover advantage whilst bringing out new products and/or services for the betterment of the eventual users as well as for their own good, speaking from a truly financial standpoint for the business organization. The visionary organizations thus have a lot of different qualities on which it can play upon from time to time and thus make a mark for its own self within the related ranks. 2. Discuss the following statement: “Quantitative research is more important than qualitative research because it results in statistical information and conclusive findings.” Use references to support your opinions. The quantitative methods of marketing research include the approaches that basically compute numbers and data, not concerning with the quality of the input which is being collected and rather focusing on the sheer quantity. It is for this reason that it is known as quantitative research methods. Both the quantitative and qualitative methods are made use of unison so as to reap best results which could be envisaged in the wake of different researches which are carried out from time to time. Quantitative methods are there to put forward the numbers while the qualitative methods understand those very numbers, hence the basic difference between the two of these. The quantitative methods are related with the statistics of data which is all related with facts, numbers, representations and so on4 (Linde, 2001). The quantitative methods take into perspective the statistical mechanics as well as the different methods of interviews based on varied theoretical regimes or hypothesis. After this, inferential techniques are made use of so that a proper order could be devised for conducting the very research. When this has been drawn up, there is a basis of finding the sample which will be studied in a close manner and after that inferences and examples could be drawn out, at the same time. Measurement in quantitative research is a problem right from the onset – when the data is gathered and hence it is significant to have software like SPSS as well as a number of others to help and facilitate the researchers through their respective endeavors all said and done. One could make use of both quantitative as well as qualitative data when the scenario requires the usage of both the approaches and when there is a need to go in detail as concerns to the data that has already been collected, analyzed and made available for one and all to see and gain understanding from. Qualitative and quantitative methods provide a quick fix solution if the same is missing when one of these methods are made use of in an individual capacity and hence there is a lot of room and chance for making best use of the available resources at hand in the best manner possible5 (Benz, 1998). Both quantitative and qualitative methods depend on each other for their complete fulfillment and the importance of the data that has been collected is analyzed in an efficient and most effective way if the amalgamation of these two approaches is set out in a proper and adequate manner and when there are no apprehensions as such6 (Phillips, 1981). Both need to co-exist with each other in the best of times so that their merger leads to success for the researcher and his field of study. Thus authentic research is a representation of the whole audience through the measurement of the sample size which needs to be selected in a correct manner. Adequate and proper research tabulates results which have been collected and does not seem to repeat the very same results every now and then7 (Watson, 2005). Thus, it is very significant to combine qualitative and quantitative methods so that the end result helps all and sundry with their research motives and objectives. Quantitative research could perhaps be credited with the kind of figures and statistics that come on display yet the essentials which are drawn up by the qualitative research is undoubtedly very significant towards the domains of the research that is being carried out. One could make use of both quantitative as well as qualitative data when the scenario requires the usage of both the approaches and when there is a need to go in detail as concerns to the data that has already been collected, analyzed and made available for one and all to see and gain understanding from. Qualitative and quantitative methods provide a quick fix solution if the same is missing when one of these methods are made use of in an individual capacity and hence there is a lot of room and chance for making best use of the available resources at hand in the best manner possible. Both quantitative and qualitative methods depend on each other for their complete fulfillment and the importance of the data that has been collected is analyzed in an efficient and most effective way if the amalgamation of these two approaches is set out in a proper and adequate manner and when there are no apprehensions as such8 (Hara, 1995). Both need to co-exist with each other in the best of times so that their merger leads to success for the researcher and his field of study. Thus authentic research is a representation of the whole audience through the measurement of the sample size which needs to be selected in a correct manner. Adequate and proper research tabulates results which have been collected and does not seem to repeat the very same results every now and then. Thus, it is very significant to combine qualitative and quantitative methods so that the end result helps all and sundry with their research motives and objectives. Both these kinds of research devices look at providing stability to the understanding of marketing research that has been reached upon. But what remains most important is the fact that quantitative research has a great amount of statistical information and conclusive findings enclosed within it, which remains to a minimal extent within the realms of the qualitative research. This is one of the most significant reasons why quantitative research is at times deemed more pivotal than the qualitative research. However within the context of drawing up the marketing strategy, it is always understandable to make use of both qualitative and quantitative research. This shall help in developing the basis of an organization in a number of ways as well as to make it sound comprehensive from all angles. Therefore, it is a given that quantitative research believes in more conclusive findings and statistical information, which remains an important element of understanding marketing research, which in turns serves in building the marketing strategy in the long run. Bibliography Benz, Carolyn R. Qualitative-Quantitative Research Methodology: Exploring the Interactive Continuum. Southern Illinois University Press, 1998 Elkin, Paul. Mastering Business Planning and Strategy: The Power of Strategic Thinking. Thorogood, 1998 Fahy, John. Competitive Advantage in International Services: A Resource-Based View. International Studies of Management & Organization, 26, 1996 Hara, Katsuko. Quantitative and Qualitative Research Approaches in Education. Education, 115, 1995 Linde, Ch Van. Qualitative Research Strategies as Prerequisite for Quantitative Strategies. Education, 122, 2001 Lowson, Robert H. Strategic Operations Management: The New Competitive Advantage. Routledge, 2002 Phillips, David P. The Complementary Virtues of Qualitative and Quantitative Research: Reply to Altheide. Social Forces, 60, 1981 Watson, Andrew. Business Unit Manager Influence on Corporate-Level Strategy Formulation. Journal of Managerial Issues, 17, 2005 Read More

 

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