Market Research Individual Assignment - Essay Example

The problems that a business might face at one point in time are very closely aligned with how well its market research has been conducted. This means that the issues which plague it in several different divisions are given significance. This will make sure that the market research comes to the rescue of the people who are concerned with the business domains and settings. If the market research is conducted properly and used in an adequately sound way, there is no reason why a business should find itself behind the intelligence measures, which are so required in the time and age of today. Even though market research is divided into primary and secondary research, the fact of the matter is that both of these remain very pertinent towards gaining an understanding of the business dynamics, as has been evidenced through research and practice. The primary research finds out where the personal observations and direct experiences are made use of within the business enterprise, yet the secondary research has more credibility – coming in directly from established sources like books, journals, periodicals, magazines, websites, newspapers, and so on. The basic difference between the two is that the primary research is conducted separately for every project that is run within the business settings while the secondary form of research comes with knowledge, time, and experience.

How these market research domains can benefit the business is open to several perceptions and perspectives. Some believe that it has the little scope and is of minimal practice, yet the majority of the people hold the opinion that it is indeed a very essential barometer of finding out where success lies within the business regimes and what more could be done to exploit the very same in the coming times. When the top management wants to go ahead with a particular project or undertaking, it needs to make sure that it has covered itself in several different ways, most significantly through both primary and secondary research bases. In essence, the role of the top management is of dire consequence to the overall success or the complete lack thereof of the business domains. If this is ensured, many tasks would be completed in an easy-going way (Douglas, 2000). The top management needs to know what mistakes it is making in the wake of the market research initiatives which remain important, and if these are not taken in proper accordance, then there could be serious repercussions for one and all within the realms of an organization.

The various types of data that are made use of within an organization comprise of its understanding as to how and where this data will be made use of. What this suggests is the fact that such data measures are handled differently by the varied departments within a business enterprise and are looked after well by the ones who are most closely associated with the same. Certain data is geared to suit the needs of the stakeholders while other is related to what the employees would like to have for the successful completion of their tasks and jobs. This is a classic case of finding out where the data could pose as a hindrance without which there could be drastic results leading up to the results in essence. Data, therefore, needs to be given the consideration that it so richly deserves because it forms the basis of determining how results will be chalked out, and how the same will form up further areas for growth and development, as far as the organizational tenets are related. To suggest the qualitative research finds out the better of the two research mechanisms which are employed. Since qualitative research finds out the more important of the two between quantitative and qualitative, it goes a long way towards detailing how well the research has been drawn up and what kind of negative issues have come to the fore as well. This is the reason why qualitative research is given preference over the quantitative one as the former signifies a proper and adequate basis for finding out about a problem at hand, and to scrutinize the subject in further depth.

In the end, it would be sound to fathom that market research has played a very significant role within the business basis for quite a while now. With the formation of market research companies, the role of market research has gained even more importance, and it would be right to suggest that its usage will assure results that would not only be correct but also timely. Since time is money, market research will only help shape up the related domains in more ways than one. All said and done, market research must be given serious preference and priority by the higher management domains within an organization because this is something that will pave the way for achieving stupendous yet realistic performances and results.