McBride Financial Services - Essay Example

Market Research is a process of systemically collecting, recording and analyzing information concerning a specific marketing problem. Undertaking a research plays a very important role, especially to new businesses. In fact, 70% of all new products fail within a year because of poor marketing1. McBride Financial services should collect facts and figures from the primary as well as the secondary data. Primary data are information collected from original sources, while secondary data are facts and figures collected by some other person or organization.

Examples of the primary data are: questionnaire data collection, which includes interviews, focus groups, surveys and questionnaires; observational data collection, either through a personal or mechanical observation and the experimental data collection by conducting laboratory and field tests2. Since the company offers financial services, hence it should obtain information through the questionnaire data collection. With this information, the business is able to identify the customer’s wants as well as their opinions.

Hence McBride financial services is better able to be more responsive to its target market and thus risk of market failure decreases while sales and profits will increase. Conducting this action will also establish a closer business-customer relationship and hence customers would feel more satisfied and valued. Satisfied customers may lead to repeating sales and may also lead to a word-of-mouth advertising, which is more effective and also cheaper. In fact, a research showed that 1 dissatisfied customer tells 11 others who then tell 5 others3.

Secondary data are cheaper and faster to obtain but may not be as responsive to the marketing problem as the primary data collection. Examples include: Statistics, magazines, government and industry reports, sales figures, financial statements, etc2. After conducting the market research, the company should undertake a statistical comparative