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Research for Marketing Practitioners - Assignment Example

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Running head: RESEARCH FOR MARKETING PRACTITIONERS Assignment 2, Research for Marketing Practitioners, Semester B, 2011 Insert Name Insert Grade Course Insert June 14, 2011 Introduction The management of a given organization needs to be informed on the changing trends in the markets of their products and services…
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Download file to see previous pages Similarly, before introducing a new product into the market, it is important to try to seek information on the possible market position of the product. To obtain such information, there is need to collect and analyze data relating to the possible users of the products (QuickMBA, 2010). The data so obtained should be accurate and reliable to help make effective decisions. A high level of trust should be maintained between the marketing researchers and the consumers who will provide the relevant information (Moorman et al, 1993, p.81). It is also important to note that information cannot be obtained from the whole population of the consumers of the product. Accurate research designs should be adopted that employs a sample that is true representative of the whole market population. This paper provides a research program that could be used by Playful Times Toys in carrying out an initial pilot survey on the market of their new products in Hertfordshire. Problem definition Playful Times Toys is a business organization that has been dealing in electronic toys. The organization has now purposed to deal in the traditional wooden toys. The previous products were perceived to be of high educational values to the children aged two to ten years. The management of the organization needs to obtain information on the customers’ perception of the new products. The organization needs to carry out product promotion for their new products. The parents and the grandparents of these children aged 2-10 are the main customers of the organization. The research problem is, thus, to obtain the views of these individuals on the company’s new products. The information so obtained will enable the management of the organization to develop the best marketing strategies for their new products. The research design to be employed There are different research designs that could be used in the market research. The choice of the most appropriate research design depends on the objectives of the design and the targeted population to be covered in the research. It is desired that a marketing research be fast, cheap and good. However, not all the three values can be achieved by whichever design (Hyman & Sierra, 2009, p.10). For this particular research, a mixture of exploratory and descriptive research designs will be appropriate. In market research, the use of descriptive research methods help obtain useful information about a given product including the users of the product, the current market position of the product and a forecast of the future demands of the product (QuickMBA, 2010). This approach also requires that the research questions, the population to be covered in the survey, and the research analysis procedures to be used be determined before collecting the appropriate data (QuickMBA, 2010). A sample of the population in Hertfordshire shall be used to obtain the views that are representative of the whole consumer population in the area. The types of data to be collected and the sources The data to be used in a marketing research can be obtained from primary or secondary sources. The primary data is the set of data that has been obtained originally for the given research (QuickMBA, 2010). It could be obtained through personal interview, mailed questionnaire, or observation. It involves obtaining the first hand information from the relevant source. On the other hand, secondary data is that retrieved from the ...Download file to see next pagesRead More
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