For this assignment, you will be the marketing manager for a new company
opening in Greenville. This could be a new branch of an existing company or you may be opening your own company. With either choice, you need to conduct marketing research before you open this company to find out how to reach new customers for your business. You are determining the best ways to reach potential customers and tell them about your business, as well as learning about competitors and which pricing strategies to use. From the types of marketing research we covered in this chapter, which method or methods would you prefer to use, and why do you prefer those methods?
New Company Marketing Research
Various marketing research methods work differently, and selecting the best method depends on research purposes. Some of the best marketing research methods include customer observation, interviews, focus groups, and surveys. As the marketing manager responsible for marketing research to open up a new business in Greenville, I believe the survey market research method will play a vital role in understanding our target customers and competitor information, such as pricing strategies. The survey method will furnish our company’s market approach to provide qualitative and quantitative data and data. The survey marketing research method will offer insight into customer and competitor behavior and patterns to influence our decision-making.
The survey marketing research approach checks both qualitative and quantitative research aspects to reflect the market’s psychological reflection. The survey approach chooses who to survey, the distributive network to include in the research, and the representativeness of the involved research sample (Hulland, Baumgartner, & Smith 92). Through surveys, a researcher uses a wide range of tools, including questionnaires. Using various tools such as questionnaires allows a researcher to collect both open-ended and closed-ended information and plays a critical role in approaching research tactically and understanding human behavior. In this context, whereby I will work as the marketing research manager for a new company, I believe the survey method will best suit our research since it will give a clear market situation from our angle and the market’s angle. The market, which comprises of our potential customers and competitors, contains information such as customer preferences. As a result, this type of information will help our company to establish the market’s characteristics, including competitor pricing strategies based on our research.
Using surveys as a marketing research approach examines available data and helps predict future trends and preferences to influence marketing decisions. A marketing research approach should collect detailed information related to customer patterns, purchase patterns, and price (Nyukorong 9). For a marketing research process to successfully collect customer patterns, purchase patterns, and price information, it has to employ standard procedures. For instance, the survey marketing method can ensure high-quality responses by checking and handling potential bias, avoiding errors such as source errors, and obtaining programmatic opinions (Nyukorong 10). I believe the survey marketing research method will work best for our new business in Greenville. It will help us identify the population of interest, the market’s socioeconomic interest, the market’s imperative aspect, and the bias tied to it. Our business will establish market behavior with the survey method and the right approach to approach it cautiously.
The use of surveys in marketing research helps approach a market cautiously as it provides relevant information related to current conditions and future trends. Survey research collects data from both individuals and groups, and the collected data usually covers personal client preferences, market conditions, and appropriate feedback regarding customer market perceptions (Hulland et al. 92). In my view, using surveys as a marketing research approach underlines the suitability of a service or product on a target population. The availability of this information will help our new company identify the necessary changes to our potential product to meet their needs and attract a significant market share. Our new business will prefer to use the survey approach since its dissemination can occur in various methods such as physical questionnaires and web surveys. Collecting marketing research information from multiple sources will enable comparison and increase our decision-making efficiency.
Using the survey marketing research method will help our new business to understand customer and competitor behavior and patterns and influence our product design, market entry, and overall decision-making. By using this method, we will collect straightforward and easy to analyze information. As a result, we will refine our new company to fit market segment expectations.
Hulland, John, Hans Baumgartner, and Keith Marion Smith. “Marketing Survey Research Best
Practices: Evidence and Recommendations from a Review of JAMS articles.” Journal of the Academy of Marketing Science 46.1 (2018): 92-108.
Nyukorong, Remy. “Conducting Market Research: An Aid to Organizational Decision
Making.” European Scientific Journal 13.10 (2017): 1-17.