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Market Research and Nature of Data Collection

Market Research and Nature of Data Collection
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This blog describes about the importance of market research and roles it can play with effectiveness of data collection.


Even knowing that the concept of perfection is vague, we often get in trap of pursuing it most often knowingly or unknowingly; by choice or by compulsion; sometime as an individual, and sometime as a group. And, we know, we will never reach a level of perfection, but on the other side we also know, the journey is worth it. (Des, Jul/Aug 2011) The journey continuously pushes us to learn, unlearn, change, adapt, and strive in this world. For an institution or individual, reasearch is the means to the journey of perfection.  

Research simply starts with observing, asking a question, receiving responses and analysing the response. This is very informal research that we can practice everyday. (Thomas, May 12, 1997) It helps us to get new insights. More formal research in institutions are termed as Market Research. The Market Research is a tool to continously improvise services which needs to alignied with customers need.

     The process of Market Research starts by identifing and defining the problem and deriving a objective for the research. By the nature of problem, a research plan is made to collect the information. Then execution of plan goes on the next phase where collecting and then analysing of data takes place. With the knowledge and skill of an interpreter a conlcusion is derived which becomes a research report later. (Armstrong Kotler, 2013)   

            Quantitative reasearch is more concised and very focused than qualitative research. It is more objective, covers larger number of sample size which testify different theories. The process of quantitative research lingers in between cause and effect. The data collected are mostly numbers and statistical figures. The intrepetion of data shows one part of truth and on the baisis of that it is mostly generalized.

            Qualitative research is broad, very open with the different sample size than quantitative research. It’s process lingers around the meaning of information received and unfolding different perxpective about the subject matter. It is quite evolving and progressive in nature. The information received are words and narratives. The truth keeps changing from one intrepter to another.  (Bartlett)

            If an institution wants to sustain in global market and want to create a bigger value to it’s customes both quattiative and qualitative research should be approached. I see myself as a global citizen so, my position is to have a standard quatitaive research and simulatensouly continue qualiative research. Qualitative research creates a bigger value to the standard quantitaitive research.  

For example, suppose for now, I am Market Manager of King’s college. First, I will research about the kind of skills that young gradutes lack. One approach of definining a problem will be, taking a standarized test which test those skills before a students get admitted. Then at the interval of 6 months same test will be carried out with the same students. And, the end of 4 years for BBA and 2 years for MBA the result and progress curve will analysed. If the results seem progressing then, some of the students sample will choosen and will be interviewed. The testinomials of those interviews now will be used in Marketing the King’s College in Nepal.

Here, the interviews will back up my quatitative data which will be a asset for a compaany.

References

Armstrong, G., Kotler, P. (2013). Marketing: An Introduction. New Jersey: Pearson Education Inc.

Bartlett, J. (n.d.). Quantitative, Qualitative or Both? Bartlett and Jones Learning LLC.

Des, M. (Jul/Aug 2011). Global Cosmetic Title. In M. Des, Perfection-The Devil is in the Details (Vol. 179, p. 64). New York: Allured Publishing Corporation.

Thomas, J. W. (May 12, 1997). How, when and why to do market research. Nation's Restaurant News, 84-147.

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shivkandel

Shiv Kandel

30 Blog posts


Comments
Aakash Karki 2 yrs

Really good article to read

 
 

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