The Importance Of Market Research. Market Research Is...

The Importance of Market Research Market research is important because it is essential for â€Å"business insights, measurement, knowledge, and tools that are used for achieving higher levels of market performance and stakeholder value† (Bont Hamersveld, 2007, p. 102). Business insight means that the data has to be combined into information which is converted into insights. Measurement means that the reports should not be subjective opinion and has to be solely based on measurements. Knowledge is that the findings are not intangible and are available to everyone who wants to benefit from it (Bont Hamersveld, 2007). Market research is also important for the following five reason: 1) it centers the business on the customers by focusing on†¦show more content†¦However secondary data is known as published data and cannot answer the objective. Data collection instrument is the next step which could consist of observational studies or questionnaires. Data collection instrument determines the quality a nd efficacy of the data. Another essential element, according to Smith (2012, para. 8), is the importance of clear and continuous communication despite which data collection is selected. The next step is sample size and design in which the researchers see quality as being more important than quantity. Sample size seeks answers from the population and not a larger sample size. There are several sampling methods: random which involves samples who have shared characteristics; area in which samples are selected according to their location; and, quota - individuals whom are selected out of a specific subgroup. Data analysis and final report is the final step. Data analysis and final report step analyzes the information that was collected and then summarizes the data for every participant in a report (Price, n.d.). Data Gathering/Analysis Techniques Data gathering and analysis techniques are essential in market research because they can help determine the success of the business. The two data gathering analysis techniques that are of interest are qualitative research and focus group. Qualitative research allows researcher the ability to direct their research enquiry based on what is emergingShow MoreRelatedThe Importance of Business Plans for an Organization1292 Words   |  5 Pagescritical importance for any organization. The business plan lays down the blueprint for how the organization will be run, in what markets and products, and how the organizations financials should look. For the entrepreneur, the business plan is essential because the different things contained in the business plan will force the entrepreneur to critically examine every aspect of his or her business. This paper will outline some of the key components of a business plan, and why they are important. 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