Market Research Definition Example Essays

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The Value and Importance of Market Research Essay

1332 Words6 Pages

In today’s competitive economy, marketing research is vital for a growing organization. So much so that having thoroughly gathered market information should be a prerequisite for any startup business. Market research helps a business excel by providing help with factors such as advertising, marketing, pricing, market trends, customers, competition among others. Effective market research can be so useful that a company can psychologically condition their customers to believe that they are in need of the product they are selling even if they can’t even afford it. One perfect example of exemplary marketing research and strategies would be a little company known as Apple Inc. Today’s research will demonstrate the importance…show more content…

These surveys can be done by mail, telephone, websites, face-to-face interviews. Marketing research can be seen not just in advertising but in the actions of the company as well. “Often research is hidden today in internet forums and in events hosted by companies (McDonald, 2007).”
According to Burns and Bush in their 2006 book on market research, it is so important for a company to have a marketing research process that they’ve shared an eleven-step process to follow. The steps are as follows:
Step 1: Establish the need for marketing research
Step 2: Define the problem
Step 3: Establish research objectives
Step 4: Determine research design
Step 5: Identify information types and sources
Step 6: Determine methods of accessing data
Step 7: Design data collection forms
Step 8: Determine sample plan and size
Step 9: Collect data
Step 10: Analyze data
Step 11: Prepare and present the final research report
As detailed, organized and useful as these steps are not all companies follow them in order or at all. The eleven steps assume that the research process examines secondary data and continues on to collect primary data (Burns & Bush, 2006). An example of this would be Apple Inc.
Apple Inc.
Everyone is familiar with Apple Inc., it is one of the most successful companies within its industry and one of the most powerful globally. Apple has branded itself for

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