Describe methods you would use to analyze one of these three different markets: consumer, industrial or international markets. What challenges would you face to ensure accurate data gathering in the market and what recommendations would you make to overcome those challenges?
When marketers are trying to analyze consumers and the overall satisfaction, barriers, or areas that are in need of improvement, companies turn to market research. When performing market research companies are able to see what they are doing right and where they need to improve. Companies want to be able to minimize their risk, focus their efforts, and maximize their return (Archbold, 2009).
Ways that companies can do this is by performing the following research methods: telephone interviews, questionnaires, face-to-face interviews, product testing, panels, focus groups, pilot programs, internet reviews, and observation (Archbold, 2009). From our readings there is a 5 step marketing research approach. Corporations/companies can use this method to better understand where they need to grow and improve based on the research gathered, the analyzed data, and how it is translated. The first step is to define the problem, second develop a research plan, third collect information, fourth develop findings, and five take marketing action.
Some of the challenges faced with performing some of these research methods are poor response and participation rates. There are employees were it is part of their jobs duties completing questionnaires with costumers, they have benchmarks they must meet and is included their annual evaluation. This can be frustrating and stressful at times for these designated employees because depending on the type of method of collection and the response from customers, this can at times be out of their control. The company I work for does incentives for employees when surveys are due. We have done pizza parties and even raffles. Unfortunately for some there has...