Business market research is the procedure of gathering statistics to establish whether a particular product or service would be competent to persuade the needs of the customers Essay

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Marketing principles( 200083)
Individual assignment-2
Exploratory, Descriptive and Causal research

Business market research is the procedure of gathering statistics to establish whether a particular product or service would be competent to persuade the needs of the customers. If efficient marketing research is conducted the company could achieve precious information about their contenders, economic shifts, demographics, current market trends and the spending behavior of their customers. The reasons why any business entity would perform marketing research are to categorize the crisis region in their particular business. It is furthermore effective to classify new business opportunities, market trends and new areas for expansion. Higher quality research and greater level of interactions are theorized to promote a higher level of user’s commitment to the business (Scanzoni 1979). Research could place attainable targets for business entities and encourage business growth and developments. According to Armstrong, Marketers must first gain customer’s insight to create value and build meaningful relationship with them. Marketer’s today have already access to plenty of marketing information and companies that tap into such information can gain rich, timely consumer insight at lower costs. To gain customer insight, market research are perform which is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation (Armstrong et. al 2015). Most research can be divided into three different categories; exploratory, descriptive and causal. They provide different end purposes and could just be used in certain techniques.
Exploratory research is a significant part of any marketing or business strategy. It centers on the innovation of insights as contrasting to collecting statistically precise data. Hence, exploratory research best suits as the beginning of any research. Exploratory research is most commonly used for further crucial company issues, areas for probable growth, and prioritizing part that require statistical research. Ways to implement exploratory research includes research within focus group, secondary researches and open-ended questions.
Descriptive research is capable of measuring data through statistics and applied to explain marketing problems, marketing situations or the market itself. The information obtained in descriptive research can be implied statistically and thus makes it contradictory to exploratory research.
Causal research is a branch of conclusive research; its intention is to find out the cause and effect relationship between variables. It is similar to descriptive research in the sense that causal research also tries to confirm an idea presented by an organization or an individual. However, causal research is different because of its purpose and system. (Types of Survey Research, 2015).Causal research aims to understand the relationship between the causal variables and…