Business Decision Making Degree Essay Example | Topics and Well Written Essays - 1250 words

Business Decision Making Degree - Essay Example The market research plan needs to clearly state the objectives of the research. In this case the primary reason for which research is being undertaken is to determine that fate of a particular product line. The purpose of the research is to uncover where the product stands in the market with respect to customer preference and based on that information whether it should be marketed further or discontinued. Once the objective is known the second step would be to determine which information is needed and who will provide this information. This research has to unveil what customers think of the product and how well it is doing in the market in terms of reputation and sales. The information will be acquired from both internal and external sources mostly customers, retailers and employees. For this purpose a sample representing all concerned groups will be selected to participate in the research. Each demographic and geographic group will have adequate representation in the sample. For this particular case the females will have a higher ratio than males and likewise the individuals from younger and middle age groups will constitute a major portion of the sample thought the remaining will have significant representation. Secondary research is available from public statistics, magazines, newspapers, published journals, trade associations, annual reports, government conducted researches, other organizations and even the organization's own historical documents. The secondary information for this particular research however, will be collected from internet sources as well as research conducted on similar products or by similar companies. The primary information will be gathered through surveys with the help of structured questionnaires, interviews, focus groups and observation. Data from questionnaires and interviews may be collected at the point of sales and online surveys will also be conducted. The collected information will then be analyzed to reveal statistics, perceptions regarding the product and the product sales trends. All methods used for gathering data will focus on customers, competition and the retailers. Although primary data is both costly and difficult to acquire and is also very time consuming, the information gathered from primary research through questionnaires, interviews and focus groups would provide significant data for the research than the secondary research, since it acquires direct information from the market that is both the consumers as well as the retailers. Understanding the consumers before making product decision is crucial. Primary research is important when making any decisions regarding consumers in order to get specific results. Secondary data is easier to access and acquire and far less costly than primary research, but it will not provide all information necessary for this particular research. The data is insufficient for some aspects of the research and some of it cannot be applied as it is. It will however be acquired to assist in development the questionnaire and sample selection and will also facilitate in making the final decision. Interviews will serves as a means of two way communication between the consumers and the marketers, allowing us to probe deeper to get the information we require.