Factors of Effective Market Research
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Market research is an increasingly important function in many organizations. Companies are seeking ways to find out about the needs, desires and demand characteristics of their markets as well as how to identify new markets for products and services. Traditionally, market research has been conducted in the home market of organizations, or in those markets that are similar to the home markets. This is due to the overwhelming emphasis on domestic sales, historically, and the difficulties inherent in moving into the international arena. As advances in transportation and telecommunications have made it possible for larger numbers of firms to compete globally, the need for increased market research in these far-flung markets has become acute. Companies need to know the market potential prior to committing resources to new markets, and market research is one of the key ways that they can gain this business intelligence. When the markets are similar to the home market in technology, language and culture, market research is fairly easily accomplished. When there are significant differences however, as when a company in a developed nation seeks to conduct business in a country that might be classified as developing or emerging, the challenges to the market research process become more formidable. This research considers key factors that influence the effectiveness of the market research as well as the research process itself, and considers ways in which compa
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eps. Liberia is a prime example of this situation where the political climate improved for a bit in the late 1980s and early 1990s, then quickly deteriorated to civil war in recent years (Ford 2004).
LEGAL CONSIDERATIONS
There are legal considerations that need to be taken into account whenever market research is conducted, whether in the way that the research is conducted, how the research is used, or in the data that is generated. Privacy concerns are often the paramount legal consideration, particularly when recording devices are introduced into the market research process. Recording is often performed in order that the researchers generate a permanent record of the research so that they can return to the raw data later on. Often, the recording is done surreptitiously·even with the participants' knowledge·in order to keep the participants as relaxed and comfortable as possible. In some countries, this creates legal problems for the researchers. Additional, preliminary research is thus necessary to determine if recording devices can be used, and if so, what kind·some countries, particularly Muslim countries, may prohibit video recording of women, for example (Stafford & Stafford 1993).
The other primary area where marke
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Some common words found in the essay are:
CONSIDERATIONS Market, QUANTITATIVE DATA, DATA Primary, CONSIDERATIONS Developing, INTRODUCTION Market, Market Research, SOCIOCULTURAL CONSIDERATIONS, LEGAL CONSIDERATIONS, Leonidou Rossides, CONSIDERATIONS Understanding, market research, research process, primary data, research conducted, marketing research, retrieved 9 jan, retrieved 9, emerging economies, jan 2005, 9 jan, secondary data, 9 jan 2005, international market research, market research process, journal market research,
Approximate Word count = 3273
Approximate Pages = 13 (250 words per page)
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