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THE IMPACT OF MARKET RESEARCH/FEASIBILITY STUDY IN DETERMINING THE POSSIBLE MARKET OUTCOME IN BUSINESS
This work discusses the impact of market research/feasibility study in determining the possible market outcome in business. Two hundred questionnaires were distributed among managers from selected businesses and market niches. Interviews and surveys were also conducted.
Primary and secondary data will be used in the analysis. Tables and percentages will also be used as the instrument of analysis
It will be observed therefore that market research/feasibility study have a strong and significant impact in determining the possible market outcome in business.
1.1 Background of the study
A poor market research data gives unclear research report findings and blurred vision of future growth prospects of a business. Since, there is no clarity in the insights report created it is of little or no use to any business. In fact, a poorly drafted report can lead to wrong decisions and affect the growth of any business. Hence, due care needs to be taken when drafting an accurate market research report for a business.
Moreover, apart from drafting the report, distribution too plays a key role once a report is generated. Generating an effective distribution method to circulate and broadcast the results from research is equally important and can be done through the following ways:
If it is for a company or for key decision makers, the report should be shared confidentially with the key members only
Installation of electronic libraries for the benefit of end users to find information on past as well as current research will help to avoid efforts of duplication
Involving key persons conducting the research by asking their suggestions to implement the results of the research conducted
Sending newsletter with detailed insights and research briefing with appropriate report links
Moving forward, instituting a feedback technique or method to assess the usage of research results and their impact on the business is also critical for –
Tracking business decisions taken based on research undertaken by conducting follow up surveys through personal interviews or by phone interviews of the important stakeholders.
Drawing a correlation between the money spent on research and business results obtained (sales revenue generated, savings accredited and retention). The correlation should be done based on the decisions taken guided by the research.
Correlating marketing research results to business outcome is a complicated issue but by adopting a systematic methodology by engaging key stakeholders to share their research views and by regularly keeping a tab on the impact on the business outcome based on the research results, an organization can significantly influence its business for a greater success and tremendous growth.
Some of the key factors that market researchers should consider when undertaking a research campaign for better research results –
Generating a questionnaire based on the following questions to be answered by end users to limit the possibility of study
What problems faced by the business created the need for research
The impact of the research undertaken on the overall strategies adopted by business for acquirement and retention of consumers and priorities set for the same.
The decisions that are likely to be adopted based on the research
The suggestions, if any that will be put to test
The kind of information that is likely to be generated through research
What are the steps for actions based on recommendations
Debating with end users of market research regarding the procedural issues of sourcing and sizing of samples including adoption of analytical line of attack to impact the outcome of the marketing research
Making end users to participate actively in the conduct of surveys, focus groups, discussions when answering the questions
Drafting the final layout of the report, its presentation after the data has been fed, for a final review by the end users of market research before sending it for publication.
If you believe, this process is complex and beyond your understanding and implementation, it is always good to hire a professional market research agency specialized in market research report writing. iResearch Services has helped numerous clients with accurate and meaningful data insights through its professional report writing services. Feel free to get in touch with us if you need any assistance with market research report writing services.
- Statement of the problem
There may have been previous researches in this subject. This work gives further explanations and analysis in the impact of market research/feasibility study in determining the possible market outcome in business
- Objectives of the study
- To understand the impact of market research/feasibility study in determining possible market outcome in business
- To understand the relationship between market research/feasibility study in determining possible market outcome in business
- Research questions
- What is the impact of market research/feasibility study in determining possible market outcome in business
- What is the relationship between market research/feasibility study in determining possible market outcome in business
- Research hypothesis
H0: There is no relationship between market research/feasibility study in determining possible market outcome in business
H1: There is a relationship between market research/feasibility study in determining possible market outcome in business
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