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Marketing Research-Assignment 1

Marketing Research-Assignment 1

Q The marketing research function in a business organization fulfills a very critical role. That role involves collecting useful information about the market, transforming the information into valuable knowledge to be used by management in decision-making. Thus, the skills required for success in this area must be developed through practical application of concepts discussed in class. For this project, you will be required to execute a marketing research project for a business of your own choice that includes a well-thought-out program with some support about why you chose the research methods you did. Market research is important when making a decision about starting a new business. Think of a business that you'd like to start. Apply the 5 steps market research process to define the problem, analyze the situation, develop a data collection process, gather and analyze information, and propose solutions. Here's a nice template that might help:

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Market research can be defined as the method that helps to get the data-driven facts of the market and guides the organization to set their objectives based on those facts. By using the market research technique a company can identify its target market and taste and preference of their target market (N Hague, 2004). The market research is a necessary technique for the start-up companies and/or the new product launch. Sometimes errors in the market research can have a devastating impact on the revenue and reputation of the company. For an example, Coca-Cola lost a significant amount of revenue when they launched the “New Coke” in the mid ‘80s.