Marketing research for a company like GWC Valves International is important in order to take the right measures and decisions for their business. Marketing research is the system of design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Market research allows for a company like GWC Valves to get insights into customers motivations, purchase behaviors, and satisfaction. It helps the marketers assess market potential and market share or measure the effectiveness of pricing, product, distribution, and promotion activities.
Defining the Problem and Research Objectives
Marketing managers and researchers of the GWC Valves team must work closely together to define the problem and agree on research objectives. Exploratory research is the marketing research used to gather preliminary information that will help define problems and suggest hypothesis. Descriptive research is when marketing research is used to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitude of customers. Basically for the company, the statement of the problem and the research objectives guides the entire research process. The manager and researcher then put the statement in writing and they agree on the purpose and expected results of the research.
Developing the Research Plan
After defining the problem and research objectives, now its time to determine the exact information needed, develop a plan for gathering it efficiently, and present the plan to management. The research plan outlines sources of existing data and spells out the specific research approach, contact methods, sampling plan, and instruments that researchers nee in order to be abled to gather the data. The research might call for specific data such as the demographic, economic and lifestyle characteristics of current customers. The characteristics and usage patterns of the greater population, retailer reactions to propose a new product line. They also needs to have a forecasts of sales of both the new and current products in order for the GWC Valves International team to have a proper research plan done.
Gathering Secondary Data and Primary Data Collection
Secondary data and primary data is important for the GWC Valves International team to collect. Secondary data is the information that already exists somewhere, having been collected for another purpose and can be gathered for the company with commercial online databases. Primary data is information collected for the specific purpose at hand and is done with observational data.