Market Research Individual Assignment Essay Example | Topics and Well Written Essays - 1000 words

Market Research Individual Assignment - Essay Example This is the reason why market research is being given more and more importance by the business top heads and the specialists who devise such plans to take the business forward. What is required now is a vision to set things right through the different manifestations of the market research and to make sure that this market research will bring positive results for the business in the end. The problems that a business might face at one point in time are very closely aligned with how well its market research has been conducted. This means that the issues which plague it in a number of different divisions are given the significance. This will make sure that the market research comes to the rescue of the people who are concerned with the business domains and settings. If the market research is conducted in a proper manner and used in an adequately sound way, there is no reason why a business should find itself behind the intelligence measures, which are so required in the time and age of t oday. Even though market research is divided into primary and secondary research, the fact of the matter is that both of these remain very pertinent towards gaining an understanding of the business dynamics, as has been evidenced through research and practice. The primary research finds out where the personal observations and direct experiences are made use of within the business enterprise yet the secondary research has more credibility – coming in directly from established sources like books, journals, periodicals, magazines, websites, newspapers and so on. The basic difference between the two is that the primary research is conducted separately for every project that is run within the business settings while the secondary form of research comes with knowledge, time and experience. The manner in which these market research domains can benefit the business is open to a number of perceptions and perspectives. Some believe that it has little scope and if of minimal practice ye t the majority of the people hold the opinion that it is indeed a very essential barometer of finding out where success lies within the business regimes and what more could be done to exploit the very same in the coming times. When the top management wants to go ahead with a particular project or undertaking, it needs to make sure that it has covered itself in a number of different ways, most significantly through both primary and secondary research bases. In essence, the role of the top management is of dire consequence to the overall success or the complete lack thereof of the business domains. If this is ensured, many tasks would be completed in an easy going way (Douglas, 2000). The top management needs to know what mistakes it is making in the wake of the market research initiatives which remain important, and if these are not taken in proper accordance, then there could be serious repercussions for one and all within the realms of an organization. The various types of data tha t are made use of within an organization comprise of its understanding as to how and where this data will actually be made use of. What this suggests is the fact that such data measures are handled differently by the varied departments within a business enterprise and are looked after well by the ones who are most closely associated with the same. Certain data is geared to suit the needs of the stakeholders while other is related with what the