Marketing Research

Course: MKT 470

Section: 07

Faculty: Syed Kamrul Islam (SKI)

Name: Samrin Hassan

ID: 1712984630

Date of Submission: 19th of August,2020.

Midterm Assignment
1. What are some of the advantages of secondary data and why?
Ans: Secondary data is usually the data that is collected by someone else other than
the user. They can be collected from other records, articles and documents. It is
usually the opposite of primary data and is directly obtained from other sources and
not primarily. Also, researchers use the secondary data in an attempt to answer a
research question, or when they examine an alternative opinion on the original
research.
Some of the benefits of secondary data may include:
• The most important factor is that secondary data analysis is cost effective.
This is because, someone has already conducted and gathered the data. The
researcher does not have to invest a huge chunk of money to conduct the
research from scratch.
• Not only money but time and effort is also saved. In starting a research, a lot
of time is needed and a lot of effort has to be put in. In secondary researches
the effort is already done and the data is existing. Therefore, the researcher
does not have to waste much time and effort.
• The data is already cleaned and sorted which makes the work easier for the
researcher.
• Another benefit of analysing secondary data instead of collecting and
analysing primary data is the sheer volume and breadth of data that is publicly
available today. For instance, leveraging the findings from studies that the
government has conducted provides researchers with access to a volume of
data that would have simply been impossible for the researcher to amass
themselves. (Benefits of Using Secondary Data Analysis for Your Research,
2020).
• It helps to make primary data collection more specific since with the help of
secondary data, we are able to make out what are the gaps and deficiencies
and what additional information needs to be collected. (Development, 2020).

2. Let’s assume you are the owner of a successful dine in restaurant in Banani,
Dhaka. Now you are considering opening a second one just like your current
 restaurant. You are undecided on whether to locate the new restaurant in
another location in Gulshan, Dhanmondi, or in Uttara. Should the research be
conducted? Show your reasoning.
Ans: Yes, I believe the research should be conducted. This is because:
• After conducting the research, it will be easy for me and my team to
understand which location will be preferable by my customer base. Since I
know my target audience already, it will be easier to conduct the research and
decide on where to locate the restaurant.
• It will help me gather evidence about the current market in Gulshan, Uttara
and Dhanmondi. As a result, I can understand the need and wants of the
customers based on these locations. So, wherever I locate the restaurant, I can
customise the services according to their needs.
• While conducting the research, more people will have knowledge about the
restaurant and this will help me gather more loyal customers.
• It will also help in exploring more market opportunities and as a result will be
easier to decide which one to seize.
• This will lower the risks for the restaurants too.
• This will give me a proper segmentation, example; from which income group
they belong to, from what age they belong to etc.
• The research will provide information on how to promote my restaurant.
Whether the advertising should be colourful and vibrant for the young
generation or classy and posh for the older generation.
All in all, I feel the research is vital especially in a country like Bangladesh where
there are so many competitors already. Therefore, in order to understand the
competitors, customers and employees it is important to conduct the research.
3. What is the main reason management often not clear about the real problem?
Give one example.
Ans: Usually, management focuses on the symptoms and the effects rather than the
causes of the problem. It is very much needed to understand the background of the
problem and the main cause of it happening rather than what effects it had. In order to
do that, the situation analysis is very important, meaning the understanding of the
background information which helps to familiarize decisions amongst researchers.
For example, a play area in a neighbourhood which has been existing for the last 30
 years. The symptoms will show that there is a decline of people going there. The
problem definition will state that nearby parks with better play area has been created
and with more equipment. Based on the symptoms it can be deduced that, the
neighbours prefer better parks with bigger play areas instead of small ones. The true
problem will be, that the demography of the neighbourhood has changed in the past
30 years. The children have grown up and older residents may use the park but not the
play area.
Therefore, it is essential to understand the core of the problem.
4. Why do you think the ‘research objective’ is probably the most important stage
of the research process?
Ans: Research is the systematic search for knowledge. In order to conduct a research,
it is essential to decide a subject. The objectives then will help in shaping up the
research. The objectives will define what needs to be searched. The objective is the
most vital part because, it gives direction to the research itself. This helps in defining
the scope of the research. After the objective is determined the other processes are
carried out, like the primary, secondary data collection or even the data analysis.
Objective helps in avoiding any diversion from the topic. It helps in shaping the
research and also makes it to the point. Therefore, this minimizes the wastage of time,
effort and resources. Also, objectives help in making the understanding of the target
audience very easy. The objective helps the target audience to clearly understand the
purpose of a research. Thus, it makes the research meaningful.
Therefore, the objective is the backbone of the research which helps to shape up the
whole research.
References:
• SurveyGizmo. 2020. Benefits Of Using Secondary Data Analysis For Your Research.
[online] Available at: <https://www.surveygizmo.com/resources/blog/secondary-data-
analysis/> [Accessed 18 August 2020].
• Development, H., 2020. Secondary Data - Meaning, Its Advantages And
Disadvantages. [online] Managementstudyguide.com. Available at:
<https://www.managementstudyguide.com/secondary_data.htm> [Accessed 18
August 2020].