Topic 5

Introduction

Any business that wants to develop a product, create a new product, or solve an
issue with an existing product must invest in costly marketing research. Apple Inc.
has a well-earned reputation for utilising marketing research extensively. A
company may receive new and relevant knowledge through marketing research
that is crucial to their operations. Without conducting market research first, it is
impossible to differentiate products or segment the market. As a result of making
assumptions about their competitors, consumers, and the market, companies run
the risk of suffering losses and wasting resources.Two of the best techniques for
conducting primary marketing research are focus groups and in-depth interviews.
Secondary data, like diaries or government reports, could be both quantitative
and qualitative or a combination of the two. Organizations must make sure they
are considering the big picture while conducting market research, not just the
visible details.
As a result, marketing research is crucial for the company. However, this
technique has a price. As a result, small businesses tend to avoid conducting
market research and instead rely primarily on easily accessible analytics data. The
majority of the time, analytical data is viewed as secondary data produced by
numerous companies, and as such, its accuracy cannot always be guaranteed. It is
possible for organizations to incur losses and waste resources as a result of
making assumptions about their rivals, customers, and the market. A business will
succeed if it conducts high-quality marketing research, pays attention to the
findings, and acts on them.
A company that undertakes quality marketing
research, listens to the results, and takes
action to respond to the results will flourish.

By conducting more market research, businesses may learn more about their
existing customers. As a result, businesses will be able to set reasonable
objectives for growth, income, and the introduction of new products or services
using the data they have collected. The results of this study will help in the
creation of effective strategies. As a result, businesses will be in a better position
to decide when it's the right moment to launch, expand, or combine their
commercial operations. The outcomes of market research can be utilised to
evaluate the current situation of a company. Businesses may notice new
opportunities created by changing market trends, such as demographic shifts,
growing educational attainment, or more free time.
Additionally, market research will make market segmentation possible. A useful
method for focusing on a certain niche is market segmentation. Because of
segmentation, brands are better able to target particular customers. Customers
are separated into prospective and current customers, and different market
segments are recognised. It must always be focused on the client. Current
information not only helps to reduce business risks but also makes it easier to
spot prospective sources of income.

Emergence of Big Data

Data that is so massive that it cannot be processed using traditional techniques is
referred to as big data. Big Data's true size is unclear and increasing annually as
computer power and data analytics become more affordable and widely available.
There are several business ramifications of big data. At its foundation, big data
aids executives, employees, and business owners in understanding precisely
what's happening in various areas of the firm.

Velocity, Volume, Value, Variety, and Veracity are the five Vs of big data. Each
point will be covered in more detail below.

 Velocity
The rate at which Big Data is gathered is called velocity. Every year, this speed
tends to rise as hardware and network technology advance, enabling businesses
to simultaneously collect more data points.

 Volume
Volume denotes the quantity of data being gathered. Due of the enormous
amount of data being gathered, this is primarily where Big Data derives its name.
 Value
The value of the data being gathered is its value. Some big data that a company
stores could be of little or no use for making decisions or streamlining operations.

 Variety
Variety refers to the various forms of data that are recorded. This could be
organised information like a first name or email address. Additionally, it could be
unstructured like a product.
 Veracity
The caliber or reliability of the data is its veracity. If you are unsure that the
analysis that comes from your collection of Big Data can be trusted, there is little
sense in doing it.
 Network of Things (IOT)

The collective group of network-enabled gadgets, excluding conventional

computers like laptops and servers, is collectively referred to as the Internet of
Things (IOT).

IOT characteristics:
Following are a few of the general and important traits noted:

 Connectivity
By connecting common objects, connectivity fosters the growth of the
Internet of Things. It permits network accessibility and compatibility in the
things. 

 Dynamic Nature
The main function of the Internet of Things is data collection from its
surroundings, which is made possible by the dynamic changes that occur
around the devices.

 Massive scale
More devices beyond those connected to the existing Internet will need to
be managed and allowed to communicate with one another.

 Heterogeneity
One of the major aspects of the Internet of Things is heterogeneity. IoT
devices can communicate with other devices or service platforms across
 various networks and are based on various hardware platforms and
networks.

Ethics in Market Research

Because everyone involved, including clients, the general public, respondents,

and researchers, has rights and obligations, marketing research ethics are crucial.
Lines are easily crossed and laws are broken when market research methods lack
ethics.
• Privacy
Customers today are very concerned about their privacy, especially in light of
recent incidents involving corporations that misused user data. The value of ethics
in marketing research has never been higher because businesses now have the
unheard-of ability to gather and keep enormous volumes of customer data.
• Rights and Responsibilities
From clients and researchers to the general public and respondents, everyone
involved in the market research process has rights and obligations that they
expect to be upheld
• Confidentiality
Business can steer clear of moral controversies by knowing what constitutes a
breach of confidence when it comes to your market research techniques. The
purpose of ethics in marketing research is to assist businesses in avoiding any
improper sharing of customer data, including sharing data with affiliates and
selling data to outside businesses.
 Arguments on the Negative Side

Market analysis is useful to businesses. Additionally, it might lessen the risk of

failure. Businesses might, for instance, test a new product or service on a select
sample of people to see how they are received. To ascertain the reasons why
customers aren't using a company again, market research may be used. By
conducting research in this area, businesses can learn about the market, their
rivals, and other changes to their environment. As a result of study findings,
companies will produce products that are reasonably priced and suited to
consumers' demands. Firms will always be made aware of new changes in the
business environment through research. Businesses may gain more knowledge
about their target customers' interests, the best marketing channels to use, and
how to reach them through market research. Businesses conduct market research
to find out whether their goals are feasible before setting out to accomplish them.

Arguments on the Positive Side

Because market research incorporates a number of fundamentals that are

unstable in the current market, doing it might be challenging. Too many
objectives or a lack of clarity are the usual culprits behind the issue. Further
market study could take longer because data is hard to get by. There are times
when clients find it difficult to express their feelings clearly. Therefore, data
suppliers might not always be regarded as strategic counsellors. The results won't
be adequate if the participants aren't qualified or confirmed, or if the sample size
isn't big enough. Participants are puzzled by awkward question sequences and
insufficient response options if the research design is weak and consists of a
complicated questionnaire (or lengthy discussion guides for focus groups or in-
depth interviews). Because of this, either the analytics chosen are insufficient or
inappropriate for the customer's needs.

Conclusion
Clearly defining the project's objectives is crucial before starting the market
research process. Therefore, market research is required to provide answers to
the essential queries that must be addressed initially. The objective of a market
researcher is to offer trustworthy information to assist a corporation in making a
decision regarding a crucial business issue or opportunity that has to be pursued.
This requires a specific type of research and a specific amount of time to obtain
primary data. A proper study method will need to include surveys, focus groups,
and other elements. Design and construction of research instruments. The next
step in the market research process is designing a research instrument. A crucial
component of market research is the administration of research questions and
the making of observations using data collection and recording questionnaires. To
put it briefly, market research is crucial for brands to grow their clientele and get
a competitive advantage. However, if the company has fewer networks, fewer
complex operations, and fewer product variations, they may be able to rely on
the readily accessible analytical data.

References
 Al-Bakery, Thamer, Marketing Communications and Promotion, The first
edition, Dar AlHamed for publishing and Distribution, Amman, Jordan.
Balmer, John M. T.
  Corporate Identity, Corporate Branding and Corporate Marketing – Seeing
Through the Fog. European Journal of Marketing, Vol. 35, No. 3/4, pp. 348‐
291. Barabba, V. P., & Zaltman, G.
 Hearing the Voice of the Market: CompetitiveAdvantage through Creative
Use of Market Information. Dar Al-Hamed for Publishing andDistribution,
Amman, Jordan.