EXAM PREPARATION (MARKETING RESEARCH) Essay Example | Topics and Well Written Essays - 1500 words

EXAM PREPARATION (MARKETING RESEARCH) - Essay Example For a company that wants to differentiate its existing products or to innovate, the marketing department has to conduct exploratory research. With this research design, the marketing department will see how its customers respond to these new products in terms of their attitudes to buy these products or their feedback about its features, quality and utility etc. Most innovative firms such as Apple, Microsoft, Cisco, Vodafone etc almost always used exploratory research design to further discover new ideas. Apple Inc used exploratory research to develop iPod, by learning about how consumers wanted a portable device that could play favorite songs with increased volume quality and with ample storage capacity. Exploratory marketing research can help the researcher identify strategic management practices, financial or auditing approaches, marketing opportunities that may lead the company to achieve competitive advantage etc. Basically, the exploratory research is to provide the researcher w ith preliminary information about the problem or the opportunity to be studied. Descriptive research design attempts to obtain data that can describe the characteristics of the topic of interest in the research. Descriptive research is mainly designed to help the researcher to determine the frequency with which some incident occurs or to determine the relationship between two variables. This type of research is relatively rigid in nature, because the researcher assumes certain underlying characteristics of the market or he has some precise question of the statement of the research. Marketing management of a company may have to study about seasonal trends that affect their marketing. Descriptive research is the appropriate design for this type of research. Descriptive research is frequently used by companies to segment the potential market. With segmentation, the marketer initially identifies