Choosing marketing research methods

Marketing research should be conducted as part of the marketing planning process. This enables the research programs to be better coordinated and their cost more accurately budgeted and justified. Occasionally, companies have to conduct marketing research as a response to a particular marketing problem or crisis.

The factors to take into account when determining the method of marketing research, and the amount to spend to solve a particular problem include:

· the potential value of success and the potential loss in failure, given the perceived risk of the proposed activity

· the nature of the problem and the information coverage it warrants in terms of sample size and depth of detailed data

· the budget available for total marketing research and the proportion assigned to solving the particular problem

· the accuracy level of information required

· the timetable for the research to be completed

· methods used in the past, their effectiveness, and their compatibility with the options suitable for this occasion

Overall, it is important that a particular method of market research or marketing research has been chosen because it is the most appropriate method to solve the particular problem, and not because of the relative costs of the different types of research.

Exercise 9. Read the text once again and express the contents of every passage in one sentence.

Exercise 10. Fill in the gaps in this passage with the words under the line; learn the new words to expand vocabulary on the topic.