Marketing Research

Entrepreneurial marketing centers on gathering the evidence with the purpose to convince individuals to act and to react by exploiting the overcoming setbacks, whereas ordinary marketing centers on the promotion of products by branding and advertising. The key difference is that entrepreneurial marketing ‘sells’ distinctive competence and sustainable competitive advantage to the following markets: screening ideas, service development, pricing, and raising capital, whereas ordinary marketing sells mainly products.

Even a start-up entrepreneur can undertake marketing research. The steps of marketing research are: to identify and define the problem; to develop approach; to design research; to collect data; to perform data analysis; and to report and present the results. The first step considers why market research should be conducted, what the problem is and what information is needed. The problem is to be recognized by several levels of management.  The second step suggests moving onto developing research approach once the problem is identified. Approach consists of establishing the budget, assessment of team’s research skills, developing analysis models, understanding environment and formulating hypothesis. The third step includes quantitative research, knowledge from secondary information, scale selection, question measurement selection, methodology selection, determining data analysis and developing sample design. The fourth step suggests gathering information among the sample segments. Variety of data collection methods is available. The fifth step – to perform data analysis – depends on the complexity of the constructed questionnaire. Less complex analysis is to be handled by office suite tools, whereas more complex analysis requires dedicated market research by using the software. Possible analysis types are multiple regression, frequency distribution, cluster analysis, etc. The final step suggests summarizing and analysis of key findings as knowledge of market research is limited by how it is presented.

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