Market Research: Agility In A Firm

Market Research Student Name Institutional Affiliation Market Research Question 1 Having an internal marketing research department facilitates agility in a firm. Working with research firms subjects a company to rigid guidelines and research requirements. With an internal research department, an organization can easily adjust the research process (Zhou, Mavondo & Saunders, 2018). When working with an external marketing company, a business does not have much control over the time taken to do the research. Secondly, an internal team minimizes research expenses. Hiring an external team to conduct research can be expensive compared to having employees doing the research. However, with an internal marketing research department, a business can adjust the budget to fit its financial capability. Lastly, an internal department allows a firm to customize research to suits its needs. It is easier for a company to customize the research process when dealing with an internal team of researchers. For small companies, having one or two people employed in the marketing research department can work. These individuals will be responsible for meeting the research needs of a small organization. For medium companies, in addition to hiring a few people, the department can consist of employees from other departments. The various representatives from the marketing department can assist the few employees in the department to undertake research. The last one is where a company employs a marketing team. The approach works for large companies which need to undertake research constantly. Question 2 Both sugging and frugging are not concerned about obtaining information to assist in the development of products. Instead, the methods are a ploy for companies that need sales. In sugging, a company attempts to find the individual needs of the clients, so that they can sell their products to the respective customers (Burns, Bush & Veeck, 2017). In such a case, the aim of marketing is not to gain information regarding the targeted audiences. Frugging entails undertaking to fundraise under the disguise of doing market research. Fundraisers use it to find donations to a company while pretending to be doing market research. Obtaining donations or selling under the disguise of research is not appropriate because it is taking advantage of market research to achieve selfish motives. Eventually, while a company may end up making sales through sugging, it does not get the necessary information about the market. The use of sugging and frugging defeats the purpose of market research since it makes it difficult for individuals to trust surveys and other methods of obtaining data (Burns, Bush & Sinha, 2000). Clients do not like participating in market research that is actually lead generation. Sugging and frugging are hence not appropriate for undertaking market research. Question 3 Marketing is the process of meeting the needs of the clients in a profitable way (Burns, Bush & Veeck, 2017). Through marketing, a business exchanges offerings that have value with clients, partner, or the society at large. Marketing concept refers to the belief that attaining the goals of an organization would require an organization to be more effective than its competitors when it comes to reaching the target market (Burns, Bush & Veeck, 2017). Marketing strategy is the process of identifying a segment of the market and designing the proper “mix” to meet the needs of the clients in the particular target market. ...