Marketing Research. Business & Marketing Research Paper

Marketing Research
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Marketing Research
It is common to see several largely successful businesses and yet none of them are carried out by minority groups and people that stopped their education after high school. In fact, most of the time, these people never take the opportunity to invest. It is therefore important to perform a market research to get to understand the relationship between them failure to invest and the group that someone comes from and their level of education. According to Bov& Sun (n.d, n.p), market research refers to the process followed to gather, analyze and interpret information related to a market, including the services or products that they offer for sale, the customers, market characteristics, location, spending habits, the needs of the target market and the competitors. Whenever companies want to succeed, they need a well conducted market research to enable them to get information that they can interpret and act decisively.
Minority groups are normally thought to be subordinated by the more dominant groups and this limits their ability to play an important role in their societies. Perhaps this is the reason why several of them do not get the opportunity to make major investment decisions. On most occasions, they lack the resources to even invest. Those people that drop out of school after completing high school never get the same opportunities to progress going forward and they normally miss out on chances to learn how they can make important investment decisions. However, this should not be the case. At the time a person drops out of school, they should have acquired enough knowledge and skills needed to become investors. However, constricted education curriculums have limited the ability of teachers to advance life changing business topics. Therefore, I argue that making investment decisions is related to the group that one belongs and their level of education.
Literature Review
Several studies have been conducted in the past and they all lead to one important conclusion: whenever there is ethnic diversity, the growth performances are normally poor, quality of institutions is compromised, and the policies that are designed are also poor (Dincer and Wang, 2011, p2). In most countries where there is ethnic diversity, there is normally a big difference in income growth as compared to those countries that do not have ethnic diversity. Unlike in the past, investment today is not as complicated. In fact, there are several investment options that are available and most of them do not require any specific education because several people see investment concepts as trendy today (Leppinen, 2013, n.p).
Most investments are capital incentive and getting the money needed can be difficult. And yet, most governments never take the initiative to ensure that all their citizens, regardless of their ethnic group and education level, get the funds they need to invest. Consequently, most of them never have access to the capital they need to facilitate any investments. But even with capital at hand, these people need to have business networks for their investments to thrive (Eriksson and Li, 2012, p45). And yet many of them never have such access to make inroads in the business world. Most of successful investments have networks with the affluent businessmen of the society and such connections are made at a higher social class which the minority groups and less educated people never belong to. Most people that invest never do so with their money: they need loans. However, minority investments are more likely to be denied loans because of fear that they might never be able to pay back.
Most investments are risky and it takes a courageous entrepreneur to even think about putting their money in them. The fear of investment can be overcome by having skill development aimed at encouraging people to learn of better ways to put their money in investments and what kind of investments they should opt for (Barr, 2015, p6). In essence, several of the minority groups and uneducated people never have access to skill development that they need to thrive in the business world. As a result, they normally large the skills and knowledge needed to ensure that they know about which kind of investments they need to put their money in and the risks associated with these investments.
Hypothesis and Research Questions
Studies have established that minority groups engage in less investment activities as compared to the more affluent groups. For example, in the U.S, white households are normally wealthier compared to the Hispanic or black households. Choudhury (2002, n.p) conducted a study and established that 75% percent of white households in the U.S were married and had spouses while less that 50% of the black households were. This difference was important because it enabled the white households to pull their resources together and accumulate more wealth thus having more power to invest. The researcher also established that 25% of whites completed their studies in college and graduated, compared to just 10% of the Hispanics and blacks. With this data, it is important to realize that the large investments among the white population could also be attributed to the fact that they have taken the steps to finish their college studies and acquired more investment skills. From the data, it is clear that education and cultural differences have created a disparity that has made investment difficult for the minorities.
Therefore, we want to establish why the minorities never invest well and come up with recommendations on how to influence them. The study is going to answer the following research questions:
1 What are the effective ways of developing businesses with the minority markets such as the African Americans, Hispanic Americans, Asian Americans, and Native Americans?
2 What factors should organizations consider when designing focus groups with those people that left school at the high school level so that they can be encouraged to invest?
Methodology
Sampling Procedure
According to Christensen et al. (2011), sampling refers to the process of selecting a section that is used in a study to assist in making a general conclusion about the entire population from where the sample was taken. The sampling method that was used in this research was random sampling. In this approach, every participant in the study has an equal chance of being selected. There is no discrimination along age or gender, although the study attempted to involve only those aged 18 years and above and were either schoo...