Understanding the importance of market research Marketplace Simulation
You will be conducting an interview with a market research professional or a company representative. Use the results of your research to make specific recommendations on how market research can be applied to the Marketplace Simulation.
In your Marketplace Simulation game play today, you will be concentrating on growth options and using market research to help you in your decision making. Bont and Hamersveld (2007) tell us “Today, organisations, when making key decisions, are mindful of the importance of ensuring that they understand the views and opinions of current and potential customers and know what competitors are doing in the marketplace” (p.3). Understanding the role of market research and the many methods for conducting market research will be valuable for your work in this class and others in your program.
Learning from Subject Matter Experts (SME) in market research is the focus of this week’s Assignment and Discussion. View some ideas on how you can identify a market research professional or company.
Bont, C., & Hamersveld, M. (2007). Market research handbook. Chichester, West Sussex, England: John Wiley & Sons. Chapter 4: The Market Research Process. Page 99-128
For this Assignment you will be:
● Reviewing the information in this week’s Reading and sources you identify in your own research.
● Identifying areas about market research that are particularly interesting to you or that you would like to know more about.
● Creating a set of 3-6 questions using the information you have gained in your Reading and research that will help you gain a greater understanding of these areas.
● Identifying a market research professional or a company where a representative can talk to you in more detail about the market research process. View some ideas on how you can identify a market research professional or company.
● Conducting an interview with a market research professional or a company representative.
● Using the results of this research to make specific recommendations on how it can be applied to the Marketplace Simulation.
I have attached the grading rubric as well as an example paper that you can follow. Turnitin must be under 20% and you must use academic sources only.
Sources to use if you wish.
Cadle, J., Paul, D., & Turner, P. (2014). Business analysis techniques: 99 essential tools for success (2nd ed.). Swindon, England: BCS Learning & Development Ltd. Technique 13 and 20.
Duboff, R. S. (2011). The market research magic is gone. Marketing Management, 20(4), 45-46.
Rau, J. G. (2016). The 3 ‘M’ stages. Inventors’ Digest, 32(11), 14.
Tay, F. (© 2015). Turning good ideas into great businesses. [Books24x7 version] Chapter 2 – All about Needs: Understanding the Customer
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