Marketing Research Essay Example | Topics and Well Written Essays - 1000 words

Marketing Research - Essay Example Moreover, it gives the researchers and designers the ability to open-up innovative, creative, and new outcomes or results but not necessarily the product. The information derived from these designs is helpful in the improvement of the artistic nature of a particular product, and the eventual improved marketability and value. This is because people have preferences of new designs that have not been redundant and common within the marketing spectrum. Within a company, this product value-addition is not only valuable, but also necessary. Exploratory designs encompass a wide range of application. For instance, it may be used in drawing both informal sketching and formal drafting during the process of mechanical design. Notably, there are five hypotheses focused on the types of drawings, their necessity in problem solving and relation, preferable research designs, methodologies of collecting data and selection of a subject. It should help to derive a definitive conclusion selectively putt ing in concern that, the deductions it makes do not necessarily imply a problem solution (Zikmund & Babin 135). This research design, majorly rely on secondary research. This include informal discussions with employees, consumers, competitors and management; data and literature review and more formal approaches like focus groups, projective methods, in-depth interviews, pilot and case studies. It also applies the use of internet in carrying out research (Creswell & Clark 100). This allows for research methods, which are highly interactive in nature. Feeds like RSS, provide updated information, leading search engine results can be sent to researchers by electronic mails through Google alerts and comprehensive search results are obtained over long periods using Google trends. Results from exploratory research provide valuable and penetrating analysis of a particular situation. However, it may not be helpful in decision-making, qualitative nature of explanatory design often fails to an swer questions; ‘how often’ and /or ‘how many’; thus, it is likely to present errors when generalized (Grinnell & Unrau 42). Exploratory research include among others, social exploratory research, which tend to study how people interact within the setting under question and what meanings their actions portray and the issues that concern them (Zikmund & Babin 35). The objective here is to learn and try to find out social phenomena with no definite expectations. Exploratory research is majorly applied at preliminary stages of problems or an issue at hand. Its other feature is applied research in administration, which concerns the necessity of flexibility in handling and dealing with the problem (Muller 57). Moreover, there are data limits and the imperative decision-making. Field research and case studies are also among other research methodologies, which fall under exploratory research designs. Exploratory research helps in gathering preliminary information that is useful in defining a problem and making hypotheses suggestions. Since it involves description, it describes things like the market potentiality for a product or the demographics and consumer attitude. Hypotheses are tested about the cause-effect relationship. This helps in determining which variable might cause a certain behavior (Hague 183). Correct definition of a problem is highly critical in any company.