Market Research Paper Coursework Example | Topics and Well Written Essays - 1250 words

Market Research Paper - Coursework Example This paper will focus on the most significant market research, which the Mander Portman Woodward college business could employ to improve its collection of market research data. Types of research data Market research refers to gathering and analysis of data or information concerning customers, competitors and, or the effectiveness of the business marketing programs. Small-scale business owners conduct market research to evaluate the feasibility of the newly established business, preferences in new services and products, improve the business aspects like consumer services, channels of distribution of products and establish competitive strategies. In this case, the college carries out a market research to enable it to make decisions to respond effectively to the need of customers, and increase their profit. The research is also significant for the college to acquire accurate information about competitors and customers that necessitate the development of a solid marketing plan (Brace, 2 004). The college has to be conversant with their market niche, and the benefit they offer to the market. Market research aids the college hone in the marketplace and directs their operations in relation to the market segment that targets their products and services. The college utilizes both primary and secondary types of market research for data collection. ... Preliminary interactive meetings between the lower-sixth form students, their teachers and parents at the start of every summer term, discussions concerning university application and entrance, student seminars, and student interviews among others are all sources of primary data utilized by the school. It also utilizes secondary data from published examination results, such as, the academic year reports that provide significant information about the performance of the school and the challenges that need to be addressed to improve its general performance. Market research methods The key role of market research is to analyze the requirements of a certain target market, acceptability of services, competition as well as means of establishing and exploiting existing and new markets. Before conducting the research, a comprehensive understanding of the core problem that needs to be solved, the application of market research procedures and the market itself is significant (Grove and Vriens, 2006). The main reason for conducting market research in the school is to achieve a wider understanding of the methods of improving the school performance, and increasing the number of students who pursue the competitive courses. The three methods of research that could be appropriate for the school include primary research, secondary research, focused groups and student interviews. The school could use primary market research to collect original data relevant to the requirements of the students, staff and parents. Primary research entails both quantitative and qualitative categories of research. Quantitative research is based on numerical, statistical analysis and demand measurement of market