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MKTG570 Marketing Research
Task
Week 4: Draft 2 Target population and sampling This section of the project is an evaluation of research instruments, sampling designs, and data collection methods, as well as an assessment and justification of a target population and calculation of sample size. You will also evaluate various research instruments, such as surveys.
Detailed information about these topics can be found in Chapters 5–8 of your textbook. Submission Guideline: Include the following sections in Draft 2 and use the section titles as headers in the body of your paper. Title page Data collection instrument Target population, sample size, and scaling.
Problems identified in the business
The problem is determining appropriate marketing strategies for a start-up business can be challenging due to competition in the market. The business owner when fully not aware of how, where, why, and what to advertise is the biggest challenge in marketing research. Understanding the target audience is another major challenge for a business owner. It is observed that marketing strategy is an important tool for any business to promote their services or goods in the market (Morgan et al., 2019). In addition to that, determining an appropriate promotional mix can help a business to enhance its competitive position in the external marketplace and it is difficult to determine an appropriate marketing strategy due to constant changes in customer demand. In the long run, it might create a negative impact on the brand image (Morgan et al., 2019).
Research Objectives
•What are the appropriate marketing strategies a start-up business should implement to gain a competitive edge from the market
•What are the different business strategies to understand key weakness and strengths of a brand?
•How to attract a greater number of customers from the target audience or what are the key strategies to increase overall customer base within a short period time?
Primary and Secondary data requirements
In the study published by Morgan et al., (2019), the author explained that the determination of appropriate primary and secondary data collection methods is necessary to collect accurate data from different sources. The author further explained that a lack of understanding of primary and secondary data requirements might lead to significant challenges for a business in the long term as well as in the short term (Morgan et al., 2019).
In this case, the primary data requirements will include interviews, observations, and online surveys which will help to determine different trends or their demands. On the other hand, secondary research requirements include opinions from industry experts from the most used social media platforms and customer reviews or feedbacks from online surveys. This will help to gain an overview of the customer needs and implement an appropriate marketing strategy to approach the target market.
Research design and data collection methods
The research design refers to a framework associated with the market research methods as well as techniques chosen by the researcher the research design for this paper is descriptive. Hence, different approaches or marketing problems will be discussed through both primary and secondary data collection methods (Memon, 2019). Both primary and secondary data will deliver quality results and the primary data collection method will provide an overview of the market whereas the secondary data collection method might help to eliminate errors.
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