Catch Them Young and Watch Them Grow: CSR Initiatives in Primary and Secondary Education
CSR Initiatives in Primary and Secondary Education CSR or Corporate Social Responsibility initiatives can extend to the realm of primary and secondary education. This entails close engagement and involvement of corporates in the schools, colleges, and universities where the corporates provide for funds, training, and associated programs with a view to educate the future workforce […]
Designing and Managing Services
The art of brand building is through creating strong brand image and brand awareness with customer. However, the brand building process continues even after the product is sold to the customer. Company can come out to be a winner by showcasing differentiation in services at the point of sell and after sell customer service. Furthermore, […]
The Business Need for Corporate Social Responsibility
Corporate Social Responsibility or CSR makes for eminent business sense as well when one considers the knock-on effect that social and environmental responsibility brings to the businesses. For instance, corporations exist in a symbiotic relationship with their environments (the term environment refers to all the components of the external environment and not to ecological environment […]
New Product Pricing
Pricing is an important parameter; organizations need to take care of while launching a new product or service in the market. Before deciding the price of a new product, it is essential for organizations to understand and also calculate total costs involved in the entire process of the product development be it designing, manufacturing or […]
Benefits of Strategic Management
There are many benefits of strategic management and they include identification, prioritization, and exploration of opportunities. For instance, newer products, newer markets, and newer forays into business lines are only possible if firms indulge in strategic planning. Next, strategic management allows firms to take an objective view of the activities being done by it and […]
Research can be categorized either on the basis of technique (surveys, experiments, observation studies, etc) or on the basis of purpose. We will look at the techniques in the subsequent chapters. Now let us focus on the 3 methods of doing Marketing Research based on purpose:
As the name implies, exploratory research is the initial exploration done to get an idea and insights into the problem. Research is a relatively expensive process; exploratory research ensures that this process is not initiated without a thorough understanding of the problem. This study is qualitative (understanding the concept) rather than quantitative (providing precise measurement). Also, this type of research does not give conclusive evidence and subsequent research needs to be done.
Further, the following purposes justify the use of exploratory research:
A widely used method for executing exploratory research for this purpose is Concept Testing. Here, target consumers are introduced to an idea and asked how they feel about it, whether they are likely to use it, etc. It tests the likeability or acceptability of the new product before investing in its research and development.
This type of research is used when there is some comprehension of the problem, objectives are defined and the research questions are clearly formulated. Contrary to exploratory research, the proof descriptive research provides is used for formulating action plans. It helps answer the questions ‘when’, ‘who’, ‘what’, ‘how’ and ‘where’, but not ‘why’.
Descriptive research typically gives a detailed account of the characteristics or behaviour of a population. Hence the research work usually involves some element of consumer profiling and market segmentation.
Experimental studies demonstrate cause and effect relationships. They try to decipher the outcome marketing actions might have. For example, it is used when the purpose is to determine the impact of increase in price on usage.
This research is used in succession to exploratory and descriptive research and hence sufficient knowledge is gained on the topic by then. Experimental research is also popularly known as causal research.
The extent of uncertainty also affects what type of method should be chosen. The more well defined the situation is, the more the research agency will move from exploratory to descriptive to experimental research.
Degree of Problem Interpretation
The following cases will further help understand the significance of each type of research:
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