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The Need for Market Research in Malaysia

The Need for Market Research in Malaysia

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Published by Dr Leow
If you need to learn more, you may always visit my blog at http://drgeorgeleow.blogspot.com/
If you need to learn more, you may always visit my blog at http://drgeorgeleow.blogspot.com/

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Published by: Dr Leow on May 06, 2009
Copyright:Attribution Non-commercial

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02/25/2014

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The need for Market Research in Malaysia
ByDr Leow Chee Seng
FBIH (UK), MMIM, MIMM, MIHRM, CAHRP, CPT-MIM,MBA (UPM), PhD (USM), DBA (UBI)
Certified E-Commerce Professional (Mal),Certified Professional Trainer (MIM, PSNB),Certified StressManagement (IACT, USA),Certificate Qualitative Research (Georgia, USA),Certificate in Homeopathy Medicine (Mal)
 
Market research is an essential part of any business that offers products or services that arefocussed and well targeted. It views the entire business from the customer's viewpoint takinginto account every aspect of the marketing mix from the product to price, distributionchannels and marketing communications. All these factors affect the customer's response to aproduct or service. Business decisions that are based on good judgement and good marketresearch can minimise risk and pay dividends when market research is part and parcel of thebusiness process. In general, businesses that invest in market research increase their chancesof succeeding both locally and internationally.“Why do I need to invest in market research? I am just running a small enterprise!” Thisstatement is extremely common when consultants approach SMIs or SMEs to conductmarket research to enhance their efficiency and effectiveness in running a business.Unfortunately, the awareness on the importance of market research is limited amongMalaysians. Hence, effort and resources are wasted on trials and errors. (Hair et. al., 2003).A company may begin exporting without having carried out any market research and thismay have disastrous consequences. In fact, it will be able to find even more promisingmarkets if it conducts a systematic research.Market research is imperative for a company to know type of products or services would beprofitable to be introduced into the market. Penetrating a new market without a completemarket research could lead to time and resources wastage. One of the major scopes of marketing research is to manage the current products and new products through
 product management research
. Some entrepreneurs act based on their gut feel to determine marketsegmentation, promotional and price strategies. These methods obstruct the growth of theorganisation. Besides that, with respect to its existing products in the market, good marketresearch enables a company to know if it has been able to satisfy customer needs and whetherany changes need to be made in the packaging, delivery or the product itself.A
competitive intelligence
research is important to understand the competitive productstrategy to enable a company to formulate a viable marketing plan or measure the success of its existing plan. On the other hand,
test marketing research
helps monitor the performance of a brand by launching in a select area and then taking it across the country. In other words, itis a small-scale product launch used to determine the likely acceptance of the product when itis introduced into a wider market. After launching the new product,
concept testing research
 could identify and test the acceptance of a concept by target consumers. In short, marketresearch will minimise risk when doing business. Market research can help shape a newproduct or service, identifying what is needed and ensuring that the development of a productis highly focused towards demand.Market research helps better communicate and understanding of success in business. I haveconducted a research to compare customer satisfaction among patients from private andpublic hospitals. From the research, we have identified elements that could boost up their

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