BUSINESS RESEARCH METHOD

ASSIGNMENT: MID ASSIGMENT

SECTION: BBA 3C
SUBMITTED BY: AMEER ALI
ROLL NO: BBHM-F19-253
SUBMITTED TO: MISS NADIA NASIR

SUPERIOR UNIVERSITY LAHORE

RAIWIND ROAD CAMPUS
CHAPTER 1
SUMMARY
Qualitative market research is considered as a powerful market research tool as it provides
detailed, insightful and descriptive data rather than statistical and predictive data. So, rather
than being about ‘quantity’, that is asking, for example, how many people buy a particular
product it asks, which particular emotions played a part in the customers decision to buy that
particular product. it is about discovering the experience of the respondents. Qualitative
research seeks to reveal the underlying behaviors, perceptions and feelings that drive the
customer towards particular decisions and not others. This is done primarily by building a
rapport with the respondents and by asking them open-ended questions and, which encourage
them to share their stories and true feelings using their own words. The main qualitative
research methods used are focus groups and in-depth interviews. In depth interviews are one
to one, face to face interviews, which are carried out in a natural, conversational form which
allow the respondents to feel free to share their opinions. This method is especially well suited
for analyzing sensitive issues which the respondent might otherwise feel uncomfortable
speaking about. On the other hand, focus groups consist of a discussion between eight to ten
people, in which the researcher asks a number of questions which the respondents then discuss
as a group. This method allows the respondents to build on each other’s comments and ideas.
Qualitative research in marketing can be used to test new ideas or products and to gain a
realistic view of how customers or clients would react to that particular product. It can also be
used to discover perceptions or attitudes which otherwise cannot be captured through
quantitative research, for example, gauging the behavioral reaction, body language or voice
intonation of a customer or client when they are viewing an advertisement or product
packaging. Qualitative research can also be used as a board for new and fresh ideas, which may
for example help a company in a branding strategy. Furthermore, qualitative research can be
used as a tool to complement quantitative research, either prior to conducting quantitative
research, for example, to narrow down or screen ideas or concepts which can be potentially
tested. Or else after conducting quantitative research, for example after finding out the most
popular products one might consider holding a focus group to test the best to advertise these
particular products.

CHAPTER 2
SUMMARY
Marketing is responsible for creating value, capturing value, delivering value and
communicating value by virtue of marketing mix i.e. That is the right product, at the right price,
at the right place and through right message to your target customer. The purpose of business
is to create and keep customer because there is no business without a customer. A
management process responsible for identifying, anticipating and satisfying customer
requirements profitably. Design thinking refers to the cognitive, strategic and practical
processes by which design concepts are developed. Thinking process most commonly used by
designers to solve complex problems, navigate uncertain environments, and create something
that is new to the world. Design thinking helps put the practice into action because it requires
you to collaborate, to create, accept and expect setbacks, and build on what you learn.
Inspiration is the problem or opportunity that stimulates the quest for a solution. It starts with a
broad problem, or what is called a design challenge. A design challenge should not be too
narrow, nor should it be too broad. You want to have the freedom to imagine, but you also
want to have some boundaries in order to manage the process. The ideation process requires a
general openness to the world and involves using our creative ability to solve problems.
Remember, it is up to you to come up with the big ideas; you cannot depend on the people you
have been observing to generate them for you. Instead, you use your observation data as a
basis for coming up with ideas. During the ideation stage, ideas are often generated in
collaboration with a diverse group of people whose experience spans many different
disciplines. Is the action of closely monitoring the behavior and activities of users/potential
customers in their own environment. Many of us are so very accustomed to just seeing, or
simply talking to other people, that we don’t necessarily know how to observe. Because we are
so used to our own environment, we tend to lose sight of the bigger picture.

CHAPTER 3
SUMMARY
Is the systematic gathering, recording, and analysis of qualitative and quantitative data about
issues relating to marketing products and services? The goal is to identify and assess how
changing elements of the marketing mix impacts customer behavior. Viability of a new service
or product through research conducted directly with potential customers. It allows a
company to discover the target market and get opinions and feedback from consumers about
their interest in the product or service.it involves collecting, organizing, analyzing and
communicating information that can be used in order to make an informed marketing decision.
Marketing research is the foundation on which all great digital marketing is built. Without
proper and in-depth research on your industry, competitors, product and target customer, you
will be shooting from the hip with your digital marketing efforts. It gives you brand access to
knowledge and insights about your market that are extremely valuable. Combining all of your
various research together will give your brand a story it can use in all components of
your marketing program. In this stage you need to identify the actual problems that are relating
to the apparent symptoms. Primary research involves collecting information from sources
directly by conducting interviews and surveys, and by talking to customers and established
businesses. Secondary research involves collecting information from sources where the primary
research has already been conducted. Such information includes industry statistics, market
research reports, newspaper articles, etc. Demand forecasting involves techniques including
both Simple Survey Method such as educated guesses, and Complex Statistical Methods such as
the use of historical sales data or current data from test markets. Purposive sampling, also
known as judgmental, selective or subjective sampling, reflects a group of sampling techniques
that rely on the judgement of the researcher when it comes to selecting the units. Self-selection
sampling is appropriate when we want to allow units or cases, whether individuals or
organizations, to choose to take part in research on their own accord. The key component is
that research subjects volunteer to take part in the research rather than being approached by
the researcher directly.

CHAPTER 4
SUMMARY
Marketing plays an important role in establishing relationships between customers and the
organizations offering to the market. The marketing function is also tasked with branding of the
organization, participation in publicity activities, advertising and customer interaction through
feedback collection. Entrepreneurs generally feel enthusiastic when discussing their product or
service idea but less comfortable when asked about their marketing approach. Marketing can
suggest advertising, selling or tricks to influence people to buy things that they do not need, at
a price they perhaps cannot afford. Marketing does include advertising and selling, but it is not
about manipulating customers. Fifty years ago the Chartered Institute of Marketing defined
marketing as the management process responsible for identifying, anticipating and satisfying
customer requirements profitably. It is both a way of thinking about and a function within
business an activity and a way of thinking. It is the part of an enterprise that thinks about the
customer first; by taking a customer centric view it better understands needs and wants. It can
then actively use the resources available to provide the very best value goods and services and
develop a long-term relationship with existing and potential customers. For many smaller
businesses marketing can seem to be an expensive luxury but this chapter will consider how
any new enterprise will benefit from both the ideas and actions of marketing. Marketing and
the enterprise Not all enterprises claim profit as their main goal; some have other goals.
Charities wish to create awareness, recruit volunteers and gather donations for their cause,
while the health service works to cure illness and change behavior to promote health. Even
traditional, for-profit organizations may have other objectives requiring marketing thinking,
such as recruiting the best employees or raising awareness of their corporate social
responsibility activity. Multiple objectives and stakeholders necessitate a broader and more up
to date definition. Marketing is the strategic business function that creates value by stimulating,
facilitating and fulfilling customer demand. It does this by building brands, nurturing innovation,
developing relationships, creating good customer service and communicating benefits. With a
customer-centric view, marketing brings positive return on investment, satisfies shareholders
and stakeholders from business and community and contributes to positive behavioral change
and sustainable business future. Marketing has been incorrectly criticized for being
transactional, focusing on creating an initial sale. Good marketing strives to create longer-term
relationships, where value is consistently delivered for mutual benefit. Market research is the
process of determining the viability of a new service or product through research conducted
directly with potential customers. It allows a company to discover the target market and get
opinions and other feedback from consumers about their interest in the product or service.
Market segmentation is the process of dividing a market of potential customers into groups,
or segments, based on different characteristics. The segments created are composed of
consumers who will respond similarly to marketing strategies and who share traits such as
similar interests, needs, or locations. In one of the segments e.g. The end user could be a male
in his early who does not care very much about fashion but wants to dress well and have a
classic style. He has a decent job, works very hard so he doesn’t have a lot of time for shopping
which is why online is important for him. He makes a good amount of money but not enough,
so he cares about discount. A target market is a group of customers within a business's
serviceable available market at which a business aims its marketing efforts and resources. A
target market is a subset of the total market for a product or service. A beachhead market is
the place where, once you gain a dominant market share, you will have the strength to attack
adjacent markets with different opportunities, building a larger company. Experiential
marketing is meant to create a close bond Between the buyer and the brand by allowing the
user to immerse him in an altered reality that drives home the features and benefits of a
particular product.