Managing Communication Knowledge and Information Research Paper - 3611 Words

TOP ESSAY WRITING SERVICES REVIEWS


Rank
Service
General
Prices

1
  • Since 2008
  • Free revisions
  • Money-back guaranty
  • Up to 5% for the first order. Up to 15% for the orders starting from 2nd

from $9.97/pp

visit site

2
  • Since 2009
  • Free title page, revisions
  • Discount policy
  • Satisfaction guarantee
  • More than 100 000 orders delivered

from $9.97/pp

visit site

3
  • Since 2010
  • PhD holding authors only
  • SMS notifications & VIP support
  • Discount policy

from $22/pp

visit site

4
  • Since 2010
  • 24/7 support team
  • More than 500 writers
  • Money-back guaranty
  • Up to 15% discounts

from $9.97/pp

visit site

 

StudyMode - Premium and Free Essays, Term Papers & Book Notes

Products

About

@2017 studym.wressy.com

Exclusive

  1. Home >
  2. Essays >
  3. Managing Communication...

Managing Communication Knowledge and Information –

Only available on StudyMode Open Document Save to my library

Please sign up to read full document.

Text Preview Managing communication knowledge and information –
Unit 16
By MD YUSUF
HND business level 5,
Year 2012-13,
Student No- cc00111

Introduction: - Market research is very essential whether you want to enter the market with a new product, increase the market base of an existing product or give a unique offering to your customers. Every target group becoming smarter day by day, and word of mouth becoming stronger through social networks, Market research now very important which helps you make the right decisions.

Why Market Research
Market Research provides the right direction such that your customer base is satisfied with you and you get to know which plans and features need to be adopted to retain or expand on the customer base. . “Market research is the systematic collection of information on existing and exponential markets for analysis and subsequent action” (William G. Zikmund, 2009). Now to actually understand Market research, you need to understand this statement accurately.

Market research consists of two separate types of research that can be categorized as secondary and primary research. Secondary research consists of collecting already published data to create a "company database" that may serve to perform situation analysis. It helps to identify the company's competitors, perform a strategy for benchmarking and also determine the segments the company should target in view of factors such as demographics, population, usage rate, life style and behavioural patterns. The purpose of marketing research is to improve marketing and business decision making (Kolb, 2008).  Recognize and define how primary and secondary information relating to products and service levels improve marketing decisions related to price, physical and virtual communications, distribution, and segmentation strategy and tactics. There are many categories of research design, such as exploratory versus quantitative, primary versus secondary, and experimental versus non-experimental.  This module compares and contrasts alternative approaches, and discusses when each is appropriate. Primary research serves to provide information through monitoring sales levels and measuring effectiveness of existing business practices like service quality and tools for communication being used by the company. It carefully follows competitor plans to gather information on market competition. Both primary and secondary researches are essential to fulfil the company's objectives. Data Collection Methods:- Data collection methods for marketing research are divided into quantitative and qualitative methods. Quantitative studies use mathematical analysis, which can disclose differences that are statistically significant. The sample size used is quite large. Qualitative methods are used to provide a base for quantitative research and help in quantitative research design development. They target problem defining, generating hypotheses and identifying determinants. They consist of one to one interviews to probe for personal opinions, beliefs and values and serve to uncover hidden issues. The sample size in this method is small. The fact is that you can't have a successful company without having the right data about customers, products and the market in general. Market research is an essential management tool for a viable business plan enabling any company to survive and thrive in today's fiercely competitive market conditions.

Examination of the information and knowledge of the market
Many organizations are now more customer-focused and use knowledge-based strategies to reach out to their customers. This is particularly so in knowledge-intensive industries such as the biotechnology and the engineering industries. Marketing Guru Peter Drucker, views marketing as a philosophy or way of doing business and in its importance in focusing on the customer (Drucker, 2007) Knowledge exploration focuses on the detection and acquisition of new wisdom, while knowledge... Show More

Please sign up to read full document.

YOU MAY ALSO FIND THESE DOCUMENTS HELPFUL

POPULAR ESSAYS

Hum 176 Sylabus Project Risk Management - Holyrood Project Employment Essay Citizen Kane Essay Sentence Essay Species Essay Put option Essay Data Essay

Share this Document

Cancel Send

Join millions of other students and start your research

Become a StudyMode Member

SIGN UP - IT's FREE

Have a great research document you think will help inspire other StudyMode members?

Share your document

Upload Now

Get full access to more research and tools for only $0.33/day

Upgrade your Membership

GET PREMIUM @2017 studym.wressy.com Legal Site Map Advertise studym.wressy.com, Online Education, Hollywood, CA

More great study tools:


{"hostname":"studym.wressy.com","essaysImgCdnUrl":"\/\/images-study.netdna-ssl.com\/pi\/","useDefaultThumbs":true,"defaultThumbImgs":["\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_1.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_2.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_3.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_4.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_5.png"],"thumb_default_size":"160x220","thumb_ac_size":"80x110","isPayOrJoin":false,"essayUpload":false,"site_id":1,"autoComplete":false,"isPremiumCountry":false,"userCountryCode":"US","logPixelPath":"\/\/smhpix.com\/pixel.gif","tracking_url":"\/\/smhpix.com\/pixel.gif","cookies":{"unlimitedBanner":"off"},"essay":{"essayId":37602523,"categoryName":"Organizations","categoryParentId":"3","currentPage":1,"format":"text","pageMeta":{"text":{"startPage":1,"endPage":10,"pageRange":"1-10","totalPages":10}},"access":"premium","title":"Managing Communication Knowledge and Information –","additionalIds":[17,5,7,93],"additional":["Literature","Computer Science","Education","Education\/Greek System"],"loadedPages":{"html":[],"text":[1,2,3,4,5,6,7,8,9,10]}},"user":null,"canonicalUrl":"http:\/\/studym.wressy.com\/essays\/Managing-Communication-Knowledge-And-Information-1606940.html","pagesPerLoad":50,"userType":"member_guest","ct":10,"ndocs":"1,500,000","pdocs":"6,000","cc":"10_PERCENT_1MO_AND_6MO","signUpUrl":"https:\/\/studym.wressy.com\/signup\/","joinUrl":"https:\/\/studym.wressy.com\/join","payPlanUrl":"\/checkout\/pay","upgradeUrl":"\/checkout\/upgrade","freeTrialUrl":"https:\/\/studym.wressy.com\/signup\/?redirectUrl=https%3A%2F%2Fstudym.wressy.com%2Fcheckout%2Fpay%2Ffree-trial\u0026bypassPaymentPage=1","showModal":"get-access","showModalUrl":"https:\/\/studym.wressy.com\/signup\/?redirectUrl=https%3A%2F%2Fstudym.wressy.com%2Fjoin","joinFreeUrl":"\/essays\/?newuser=1","siteId":1,"facebook":{"clientId":"306058689489023","version":"v2.9","language":"en_US"}} tracking img