Research Methodologies Paper

1113 words - 4 pages

PAGE PAGE 2 Research Methodologies Paper
Research Methodologies PaperMusaieb AlmutwieUniversity of Phoenix - MKT/450January 28, 2013Professor: Douglas SheltonA US based XYZ Inc (the "Company") has decided to market and launch its top-selling product internationally. As a marketing manager of the Company along with my business development team we have decided to market Company's top-selling product in India. However in order for us to be able to decide which product strategy is the right one for the Indian market, we need to conduct a market research.India is a South East Asian country and is the eleventh largest economy in the world in terms of nominal GDP. India is moving from being an agriculture based economy to an industrialised and service focused economy similar to US, Europe and other industrialised countries. India is now the biggest manufacturer in the world of small cars (eurobrandsindia, 2011).ObjectiveThe objective of this paper is so gain a better perceptive of the Indian market, along with the preferences of consumers, their purchasing criteria, culture, and their business practices. By having this information, it will allow the company's executive and marketing team to expand a personalized approach to develop opportunities in the Indian market and open its product effectively in this competitive marketplace.Research methodologyResearches in common terminology refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. XYZ, Inc. will use a mixture of marketing research methodologies to increase a better understanding and knowledge of the Indian market. XYZ will utilize their existing database and perform a widespread secondary research from the existing research about Indian market to grow a better understanding and knowledge of the marketplace.Secondary research is not only cost effective but it can be performed from a distant location, which allows the company to gain knowledge and experience of other people that may have been involved in the marketing to the Indian customers in the past. The secondary research will let the company expand valuable information about obtainable the best practices followed by the marketers in the history of the Indian market and will let the company perform a cost efficient study about the different features of the Indian market.On the other hand, using databases and primary research is extremely important to expand a better understanding of the Indian consumers, their decision-making criterion, their cultural preferences, and their outlook towards a product of the company. Primary research would include doing surveys, which will allow a better perceptive of the customer's one of a kind need and preference, their prospect of the company's assistance, their feelings towards competitive offerings, as well as the type of decision making criteria for final purchase.Usage of products can be very different in India....

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