Market research is defined by the research objective

Note: This was originally posted in a discussion as part of a Boston University Metropolitan College graduate-level course in Market Research with Professor Marcus Goncalves.

The formulation of a problem is often more important than its solution,” posited Albert Einstein. Businesses reduce risk by incorporating market research into their decisions, and defining the research objective, a broad question or statement that provides the reason for the research (Stromp, 2019), is fundamental to successful research.

Establishing the research objective requires a management decision problem (“MDP”), which is a basic business problem that is preventing management from making a decision. The MDP is a symptom of an underlying problem, which is the market research problem (“MRP”).

The MRP is a question (often supported by additional questions) guided by objectives that can be researched. This is the core of the problem and also the core of the research objective. Answering this question will provide management with the information it needs to make a decision.

Another factor that can guide research is whether the MRP is (1) ambiguous, (2) somewhat defined or (3) clearly defined (Michalíková & Nétek, 2018). Mooi, Mooi-Reci & Sarstedt (2018) established that defining the research objective is particularly important in ambiguous research.

In addition to the MRP, the research objective defines the parameters or criteria for the research, such as timing, cost, geography, etc. Ultimately, research objectives must be specific, measurable, attainable, relevant and time-bound (“SMART”).

Further, market research fuels innovation, another business practice that reduces risk in the face of uncertainty (Dyer & Furr, 2014). Research helps innovators understand customers and potential customers. However, market research can also be a source of innovation that provides competitive advantage (Fleaca, Fleaca & Maiduc, 2016).

Regarding Assignment 1, the first challenge is drawing the distinction between the MDP and the MRP. Next, it is important to add the right supporting questions to the MRP that will properly support and frame the research. It is also important to define research criteria/parameters. Some of these are pre-defined given the short time period, but others require consideration (availability of data, feasibility, etc.).

References

Dyer, J. & Furr, N. (2014). The Innovation Method. Boston: Harvard Business Review Press.

Fleaca, E., Fleaca, B. and Maiduc, S. (2016, November). “Fostering Organizational Innovation based on modeling the Marketing Research Process through Event-driven Process Chain (EPC).” TEM Journal. Volume 5, Issue 4, Pages 460-466, ISSN 2217-8309. Retrieved July 14, 2020 from: http://www.temjournal.com/content/54/TemJournalNovember2016_460_466.pdf

Michalíková, A. and Nétek, V. (2018, December 1). “Marketing Research of Areas Ambiguously Defined.” Acta logistica - International Scientific Journal about Logistics. Retrieved June 14, 2020 from: http://actalogistica.eu/issues/2018/IV_2018_01_Michalikova_Netek.pdf

Mooi, E., Mooi-Reci, I. and Sarstedt, M. (2018). Market Research - The Process, Data and Methods Using Strata. Springer Nature Singapore: Singapore. Retrieved July 12, 2020 from: https://link.springer.com/content/pdf/10.1007/978-981-10-5218-7.pdf

Stromp, S. (2019). Market Research Essentials. Stukent