Marketing research refers to the process by which information relating to the market of a certain product or service is gathered, recorded, and analysis is done. An organization that is interested in marketing research can do the marketing itself or higher some organizations that form to provide other organizations with market research. The organizations that form to provide marketing research are called marketing research suppliers.
They include full and limited market research suppliers. Essential Monitors, Inc (EMI) is an organization that manufactures and markets professional quality LCD monitors. The price of the LCD monitors is bit high for the consumers and the organization would like find a way to make the prices lower for the consumers. The sales channels available are selling directly to the customers and selling to middlemen to later sell to the customers.
Some of the factors that could be affecting the sale of the LCD monitors include market size, growth potential, buying habits, distribution channels, and competition. The management in the organization wants the company to grow to other markets including international markets. To be efficient in entering international markets, the organization wants to conduct research in international markets. The organization will have to look for the best marketing research suppliers to research international markets. This paper will seek to analyze different types of market research suppliers.
Different Types of Marketing Research Suppliers and their Differences
The major types of marketing research suppliers are the full and limited marketing research suppliers. Many organizations do not have fully developed research departments. This means that such organizations cannot conduct the whole marketing research process. They will either rely on market research suppliers to provide them with some information and perform those areas that they deem fit for them.
Many other organizations do not have research departments at all. Such organizations will rely on market research suppliers in the whole process of research. Full marketing research suppliers conduct research for an organization from the initial stage of gathering data to analysis and recommendations. The organizations that hire full marketing research suppliers get into partnership with them and trust them that the information and recommendations that will be provided will be effective.
Hiring a full marketing research supplier is very expensive to an organization. The limited marketing research suppliers conduct research in specific areas and leave some parts for the organization to perform. For example, a limited marketing research supplier may go into the field to collect some data, record it and do the analysis. The organization will then do the recommendations. The organizations that hire limited marketing research suppliers are those that have a research department which is not very efficient in research.
Factors to Consider in Choosing a Marketing research Supplier
EMI has no research department implying that it has to hire external suppliers to provide it with international market information, do the analysis and give recommendations. Before selecting the supplier to give the research project, the organization will make some considerations. The first basic consideration is the reputation of the supplier. The reputation of the supplier will determine the information that the respondents will give.
A supplier who is known to give biased information is not efficient for the project. The efficiency of the supplier in terms of time is also important. This means that the supplier who will be hired must have the capacity to complete the project on schedule. EMI organization plans to change its strategy for the next five years so that it can make use of the growing market of computer equipment. This means that the time factor is very important (Bradley, 2007, p.57). The supplier should also be an organization that is known to maintain ethical standards. Ethical standards help an organization to act in the right way at all times.
A supplier whose ethical standards are low might lower the dignity of the EMI organization and affect the customer’s loyalty to the organization. The supplier must be flexible so that if the EMI thinks of making some changes at the middle, the supplier will always be able to adapt to the changes and carry on with the project. He should also be able to provide a project of high quality. Low quality projects might lead to frustrations if no achievement is made.
Expectations of the Supplier
A good supplier is the one that has much and quality experience (Carl & Roger, 2000, p.56). Experience determines the quality of work that will be done in all the phases of the project. Hiring an inexperienced supplier is likely to lead to failure of the project. The relevance of the experience is important in that a supplier who has had experience of a similar project is likely to provide more accurate data and viable recommendations. The suppliers should also possess both technical and non-technical skills. Technical skills are those that are required for the formal parts of the project. Nontechnical skills are applied mostly in dealing with the clients. This means that they will be able to communicate with the clients.
Finding the Supplier and the Selection Criteria
To hire the most competent supplier of the marketing research, a proper selection criteria needs to be devised. All suppliers that are qualified for the project will be requested to send their applications (Kotler & Armstrong, 2007, p.125). Those that have the above named qualities will be shortlisted and invited for an interview. The interview will be aimed at choosing the best out of those that are qualified. Those that have conducted research of similar type will have an added advantage. The supplier that will have quality qualifications and reasonable price will be given the project. However, suppliers with very low bids raise questions on the quality of work that they can do. The decision on the supplier to be hired for the project will therefore be based on sound information for quality results to be obtained.
Marketing Process Research Learnt
The marketing research process I have learnt is composed of six processes that begin with problem definition. After defining the problem, the researcher then develops an approach to the problem. This is followed by research design formulation. The researchers then go to the field to collect data. The data collected is prepared and analyzed. Finally, a report is prepared and presented to the management of an organization. This research process applies in whole to the effort.
Effectiveness of Cost in Performing the Research
Performing the research in-house would be cost effective but the quality of information generated and the recommendations may not be very efficient. This is because the individuals in the organization do not have the necessary experience in international market.
Marketing research will help EMI to venture into international market strategically. The organization will hire marketing research suppliers that will research on behalf of the organization. The two major types of market research suppliers are full and limited suppliers. The supplier to be selected for the project must have certain qualities to provide quality work.
Bradley, N. (2007). Marketing Research: Tools and Techniques. Oxford: Oxford University Press, 2007. Print.
Carl, D. M. & Roger, H. G. (2000). Marketing Research Essentials. New York: International Thompson Publishing. Print.
Kotler, P & Armstrong, G. (2007). Principles of Marketing. New Jersey: Pearson, Prentice Hall. Print.