Learning From the Experts-The Importance of Market Research In your Marketplace Simulation game play today, you will be concentrating on growth options and using market research to help you in your decision making. Bont and Hamersveld (2007) tell us "Today, organisations, when making key decisions, are mindful of the importance of ensuring that they understand the views and opinions of current and potential customers and know what competitors are doing in the marketplace" (p.3). Understanding the role of market research and the many methods for conducting market research will be valuable for your work in this class and others in your program. Learning from Subject Matter Experts (SME) in market research is the focus of this week's Assignment and Discussion. For this Assignment you will be:
• Reviewing the information in this week's readings and sources you identify in your own research.
• Identifying areas about market research that are particularly interesting to you or that you would like to know more about.
• Creating a set of 3-6 questions using the information you have gained in your readings and research that will help you gain a greater understanding of these areas.
• Identifying a market research professional or a company where a representative can talk to you in more detail about the market research process. For some ideas on how you can identify a market research professional or company view the short video: http://extmedia.kaplan.edu/business/Media/GB500/u4/GB500_u4assignment.html
• Talk with your current employer and see if there is a department in your company that performs this function.
• Talk with family and friends
• Use the social media and networking sites, i.e., Facebook and LinkedIn, etc.
• Look for companies that conduct market research and contact them
• Contact your local Chamber of Commerce and get referrals
• Conducting an interview with a market research professional or a company representative
• Using the results of this research to determine how it can be applied to the Marketplace Simulation. You will post the results of your work in a 3-4 page APA formatted paper.