Business Studies

Compare and contrast customized, standardized, and syndicated marketing research. Provide an example of when you would use each.

ANSWER

Market Research

Market research is an essential tool in developing an effective business strategy. The solution to many business problems is found through marketing research. For example, through marketing research, decision-makers get solutions to customers’ satisfaction with a product or service, customers’ reactions to prices, and the difference that the product or service will make in the competitive market.

Customized market research is created specifically for one company; thus, the data and results are unique and specific. Custom market research is beneficial since a company can control the requirements for a specific project and ensure that the results are per the company’s expectations. Although it is costly, its uniqueness to meet each client’s specific needs helps provide the information required to make crucial decisions. Custom market research can be used when a company is developing a new product, conducting strategic planning, and geographic market expansion.

Standardized market research applies in global businesses, where a company views the entire world as a single market. The strategy assumes that a single product can meet the needs of everyone throughout the world. As a result, this market research has economies of scale and customers experience a uniform global image (Haron, 2016). Standardized market research is best applied when a company targets the global market; for instance, Apple and Domino’s Pizza apply this marketing strategy.

A syndicated market research is one done by a market research firm for use by multiple companies in the same sector rather than for a specific client. The results of a syndicated market are often provided in the form of reports and presentations and are accessible to anyone willing to buy. This type of market research is cost-effective; however, it is broad and not precise to specific businesses hence may fail to deliver satisfactory results. Syndicated research is most applicable in exploratory research when a company runs short on research budget and when a researcher intends to find more information about the market before investing in custom market research.

References

Haron, A. J. (2016). Standardized Versus Localized Strategy: The Role of Cultural Patterns in      Society on Consumption and Market Research. Journal of Accounting & Marketing,   5(1).

Doi 10.4172/2168-9601.1000151