Hong Kong Market Essay Example | Topics and Well Written Essays - 2250 words

Hong Kong Market - Essay Example The paper tells that market research is understood to be a scientific process concerned with gathering and processing critical information, which can be used in marketing management decisions. Due to this, marketing research is considered a critical part of a marketing intelligence system that in most cases functions to improve management decisions using timely, relevant, and accurate information. Marketing research has become popular in many organizations due to perceived benefits the process is seen to generate. For instance, smart organizations have been able to achieve and sustain their competitive advantage by using market information in the most creative manner. Moreover, organizations that adequately satisfy the needs of their consumers have done so by intelligently and creatively using appropriate market research information. Therefore, at this point it can be stated that market research is critical in the modern world especially in the age of globalization and increased cons umerism. Consumers in Hong Kong, just like consumers in other societies are likely to exhibit varied behaviors with regard to consumption. Although consumption is an aspect that is synonymous with all societies, numerous evidences have shown that societies across cultures differ in terms of consumption behavior, consumption pattern, and the overall consumption culture. This is to say, consumption behaviors exhibited by consumers in Hong Kong are likely to differ to behaviors exhibited by consumers in other regions. ... erous evidences have shown that societies across cultures differ in terms of consumption behavior, consumption pattern, and the overall consumption culture (Hoyer and Macinnis, 2009). This is to say, consumption behaviors exhibited by consumers in Hong Kong are likely to differ to behaviors exhibited by consumers in other regions. Therefore, the discovery makes it virtually impossible to generalize consumer behavior across cultures. As a result, introducing a new flavor of soft drink in Hong Kong market will require the company to undertake a detailed market research that aims to identify specific consumer behaviors that are likely to influence or impact the marketing process. Accurate intelligence information about how consumers in Hong Kong consumer products in terms of beliefs, values, demographic factors, socio-economic aspects, cultural issues, lifestyles, and many more (Hoyer and Macinnis 2009). This is critically important since such information will help the management team o f the company to initiate appropriate strategies of marketing for the new product to succeed in the new market. Marketing Research Design In order to successfully carry out market research, the researchers have to develop and implement the most appropriate research design techniques. Consequently, the usefulness of research project is likely to be realized when there is evidence of quality of research design, coupled with appropriate data collection and analysis process based on the design. Research design in marketing research involves identifying the best research methods that are appropriate in obtaining the required data (Churchill and Lacobucci, 2009). As a result, validity and reliability of data to be collected, which is critical in research process depends a lot on the type of