Castle Bingo Essay Example | Topics and Well Written Essays - 2000 words - 1

Castle Bingo - Essay Example It is important to mention the fact that the emergence of high level of connectivity amongst the masses around the world has resulted in the process of faster diffusion of various kinds of global trends. The rapid spreading of global trends in various corners of the world is bringing in a massive change in regards to consumer demands as consumers are starting to get more and more demanding in nature. It is wise to highlight the fact that as a result of emergence of various kinds of global trends, the consumers around the world are increasingly focusing on the process of getting products and services that provides better value for money. On the course of bringing in a revolutionary change in regards to the consumer behaviour and demand expectations of the masses, the global trends are also clearing the way for the emergence of new markets. Organizations around the world are trying their best to enter into the newly emerging markets for the purpose of capitalizing on significant busine ss opportunities as well as possible avenues of future growth. This is resulting in the creation of a tremendously competitive business environment. In order to gain a significant edge in the market in regards to its competitors, the companies around the world are trying to gain as much information as possible in regards to the respective clients and consumers. This endeavour of organizations around the world to gather the latest information from the market has resulted in the emergence of the importance of market research. About Market Research It can be said that the market research is often identified as the function which helps in generating a lot of insight in regards to the consumers, customers, clients as well as the associated stakeholders of a business firm or organization (Kolb, 2008, p. 7). It helps the business organization to significantly identify the various patterns and trends that are existent in the market in regards to the consumer behaviour as well as the latest market trends that exists in various geographical regions (ESOMAR, 2007, p. 37). Talking in a more detailed manner, the function of market research comprises of a lot of functions like determining and indentifying the research problem, designing the questionnaire or the survey instrument, designing the nature of research to be conducted as well as the entire methodology related to data collection. It also has to be said that the market research process also involves significant amount of analysis of various relevant data that has been collected by the market researchers through the process of administration of the questionnaire. It is very important to mention that the marketing research has a high linkage in regards to marketing. It has to be said that the process of marketing talks in broad details about the implementation of the product, place, promotion and price in the market place though effective segmentation, targeting and positioning. It has to be said that the process of m arket research paves the way for effective segmentation, targeting and positioning of the product and service to the right target audience through the gathering of the information in regards to the trends of the market as well as that of the customers. It has to be said that the market research paves a linkage between the value expectation of the consumer