There are several steps that the ORM team had to take when it comes to the marketing research aspect of their firm. Market research is something that every firm needs to do before opening it in order to see what consumers are lacking and to see where your service or product can fit into an individual’s life and why it will benefit them. When a firm conducts a marketing experiment, there is a research objective that needs to be met and this is the goal(s) the research is supposed to accomplish.
There are several steps that market researchers take which include first define the problem (or opportunity), design the research, design the data collection forms, specify the sample, collect the data, analyze the data and finally write the research report and present its findings. When it comes to the online reputation services team, first they must conduct two types of data, which include primary and secondary data. Primary data is getting it directly from the source and secondary data is the data that has already been collected from someone else or data collected by you for another purpose. When it comes to the different sources of secondary data, there is something called syndicated research, which is primary data, collected on a regular basis that is sold to other companies. Another form or secondary data that the ORM team likes to use is called scanner-based research which is information collected by scanners at checkout stands in stores which helps them see what and how much consumers buy. The different types of primary data sources come from interviews and surveys whereas secondary data sources are strictly from census data, wed sites, publications, trade associations and syndicated research and market aggregators. A focus group is also very useful to companies who are selling a particular service or product for a smaller target market and this is something that the ORM team would use for their marketing research process. Right now the team isn’t looking to conduct any new market research because their service is on a very narrow topic that not every online company needs or cares to have but sometime in the future, more companies will be interested in saving their online reputation and will call the ORM services team.