Market Research Assignment Example | Topics and Well Written Essays - 1000 words

Market Research - Assignment Example This report is designed to have an insight about an organization that is about to conduct some market research into consumer buying habits for the products and services that this company has for sale. Henry John Heinz, the founder of this company said that he learned from his parents’ idea of business which was, â€Å"Deal with the seller so justly that he will want to sell to you again.† He believed in fair play in the business and this quality of him had made him a successful businessman. Heinz is a $10.7 billion global company. The products of Heinz enjoy #1 or #2 market share in more than 50 countries. Every year the company sells 650 million bottles of its iconic Ketchup. Heinz's top 15 power brands are counted as more than two-thirds of its annual sales. There are about 35000 people that are employed by Heinz in almost 50 countries around the globe. Heinz is a responsible corporate citizen dedicated to safe practices, environmental stewardship and giving back to t he society (Heinz Company, Pittsburgh, 2012). 2.0 Research Options What is the correct option for doing research either through external consultancy agency for the market research or the option of doing the research in the company itself. 2.1.0 External Consultants Many organizations take the assistance of external consultants in identifying, recommending and implementing change. There have been companies which have been successful while there are some which have failed after having consultancy from external consultants. First, there needs to be cooperation with the consultant from the entire top management and not merely the CEO or a few directors/managers. Next, there cannot be any information that is out of action from the external consultants. The solution to transformation is that complete information about the organization and its strengths and most prominently, its flaws must be visible. The other feature that makes organizations rely on external consultants is since these co nsultants have knowledge in dealing with companies in similar industries and hence can relate their expertise and experience to advise specific changes. 2.1.1 Advantage of External Consultants 1. External Agencies have research skills that are industry specific. These niche considerations are such that the organization can customize different external agencies to specific internal needs as a means of maximizing their marketing strategy (Joshi 2005). 2. External Contractors have access to target sectors; hence they have underlying knowledge of best practices. Accompanied within this spectrum of understanding are recognitions that industries niches aren’t only accompanied by a specific skill set, but also industry contacts and statistical research that can advance their marketing goals (Joshi 2005). 3. External Agency contractors bring objective viewpoints. The nature of institutional culture has been theorized to have a significant and profound impact on decision-making and co mpany practices. While such uniformity of perspective has noted strategic advantages, oftentimes the external viewpoints that are accompanied with outside agencies can add these fresh and much needed insights (Joshi 2005). 4. They are much quicker as compared to internal research. These agencies have developed streamlining techniques that allow