What is model building? How does it use secondary data? What are some examples of different applications of model building in marketing research ?
In terms of Marketing research, Model building is basically layout of a plan keeping in mind all the factors which can be very beneficial for the overall growth. Model building in lay man terms can be defined as a well structured and systematic process of analyzing, brain storming and creating innovative structure for a new or existing business process or actually designing a paper house structure in the real estate development which is made by an architect.
With the availability and analysis of the secondary data, a person can fully utilize various other models which are ready made which can be used for the business model or can be used in creation of a new house.Also note that if secondary data which is readily availability is sourced from any trusted institution such as NGO’s, International Institutions, IPMI ( International Project Management Institute) gives a true and proper guidance in helping the architect to build a new model.
Examples of a few Model building in Marketing Research:
In terms of Marketing research, Model building is basically layout a plan keeping in mind the factors which can be very beneficial for the overall growth. It gives a detailed analyses and guidelines which are formed on the basis of consumer behaviour (which is the most important aspect), the demand and selling pattern, design of the product and its features, tastes of the consumer, preference of the society.
For example, The various big MNC’s in the market such as Nileson, Forbes etc. They have used various different new creative models to serve the exact purpose by analyzing the various factors which is based on both qualitative and quantitive aspects.
Launching a new product in the market has always been very unpredictable to anaylse how exactly will it hit the market. Will it make profits or will it be as per the taste of the consumer. However, with the Marketing research model it is now quiet possible that the impact of a new product on the various targeted market segments, by fully analyzing the hypothetical market.