Market Research for Generation X Patients

From an analytical viewpoint, with the constant dynamics in the business and marketing environment, one thing remains the same, and that is the need to conduct market research. Marketing research helps companies identify opportunities and consequently, to come up with proper and solid business decisions. Also, through market research, organizations are able to evaluate business decisions with the help of reliable information and data as this forms the backbone of informed business decisions. The report will focus on the how the Plastic Company should conduct its market research while targeting the Generation X patients, living in the Sydney Eastern Suburbs. The research will seek to determine the number of patients that are familiar with the practice, the number that would consider having Cosmetic Surgery, the satisfaction of the clients with the surgery and what inspires the target market to undertake the Plastic therapy. Ideally, a market research process comprises some vital steps that are so crucial and chronological in nature. The market research course for this company will comprise the following procedures; identification of the problem, developing the research plan, conducting the research, analysis and reporting the findings and lastly taking actions.

Sources of information, their advantages and disadvantages

The internet

The internet has been the primary resource for patients searching for information regarding medical conditions. Generally, about 70% of the individuals looking for the information on the cosmetic surgery abroad rely on the internet as their major information source. The internet eases communication with the researcher as it acts as the guidance and original source of information. It can be accessed expediently allowing the managers to use the resources better and effectively. At the same time, it is comparatively inexpensive and leads to the quick dispensation of information. As such, many organizations can articulate information to million users within a short period. On the other hand, one major disadvantage of the internet is the huge amount of information resulting in information overload.

Internal sources

These are sources within the organization. They include; accounting information, salesmen’s report and statistics relating to advertisement expenditure. Information on these sources is easily available and does not have financial burden. However, in some cases, these sources are indispensable without which the researcher cannot get the desired information.

Periodicals and newspapers

Periodical business journals and magazines contain data which is necessary for marketing research. Newspapers like Economic Times and Financial Express portray data relating to business trends and market reports. Other important journals such as Industrial Times, Business World and others, Indian Finance Commerce and Capital, Market contain information about Plastic surgery and the demands regarding this field. These materials are more in-depth, reader-friendly and cheap to access. Even so, newspapers and journals are sometimes not up-to-date and may contain biased information.

Public surveys

Markets surveys and reports are the primary tools for providing necessary information for market research. They are published by the independent business house and provide specific information. As such, they can provide insights on Cosmetic Surgery prompting the research. These surveys may not be specific to the researcher’s needs, untimely and can contain incomplete information.

National and international institutions

These include university research reports, bank economic review, articles and journals which are a meaningful source of secondary information. They generate a series of information that can be helpful to the researcher. These sources are credible and specific on the topics. However, they can be expensive and cumbersome to get:

Research questions

The following questions would guide this market research;

1. What is the popularity of the Plastic Surgery in the Sydney Eastern Suburbs?

2. What is the perception of the patients about the Cosmetic Surgery?

3. How is the recovery process of those who have undergone surgery in other clinics?

4. What percentage of the population would consider having the surgery and why?

5. What area of the body would patients consider having the Plastic Surgery?

Research process

Conducting interviews

One-on-one interviews will make the bulk of the qualitative research of this market research process. It will involve speaking individually with the Generation X patients in the Sydney Eastern Suburbs either in a structured and a semi-structured way. Through this, the concerned parties can develop follow-up questions for elaboration. Three types of the interview can be used, structured, semi-structured and unstructured interviews. Structured interviews will incorporate a series of open-ended questions where the patients can respond freely, though with minimal follow-up. In this way, the interviewer will interrogate the patients with ordered questions from a pre-determined list. The interviewer controls the flow of questions, and the respondents are not allowed to deviate or go out of the discussion. Semi-structured interviews provide a platform for much elaboration as compared to the structured interviews but still, will enable the interviewer to come up with the questions and topics. Here, an interview guide comprising the list of topics to be covered and possible question to be presented is prepared.

Moreover, respondents are allowed to provide some more information after they are done with the responses and can digress to a limited degree. On the flip side, when unstructured interviews are employed, the free and random discussion will take place allowing the interviewer and the respondents to have a casual discussion. Given this, the interviewer can only introduce the overall topic of research but not the questions and the topic. The same will allow the participants to respond comprehensively and provide more detailed information about Plastic Surgery.

Using questionnaires

Questionnaires consist of a series of questions aimed at gathering information from a target population or respondents. The market research process can be made easy with the use of a close-ended questionnaire to save on time. Below is an example of a questionnaire that this research can employ; 1. How do you think about the trend of plastic surgery in the Sydney Eastern Suburbs?

a. Normal

b. Popular

c. Popular

d. No idea

2. Have you ever had a Cosmetic Surgery?

a. Yes

b. No

3. On what area of your body would you consider having a Plastic Surgery?

[ ].Face

[ ].Eyes

[ ].Nose

[ ].Neck

[ ].Brest

[ ].Other (please specify)

4. What would be the major reason for having a Plastic Surgery?

A. Confidence boost

B. Corrective

C. Self-improvement

5. Are there any celebrities whose image has influenced you to consider Plastic Surgery?

A. NO

B. YES (please specify)

6. Have you been considering surgery but you have not yet made up your mind?

A. too expensive

B. not ready

C. have not found the right surgeon

D. I have not been considering plastic surgery

E. Have not found the right clinic

F. Other (please specify)

Research design

Qualitative research design

A qualitative research design helps to understand people’s opinions, characteristics, motivation, behavior and themes extensively. The design is less rigorous and easy, and furthermore, it leads to a more in-depth understanding of phenomena, which cannot be achieved through any other way. The Plastic Company, by using this design, will be able to analyze the features and attributes of a phenomenon that can be interpreted thematically. Qualitative research is the most flexible design from the available experimental techniques, comprising several accepted methods and structures.

The market process will involve a qualitative research design as this will be ideal to explore the psychological issues of Cosmetic Surgery like patient’s perception and satisfaction. Through this design, it is possible to understand the complex issues surrounding the patient’s decision to undertake elective plastic surgery and to understand fully how patients and families make treatment decisions, specifically regarding this field. At the same time, the qualitative design will help understand the experiences during the ordeal and the recovery process from the surgery. Qualitative research, when properly designed and people trained well, brings more detailed, reliable and adequate information compared to quantitative methods.

Ethical issues

Research ethics comprise requirements of everyday work, protection of the dignity of the participants and publication of the research information. These issues involved;

Respect for anonymity and confidentiality

The researcher has to promise respect for anonymity or else address confidentiality of the information. Confidentiality and anonymity are closely linked to rights of beneficence, respect for fidelity and rights. Confidentiality demands that the researcher protects the private information of the subjects. With this in mind, the researcher should present the information without associating it with a given individual. In other words, the information should come out under strict anonymity

Informed consent

Informed consent will be a critical issue in this research. It is where an individual, knowingly, intelligently and voluntarily, gives his consent in a clear and manifest way. Given this, the target patients should not be coerced to participate in the research. Instead, they can be persuaded in a proper way, where they are made to know the aims of the research and then allowed to take part at will.

Right to privacy

Privacy is the right of the individual to determine the extent of the information he can share with the researcher. Privacy is invaded when beliefs, attitudes, records and opinions are shared without the consent or knowledge of the respondents. As such, the researcher should only allow the patients to disclose what they are willing and withheld what they feel can compromise their privacy.

Works cited

Babin, Barry J., and William G. Zikmund. Exploring marketing research. Cengage Learning, 2015.

Holliday, Ruth, et al. "Brief encounters: Assembling cosmetic surgery tourism." Social Science & Medicine 124 (2015): 298-304.