Running Head: MARKET RESEARCH

Market Research as a Tool

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

Abstract
The objective of this literary review is to make connections between primary sources and
secondary sources, in regards to market research. There are a variety of perspectives from both
types of sources, including some viewpoints, such as, Robert Kiyosakis business perspective, in
relation to a students financial success. In addition, many factors lead to the notion that
students, as well as non-students, must perform market research in all aspects of life, in order to
expand their knowledge. Robert Kiyosaki, among other authors, points out many examples in
ways students may benefit from doing their market research. David Ray, for example, will show
readers his perspective about the school education system. Other sources will emphasize on
market researchs benefits to students abroad.
Keywords: market research, success, benefit, education, business, student

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

Introduction
Market research is an essential aspect of every business, including higher education
institutions. Researchers, authors, and scholars alike have come to realize that market research is
a crucial step in the administrative process in helping an institution expand its resources. Since
the dawn of time, a variety of ideas in how to proceed using market research to the best of the
peoples advantage has proven efficient in many ways. In example, going back in time to the
early stages of the thirteen colonies, the barter system where people traded goods and services,
resembled how modern businesses trade products and services, in order to help each other grow
as a unified business system. Many factors fall into the topic of market research that affect
education for any individual, regardless of race, ethnicity, gender, origin, or social status.
Research Questions:

How can market research help students understand how to reach their goals and succeed?

Does market research have anything to do with the students' success in acquiring
academic knowledge?

Robert Kiyosaki mentions that individual success is determined by one of the two types
of knowledge: academic knowledge v. financial knowledge. What is the difference
between academic knowledge, otherwise referred to as technical knowledge, and
financial knowledge, otherwise referred to as emotional knowledge?

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

What are the chances of a student becoming successful with taking a class revolving
around market research knowledge versus not taking it?

Market research is a tool every college student, professor, and scholar may use to benefit
from for their success by identifying resources, according to experiences and the following
sources in this literature review. However, in order to properly identify resources using market
research, readers must gain insight from different perspectives that examine market research and
its impact on the education sector. The four following research questions should help ignite
initiative to obtain such knowledge.
How can market research help students understand how to reach their goals and succeed?
Financial success, depending on gender, has been an issue for many feminist and
researchers. Gender stratification is still an issue when it comes to women in the workforce that
have a college degree (LEBER HERR & WOLFRAM, 2012). Performing market research to
identify an opportunity, such as a job, can be difficult for the female gender, according to Jane
and Catherine (2012). Although, Jane Leber Herr and Catherine D. Wolfram (2012), mentioned
there are still speculations as to whether the female labor force has become equal to the turnover
of male graduates with similar credentials, their knowledge is very limited. Contrarily, Thomas
Sowell, claims that he has depicted some disparities, as to why some women make less than
men, but, according to Sowell, such disparities are caused by the overwhelming population of
women working only part-time jobs, as opposed to the majority of men working full-time
(Sowell, 2012). Sowell (2012), explains that because most women work part-time, the majority
Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

of men whom work full-time will ultimately earn more than women, giving the men the
advantage of earning more than women, statistically speaking, overall (4:31-4:39). Therefore,
Sowells (2012) suggestion contributes to the research question in conducting market research, in
order to determine the situation, as to, why men ultimately generate more income than women.
Additionally, Sowells (2012) results are a good example of how market research can benefit a
student in finding out statistical facts in the current market and have more knowledge, in order to
reach their goals.
A variety of influential characters, such as an author, speaker, and a scholar, elaborate on
the importance of conducting market research for success. According to Robert Kiyosaki (2010),
market research is essential, in order, for a student to have knowledge of their surroundings, and
meet their goals more efficiently. However, David Ray (2014) claims education, in general, is
essential, without implying that a student must initiate market research. Both characters form
claims based on the work that Hy Mariampolski (2001) developed revolving around qualitative
market research. In addition, Hy Mariampolski (2001) explains that qualitative market research
conducted on students who were confused about the major they wanted formed because many
students lack the education of market research (p.1).
According to the following chart (Table 1) imported from the International Journal of
Academic Research, the information makes implications that structural, social, and economic
support are taken into account when contributing to a students possible venture decisions in
ownership of a new business, relative to their educational background (Ahmed et al., 2012).

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

Source: International Journal of Academic Research. (2012). Vol. 4 Issue 1, p107-111, 5p, 5 Charts Chart; found on p108. Retrieved from
http://0-search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=a9h&AN=80229676&site=ehost-live&scope=site

The chart (Table 1) explains how external influences contribute to the decision-making of
a students desire to venture out with entrepreneurial intentions (Ahmed et al., 2012). This can
also be displayed as a means to help students understand how market research can benefit them
in gaining new ideas for future success and achievement by examining external factors, such as,
the structural, social, and economic elements of their everyday lives. The chart above is
supported by Ahmed et al.s (2012) claim that unemployment is a severe problem in modern
society, which contributes to the social influences that make students want to pursue business
ventures, and avoid unemployment from unpredictable companies. Kim, Kim, Jaquette, and
Bastedo (2014) add on to that statement by claiming that minorities are at a disadvantage, in
regards to education, due to college selectivity essentially disappearing, enabling job
dissatisfaction. Furthermore, students begin to find business ownership to substitute finding a job
in these declining economic times (Tomkiewicz, Bass, & Robinson, 2012). For example,
engineering students and students affiliated in STEM, have pursued business ventures in hopes to
gain control of their income (Tks, Tynjl, Toding, Kukemelk, & Venesaar, 2014).

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

Does market research have anything to do with the students' success in acquiring
academic knowledge?
Universities and businesses may utilize market research in a variety of ways that may or
may not apply to a students success. On the one hand, construction business owner, Oscar
Contreras Sr., claimed that market research was not essential, but important at certain times,
depending on the circumstance (personal communication, October 29, 2014). For example, a
business owner needs to know what is in demand and what competitors are doing to meet those
demands, according to Oscar Contreras Sr. (personal communication, October 29, 2014). Oscar
(personal communication, October 29, 2014) explains, market research enables business owners
to develop new ideas that can help their business grow and hopefully exceed expectations their
competitors could not. However, Oscar Contreras Sr. emphasizes on the notion that it is still very
rare for such circumstances to utilize market research to occur (personal communication,
October 29, 2014). On the other hand, Franks K. Munene, an international business owner,
advocated that marketing is essential for students to gain knowledge of potential leads on jobs,
business ideas, and even apply marketing skills to relate to people and make friends (personal
communication, October 29, 2014). With respect to Franks claim, Oscar mentions that students
already perform a sense of market research by utilizing Google on daily basis, in order to find
resources (personal communication, October 29, 2014). Accommodating Oscars theory, Chuck
Martin, describes that approximately 58% of the population already do their market research for
everything they shop for and buy (Martin, 2013). Relative to Martins statement, Patrick Spenner
and Karen Freeman (2012), mention that consumers today are more web-savvy and focus more
Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

on the best deals, rather than the brand, on their daily shopping. Additionally, the heavy reliance
on mobile phones to communicate has expanded internationally, especially in third-world
countries, according to Laura Guevara-Stone (2013).
Generally speaking, in regards to the research question, the interview subjects answers
the research question by demonstrating key components in utilizing market research to benefit
the students achievement in reaching goals, objectively. According to the primary research
conducted through two interviews, the two subjects indicate the idea of gaining further academic
knowledge by utilizing analytical skills provided by market research. The interview, which was
dedicated to learn about the insights two business owners in two different industries had to offer,
was initiated through a phone call with some questions related to the topic. After the interview
took place, the knowledge obtained from both interviewees were crucial observations needed to
support the subjects claims in answering the research question. These sources do not answer the
research question directly. However, the interviewees make an elaborate point on how market
research may be implemented in the education system for further advancement of statistical
knowledge about their desired jobs and market demands for a business, should they pursue in
owning one.
Robert Kiyosaki mentions that individual success is determined by one of the two types of
knowledge: academic knowledge v. financial knowledge. What is the difference between
academic knowledge, otherwise referred to as technical knowledge, and financial
knowledge, otherwise referred to as emotional knowledge?

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

Although, the following sources do not provide an accurate answer, as to, the difference
between academic knowledge and emotional knowledge, they still provide essential information
about financial knowledge in correlation to academic knowledge. According to Robert Kiyosaki
(2010), the difference between financial knowledge and academic knowledge is that students
only build on the fundamentals of school education, such as math, reading, and writing, but
institutions lack the ability to teach students how to become financially stable by not introducing
the fundamentals of financial statements and taxes, which are extremely important for
individuals out of college to know. John et al. (2012), gives a nod to Roberts (2010) statement
by mentioning that one of the three main reasons why students go to college is to make more
money. John et al. (2012) demonstrates a line graph to further explain the dynamic changes in a
time-span of approximately forty years, as to illustrate the ongoing ambition by students to
establish financial stability.

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

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Source: Figure 1 establishes a line graph to show the ongoing changes in the desire for a student to attend and complete college. Retrieved from
http://heri.ucla.edu/monographs/TheAmericanFreshman2012.pdf

Meanwhile, William H. Greider III (Greider, 2010), speaks on behalf of John et al.s
(2012) statistics by informing viewers that financial literacy is extremely important for students
learn, especially with the substantial amount of bankruptcy filers in the young generation today,
due to lack of financial knowledge. Furthermore, William (2010) demonstrates how students can
invest, and, in turn, save more money than ever before with adequate financial knowledge (2:31).
Moreover, due to the lack of financial knowledge, school districts in poor areas have been
neglected the most from receiving federal funds, and usually perform poorly in academics, as a
result (Calkins, Guenther, Belfiore, & Lash, 2007). According to Calkins (2007), this phenomena
encourages the Bill & Melinda Foundation to fund these schools. Conclusively, these sources do
not adequately compare nor contrast the information like asked to do so in the research question.

Instructor: Paul J. Vierra

MARKET RESEARCH AS A TOOL

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However, these sources do touch base on the necessary knowledge for readers and researchers to
find relevant sources to answer the research question.
What are the chances of a student becoming successful with taking a class revolving
around market research knowledge versus not taking it?
The sources displayed throughout this literature review does not adequately answer this
specific question, due to the limited knowledge the sources presented. However, the following
sources do contribute to help future researchers to commence more research on the topic, and
perhaps find an adequate response to the research question above. On that note, according to
Michael J. Cunningham (2002), business-to-business e-commerce is more profitable than
business-to-consumer e-commerce, due to the business collaboration that involves billions of
dollars joining forces to gain a competitive edge in the marketplace. John Hagel III (2002),
represents Cunninghams claim by stating that web services are just as important to implement in
businesses and connect with resources to help them thrive. Thomas Sowell (2013), gestures and
adds onto Cunninghams comments by claiming that entrepreneurial skills are essential, in order
to succeed in society, otherwise, every student will have to depend on companies who are not
always willing to hire them. Additionally, Robert (2010) claims that independent students will be
more prone to becoming successful, since they have a variety of skills and a mind of their own,
than students who rely on companies to train them how to do a job for them, without creating
much opportunity to utilize creativity the student may have to contribute. This is also true,
according to Robert Kiyosaki (2010), whom explains that educational institutions only teach

Instructor: Paul J. Vierra

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students how to become employees and dependent on others to hire them, rather than venturing
out and building something of their own.
Conclusion and Synthesis
As population increases and the demand for educational advancements from society rises,
it is unknown whether or not market research plays a key role in a students success, even if
some of the sources mentioned in this literature review suggest otherwise. In other words, the
knowledge of whether or not market research is essential to achieve goals and progress, seems to
be extremely limited. Does market research have anything to do with the students' success in
acquiring academic knowledge? What are the chances of a student becoming successful with
taking a class revolving around market research knowledge versus not taking it? As of now,
these research questions, and more, have been left unanswered or not precisely answered, due to
the limited knowledge from the sources provided in this literature review. The question of how
the knowledge of market research can help students understand how to succeed and reach their
goals is a matter of perspective, and the research question is not exactly answered by the sources
provided. Therefore, extensive research on the area of how market research contributes to
students success differs and needs to be narrowed down to a more adequate solution, in means
of answering the research questions.

Instructor: Paul J. Vierra

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References

Ahmed, I., Ramzan, M., Riaz, S., Ishaq, H. M., Husnain, M. A., & Naveed, M. (2012). Extrinsic
factors and entrepreneurial inclination: Role of loc. International Journal of Academic
Research, 4(1), 107-111. Retrieved from http://0search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=a9h&AN=80229676&site=e
host-live&scope=site

Calkins, A., Guenther, W., Belfiore, G., & Lash, D. (2007). The turnaround challenge: Why
america's best opportunity to dramatically improve student achievement lies in our worstperforming schools. Mass Insight Education (NJ1), , 1-2, 3, 4, 5, 6, 7. Retrieved from
http://www.massinsight.org/publications/turnaround/50/file/1/...

Greider, W. H. (Producer), & Greider, W. H. (Director). (2010). What college students need to
know about money! [Video/DVD] Youtube Channel: Cambridge Credit.

Guevara-Stone, L. (2013, July 29, 2013). Learning from the cell phone phenomenon. Retrieved
from http://blog.rmi.org/blog_2013_07_29_learning_from_the_cell_phone_phenomenon

Hagel, J. (2002). Out of the box. 60 Harvard Way, Boston, Massachusetts 02163: Harvard Business
School Publishing.

Kim, J., Kim, J., Jaquette, O., & Bastedo, M. N. (2014). Institutional stratification and the
postcollege labor market: Comparing job satisfaction and prestige across generations.
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Journal of Higher Education, 85(6), 761-791. Retrieved from http://0search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=a9h&AN=99031178&site=e

Kiyosaki, R. (2010). The business of the 21st century. 200 Swisher Road Lake Dallas, Texas 75065:
DreamBuilders.

Kiyosaki, R. (Producer), & Kiyosaki, R. (Director). (2010). There is a difference between

LEBER HERR, JANE, & WOLFRAM, C. D. (2012). Work environment and opt-out rates at
motherhood across high-education career paths. Industrial & Labor Relations Review,
65(4), 928-950. Retrieved from http://0search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=bth&AN=83756646&site=eh
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Mariampolski, H. (2001). Qualitative market research. 2455 Teller Road Thousand Oaks,
California 91320: Sage Publications, Inc.

Martin, C. (2013). Mobile influence (First ed.). 175 Fifth Avenue, New York, NY 10010: Palgrave
Macmillan.

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Pryor, J. H., Eagan, K., Palucki Blake, L., Hurtado, S., Berdan, J., & Case, M. H. (2012). The
American Freshman: National norms fall 2012. Los Angeles, CA: Higher Education
Research Institute.

Ray, D. (Producer), & Ray, D. (Director). (2014). What is a college education? [Video/DVD]
Youtube Channel: TEDx Talks.

Sowell, T. (Producer), & Sowell, T. (Director). (2012). Thomas sowell dismantles feminism and
racialism in under 5 minutes. [Video/DVD] Youtube Channel: Reading The Score.

Sowell, T. (Producer), & Sowell, T. (Director). (2013). Culture matters. [Video/DVD] Youtube
Channel: LibertyPen.

Spenner, P., & Freeman, K. (2012). To keep your customers, keep it simple. Retrieved from
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Tks, M., Tynjl, P., Toding, M., Kukemelk, H., & Venesaar, U. (2014). Engineering students'
experiences in studying entrepreneurship. Journal of Engineering Education, 103(4), 573598. doi:10.1002/jee.20056

Tomkiewicz, J., Bass, K., & Robinson, J. (2012). Students' propensity toward business ownership.
College Student Journal, 46(4), 914-920. Retrieved from http://0search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=a9h&AN=84271988&site=e
host-live&scope=site
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Cunningham, M. J. (2002). B2B: How to build a profitable e-commerce strategy. Cambridge,

Ahmed, I., Ramzan, M., Riaz, S., Ishaq, H. M., Husnain, M. A., & Naveed, M. (2012).
Hypothesis Statement. Chart. International Journal Of Academic Research, 4(1), 108.
Retrieved from http://0search.ebscohost.com.lib.utep.edu/login.aspx?direct=true&db=a9h&AN=80229676&site
=ehost-live&scope=site
Pryor, J. H., Eagan, K., Palucki Blake, L., Hurtado, S., Berdan, J., & Case, M. H. (2012). Trends
of Reasons Deciding To Go To College. Graph. The American Freshman: National
norms fall 2012. Retrieved from
http://heri.ucla.edu/monographs/TheAmericanFreshman2012.pdf

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