MARKETING RESEARCH PROJECT in HRM topic COMPANSATION AND BENEFITS Assignment

MARKETING RESEARCH PROJECT in HRM topic COMPANSATION AND BENEFITS COWAY COMPANY SINGAPORE - Assignment Example It is the plan that defines how, when and where from the information is to be collected and how it should be analyzed. Research design is different from the concept of Research data collection (nyu.edu, n.d.). Research Design mainly discusses which sources have been used in conducting the study. Various Research designs are- 1. Historical Research Design  - It uses primary and secondary sources. Lots of qualitative data sources are required in this case. 2. Case and Field Research Design  Ã¢â‚¬â€œ It is useful when limited information is available for a study. Observation is a great tool for such studies. 3. Descriptive or Survey Research Design  - It attempts to explain and describe the circumstances by applying many questionnaires and subjects to fully portray a phenomenon (dissertation-statistics.com, n.d.). 4. Causal Comparative Research Design  - This research design attempts to investigate the cause and effect relationship where causes already exist and cannot be contro lled. 5. Experimental Research Design  - This design is most suitable in controlled settings such as laboratories. Here causes can be manipulated to arrive at desired effect. For our research we have decided to employ the survey research design. It is considered that a questionnaire will be extremely useful in drawing information from a large number of people as well as from limited number of participants. Also the data obtained will be highly reliable. 3.2 The Overall Research It can be said that for the purpose of successful completion of the research based assignment, conduction of significant research is very important. The reason behind the significance can be associated with the fact that the market research provides some of the highly relevant data, which can be processed and analyzed using various tools and techniques, so that it empowers the researcher to find out the required information that is available in the form of hidden and highly complicated data (Kolb, 2008, p. 12) While discussing on the same note, it can also be brought into attention that the conduction of the market research exercise helps to bring into focus the insights, views and opinions that are provided by a wide range of sources, which essentially comprises of collaborators, customers, employees, as well as associated and related stakeholders (McDaniel and Gates, 1995, p. 5). It can be said that while proceeding with the concept of market research, a proper format is expected to be followed by the researcher. The most important part of the market research exercise is to maintain relevance with the main research question. The reason behind it is the fact that it will help in the process of framing the entire structure and nature of the market research exercise and will also increase the effectiveness of its results in a great way. 3.3 How to conduct the literature research The literature review deals with three main issues which are- 1. Study of compensation and benefits- This st udy can be best carried out with the help of sources like books, internet, business journals, newspapers and research papers. This issue will develop our understanding about the compensation framework of a company. 2. Significance of compensation and benefits in the overall performance management of a company- The researcher can learn the significance of com