Marketing Research



Content "filtered", Please subscribe for FULL access.


Chapter 3 : Marketing Research



Marketing Research arrow_upward


  • Marketing Research is about analyzing problems, building models, and collecting information in order to support good decisions about products and services.
  • The collection of certain types of information is called market research.
  • The goal of market research is to provide data that managers need to make decisions.
  • Market research is about identifying the needs of customers and meeting them in the best possible way.

  • Importance of Marketing Research arrow_upward


  • Marketing research can help managers to:
    • Decide whether to enter a market.
    • Decide whether to launch a product or service.
    • Understand how customers feel about a current product or service.
    • Tailor the messages and imagery that are directed at the target market.
    • Determine if current marketing efforts are working.
    • Find out what customers expect and what would make them buy again or buy more.
    • Determine gaps in the market that can be filled with a new product or service.

    Marketing Research Process arrow_upward


  • Marketing Research involves several steps:
    • Define the problem and research objectives.
    • Develop the research plan.
    • Collect the information.
    • Analyze the information.
    • Present the findings.
    • Make the decision.

    Define the Problem and Research Objectives arrow_upward


  • This involves a clear and precise understanding of the problem at hand.
  • To be effective, a research study must be both well designed and narrowly focused.

  • Develop the Research Plan arrow_upward


  • This is the decisive step in the marketing research process.
  • After defining the problem, it is important to determine who will do the research and what solutions will be implemented to address existing problems.
  • Researchers must identify the sources they will use to gather information.
  • The process of primary research starts with whether the question calls for:
    • Descriptive Research
    • Exploratory Research
    • Causal Research

    Descriptive Research

  • Marketing research that gathers specific information related to the identified issue, situation, or concern.
  • This seeks to describe users of a product:
    • Determine the proportion of the population that uses a product.
    • Predict future demand for a product.
  • Descriptive research should define questions, what sort of people will be surveyed, and the method of analysis prior to begin the data collection.

  • Exploratory Research

  • Marketing research to gather preliminary information that will help to define problems and suggest hypotheses.
  • Goals:
    • Formulating problems more precisely.
    • Clarifying concepts.
    • Gathering explanations.

    • Gaining insight.
    • Eliminating impractical ideas.
    • Forming hypotheses.

    Causal Research

  • Seeks to identify cause and affect relationships between variables.
  • It accomplishes this goal through laboratory and field experiments.
  • Different sources of data are categorized as:
    • Primary data that researchers collect.
    • Secondary data that already exists.

    Collect the Information arrow_upward


  • This process mainly involves a lot of field-related work activities such as:
    • Outdoor interviews.
    • Survey campaigns.
    • Feedback sessions which are done by specially assigned data collection agents or field agents.
  • To obtain clear, unbiased and reliable results, the data should be collected under the direction of experienced researchers.

  • Analyze the Information arrow_upward


  • Before you analyze data, review your research goals.
  • This helps maintain focus.
  • Attempt to format and organize the data in a way which answers your research question(s).
  • Look for trends.

  • Presentation arrow_upward


  • Presentation is the most important aspect of the whole process.
  • Even if you have amazing findings, if you present it ineffectively no one will listen to you.

  • Make the Decision arrow_upward


  • Marketing research serves marketing management by providing information which is relevant to decision making.
  • The data gathered needs to be readily accessible and understandable to the decision makers.

  • Data Collection in Marketing Research arrow_upward


  • Data Collection in Marketing Research is a detailed process in which a planned search for all relevant data is made by a researcher.
  • There are two main sources of data:
    • Primary Marketing Research.
    • Secondary Marketing Research.

    Primary Marketing Research

  • Primary marketing research data is collected for the first time. It is original and collected for a specific purpose or to solve a specific problem.
  • It is often costly and difficult to undertake.
  • Primary market research is done when a company collects data directly from the marketplace by:
    • Interviews,
    • Surveys,
    • Field tests,
    • Focus groups.

    Focus groups

    Interview

    Advantages:
  • It is tailored to your specific company and products.
  • It provides precise answers to your specific questions.
  • Disadvantages:
  • It is expensive.
  • It is time consuming.

  • Secondary Marketing Research

  • Secondary marketing research is when a company collects data indirectly from various sources.
  • Secondary marketing research is relatively cheap and can be conducted quite quickly.
  • It tends to have been collected for reasons other than for the problem or objective at hand.
  • Sources of Data Collection
  • Government agencies and trade associations:
    • Economic and trade statistics,
    • Demographic data.
  • News Media:
    • International news reports.

    Advantages:
  • It is less expensive.
  • It is less time consuming.
  • Disadvantages:
  • Information may be outdated.
  • Data may be too broad.
  • Data may be incomplete.
  • Statistics on services are often unavailable.


  • Thank You from Kimavi arrow_upward


  • Please email us at Admin@Kimavi.com and help us improve this tutorial.


  • Mark as Complete

    Kimavi Logo

    Terms and conditions, privacy and cookie policy

    YouTube | FaceBook | @Email | Paid Subscription
    Science | Engineering | Math | Business | English | Medicine | History | Languages | Law | Animals | Social-Studies

    Tutorials, Videos and Quizzes - Real Simple Education


    humanSuccess = (education) => { `Life, Liberty, and the pursuit of Happiness` }