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Marketing Research (WHEN NOT TO CONDUCT MARKET RESEARCH, Advantages,…
Marketing Research
Advantages
Helps to plan ahead
Helps to establish trends
Uncovers and identifies potential problems
Helps to minimize risks
Measures the organization reputation
To make right decisions
Types of Marketing Research
By Methodology
Qualitative
Quantitative
By Objectives
Exploratory
Descriptive
Causal (or experimental)
By Source
Primary
Secondary
MARKETING RESEARCH PROCESS
(3) Collection of data
(4) Data Analysis and Interpretation
(2) Design the Research Plan
(5) Presentation of Research Findings
(1) Define the Problem and Set Objectives
FREQUENT TECHNICAL PITFALLS
2.
Designing the questionnaire
3.
Sample size is small
1.
Poor definition of problem
4.
Data collection inadequate
WHEN NOT TO CONDUCT MARKET RESEARCH
Late timing re-process
Poor timing re-marketplace
Closed mind-set
Vague objectives
Research results not actionable
t
Cost outweighs benefit
Lack of resources
MARKETING INFORMATION SYSTEM
Main Steps
2.
Developing information
3.
Distributing and using information
1.
Assessing information needs
Internal Records + Marketing Intelligence + Marketing Research
Advantages
7.Data amassed and kept over several time periods
8.The ability to do a cost-benefit analysis
6.Speed in obtaining sufficient information to make decisions
5.Coordinated marketing plans
4.An avoidance of crises
3.The storage of important data
2.A broad perspective
1.Organized data collection
