Please enable JavaScript.
Coggle requires JavaScript to display documents.
Marketing Research (Advantages of Conducting (Guides your communication…
Marketing Research
What?
- finds information about marketing mix, customers, competitors to satisfy the needs
- links the consumer to marketer through information
-
Specifics
- designs the method for collecting information
- How to manage and implement the data collection process & analyses the results
- the information required to address these issues
Advantages of Conducting
- Guides your communication with current and potential customers
- Helps to identify opportunities in the marketplace
- Measures the organization reputation
- Uncovers and identifies potential problems
-
- Helps to establish trends
- Helps to establish the market positioning
- Can determine the most persuasive ‘promise’
-
-
- To monitor changing values and behaviour of customers
- Can evaluate the progress of the company
- To identify the environmental changes and adapt to it
Types
-
By Objectives
Descriptive
- to explain, monitor and test hypotheses
- uses quantitative techniques like questionnaires, structured interviews, data analysis etc
Causal (or experimental)
- sometimes referred as “If.. then…” method
- mainly to predict and test hypotheses
- to find cause and effect relationship of variables
Exploratory
- marketer has little or no understanding about the research problem
- qualitative techniques, secondary research and experts opinions
- results can’t be used for marketing decisions
- helps to plan a formal research design
By Source
Primary
- Specifically for the problem
- Primary market / field research
Secondary
- Based on data previously collected
-
-
Process
- to be used in solving the problem
- Primary: collected from the original base
- Secondary :collected from concerned reports
- Data Analysis and Interpretation
- Transform the gathered data into information
- data transformed into structured format to analyse
- also known as ETL for Extract, Transform and Load process
- Plan to achieve the objectives developed
- primary or secondary data are required
- Select research technique- observation, survey, experiment
- Select research instruments – mechanical devices, questionnaires
- Design the sampling plan – target population, sample size, sampling method
- Selection of contact method – personal, telephone, postal, Internet
- Presentation of Research Findings
- summarize the major findings
-
- addresses the specific research questions identified
- Define the Problem and Set Objectives
- establish research objectives
- foundation for the rest of your marketing research
- decide what is the problem that you're trying to figure out
- taking formal statement of research objectives
-
Technical Pitfalls
- Designing the questionnaire
-
- Poor definition of problem
- Data collection inadequate
-
When NOT to conduct?
- Research results not actionable
-
-
-
- Poor timing re-marketplace
-
-
