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Market Research
The systematic design, collection and interpretation of…
Market Research
The systematic design, collection and interpretation of data, as well as the reporting of information gained to help marketers solve specific marketing problems or take advantage of opportunities
What is it?
- gathers information that is not currently available
- aids decision making but does not make it
- key role of marketing research is in initially defining and specifying information required
- no success guaranteed
- marketing research is expensive and takes time
- no 100% reliable
Ethical issues in marketing research
- data is collected in an ethical manner while maintaining the information quality
- must have professional standards by which research can be judged
some organisations have developed codes of conduct for ethical research
- ethical and legal issues can develop as research is carried out
The Marketing Research Process
1
Determining the scope
- uncovering the nature and boundaries related to marketing strategy or implementation
- differing marketing results
- typically marketing problems requiring research
- discover reasons for not meeting goals
- evidence of potential market opportunities
Steps:
- define the nature of situation
- yield clear definition of research need
- determine precisely what research needs to find
- decide how research will be used
The Marketing Research Process
2
Select the research method
an overall plan for obtaining the data needed to address a research problem or issue
- requires determining what type of research is most appropriate for answering each question (exploratory, descriptive, experimental research)
Exploratory
- conducted to gather more data about a problem or make a tentative hypothesis e.g. how are consumers car buying habits changing?
Descriptive
- conducted to clarify characteristics of a phenomena e.g. how are consumers gathering information to assist in car buying
Experimental
- research that allows marketers to make casual inferences about relationships
Methods must be reliable and valid
The Marketing Research Process
3
Collect and prepare the data
primary data
observed, recorded or collected directly from respondents
secondary data
compiled both inside and outside the organisation for some purpose other than the current investigation
Analyse the data
4
Aim is to be able to interpret the data content
- analysis of what is typical or what deviates from the average
Transform the results into insights
5
- clear, objective view on findings
- point out deficiencies
- formal, written document
- determine level of detail and supporting data
- summary/recommendations first if decision makers do not have time to study how the results were obtained
Sampling procedures
probability
- every element in the population being studied has a known chance of being selected for study
non-probability
- there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
Exploratory method
Focus group
- observation of group interaction when members exposed to idea or concept
customer advisory boards
- small groups of actual customers providing feedback on ideas, products, and marketing strategies
telephone depth interview
- a telephone interview that combines the traditional focus group's observation with confidential probing
Survey methods
- mail surveys
- online survey
- telephone survey
- personal interview survey
questions must be clear, easy to understand and directly answer the research objectives
Observation Methods
- direct contact is avoided
- data gathered may be influenced by bias
Marketing Information Systems (MIS)
A framework for management and structuring of data gathered regularly from sources inside and outside an organisation
Focus:
Processing the data to create meaningful insights and expediting the flow of these insights
May include
- databases
- marketing decision support systems
Purpose?
To inform an organisation about competitors, customers’ needs and desires, marketing opportunities for particular goods and services, and changing attitudes and purchase patterns of customers
What is a research question?
The research question is the core outline for the purpose of conducting research
- it focuses the study, determines the methodology and guides all stages of inquiry, analysis and reporting
What is research design?
- an overall plan for obtaining the data needed to address a research problem or issue
- requires determining what type of research is most appropriate for answering the research question
Designing quality questions
questions must:
- be clear and easy to understand
- directly answer the research objectives
- maintain impartiality of questions
- sensitive questions should be worded to make them less offensive
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