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The Marketing Research Process (Research Methods (Primary: Direct feedback…
The Marketing Research Process
1. Define the Research Problem + Establish Research Objectives
The problem w/ market research is that marketers have a high tendency to ask a rubbish question, which leads to rubbish answers
No perfect way to do research
2. Develop a Research Plan
Essentially 3 Types of Research Methodology:
Surveys
Most common: interviewing ppl, questionnaires etc
However, most customers don't know what they want, so q's need to be simple + answers won't be as detailed
Direct interaction w/ customers
Observations
Watching ppl
Can lead to observer effects: pps changing their behaviour bc they know they're being watched
This is where data collection tech comes in handy, bc we can see how ppl behave in certain situations through their phones for example
Experimentation
Introduce a different stimulus/change something
Clothes retailers do this often, for example by changing the layout of a store
Amazon: experiment w/ price
Need to ensure that it's done in a controlled environment, to prove that the stimulus is the variable that changed the behaviour
3. Gather Relevant Data: Qualitative/Quantitative
Qualitative Data
[non-numerical]
Examine the interpretations of the world by the respondents
Exploratory, less structured
Seeks deeper understandings of behaviour
Attitudes, feelings + motivations
Can connect factors together : :
E.g interviews, focus groups, observation, consultation w/ experts
Often combined w/ quantitative: mixed methods approach
Analysed thematically not statistically: not as easy. Sentiment analysis means someone needs to interpret the words, + this is subjective
Quantitative Data
[numerical]
Examine the relationship between variables
Seeks correlation or causation
Uses a predetermined list of question + answer options
Generates statistics e.g survey, questionnaire
Can use testing, aka a draft of a survey, to give to ppl to see if response options are wide enough
Different survey methods: mail, telephone or in person
In-Person:
better data quality, quicker response rate + lots of flexibility, BUT higher costs + chance of interviewer bias
Mail:
lower cost + no interviewer bias BUT takes longer + less flexible
4. Analyse the Data
5. Draw Findings + Interpretation
6. Maintain the Data for Future Use [MkIS]
When conducting research, it may make sense to recheck if the audience feels the same way a year or 2 down the road
Marketing research shouldn't just be done once
Marketing Information System [MkIS]
"A system in which marketing info is formally gathered, stored, analysed + distributed to managers in accord w/ their informational needs on a regular planned basis"
1. INTERNAL RECORDS
: Company can collect info through its internal records comprising of sales + financial data, customer + product database etc
2. MARKETING INTELLIGENCE SYSTEM
: Provides data about the happenings in the market, aka. data related to the marketing environment external to the organisation. Includes info about changing market trends, competitor's pricing strategy etc
3. MARKETING RESEARCH
: Systematic collection, organisation, analysis + interpretation of primary/secondary data to find out solutions to marketing problems :
4. MARKETING DECISION SUPPORT SYSTEM
: Includes several software programs that can be used by marketers to analyse the data to make better marketing decisions
Research Methods
Primary:
Direct feedback from the target client
Benefits:
Can be highly accurate; Detailed; Focus on Target; Bespoke Design; Specifically-worded Questions; Own Analysis of Data
Negatives:
Can be Expensive; Time-Consuming
Secondary:
Indirect feedback from related client
Benefits:
Accuracy; Analysis by Experts; Quick [Online]; Cheap; Sufficiency
Negatives:
Bias; Different Objectives; Inappropriate Info; Can be Inaccurate
Aka. field research
Interviews, surveys, questionnaires, research, experimentation, observation
Used to find out what we still don't know
Aka. desk research
Industry research, government reports, consumer bodies, journals, directories, professional organisations
When doing research, do secondary methods first [research that someone has already done]. Could be v. relevant to you, + don't have to waste time or money if someone has already done it
Method chosen depends on things like expenses