MKT - CH7 - Marketing Research - Coggle Diagram
MKT - CH7 - Marketing Research
The Marketing Research Process
before starting, plan for the entire project in advance
if results are not useful, its basically wasting money, so make sure everyone is onboard
Define the research problem and objectives
this is the most important element of the research
define the problem incorrectly and your data will be useless
define the problem correctly and follow a faulty process, the data will be useless
consider separating symptoms from problems
Design the Research Plan
identify the type of data needed
determine the type of research necessary to collect it
the project's design might begin with available data
data collected to address the specific research needs/questions currently under investigation. Some primary data collection methods include focus groups, in-depth interviews, and surveys.
, attempts to begin to understand the phenomenon of interest, also provides initial information when the problem lacks any clear definition
, extent to which the same result is achieved when a study is repeated under identical conditions
, extent to which a study measures what it is supposed to measure
segment or subset of the population that adequately represents the entire population of interest
the following are very important considerations for Qualitative Data
Social Media research
Focus Group Interviews
, provides information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action
enables researchers to test
, which is a statement or proposition predicting a particular relationship among variables.
, close-ended questions for which a discrete set of response alternatives, or specific answers is provided for respondents to evaluate
, open-ended and allow respondents to answer in their own words.
, can be either primary or secondary, considering it to be primary, information collection of 5k households can yield data regarding what people watch.
, type of research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable
, pieces of information that have been collected prior to the start of the focal project.
Internal secondary data
, information from the own firm, like purchases, revenue, etc.
external secondary data
, sources like Statistics Canada
, commercially available research data from research firms.
quantitative research that uses info from UPC codes at checkout counters, commonly weekly info
, quantitative research that involves collecting info from a group of consumers over time.
no company can ask every customer their opinions or observe every customer, so researchers choose a group of customers who represent the customers of interest, a sample.
Analyze and collect insights
analyzing and interpreting the
should be thorough and methodical
can be defined as raw numbers or other factual information that have limited value to marketers
when data becomes interpreted it becomes
, which results from organizating, analyzing, interpreting and converting into a useful form form for decision makers
converting data into information
serves to describe, explain, predict, and evaluate a particular situation and then use it to develop insights.
might be as simple as calculations the average purchase of different customer segments or as complex as forecasting sales by market segment by using elaborate statistical techniques.
Data must be analyzed and interpreted in an objective manner.
Step 5. Present action plan
when the analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies.
typical marketing presentation includes an executive summary, the body of report, (discussing research objectives, methodology used, and detailed findings), conclusions, limitations and data tables.
reports must be short, interesting, methodical, precise, lucid and free of errors.
they also need to be tailored to the audience, devoid of technical jargon, include recommendations that can actually be implemented by management.