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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
The process
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
Collect data
Primary 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.
Qualitative research
, attempts to begin to understand the phenomenon of interest, also provides initial information when the problem lacks any clear definition
reliability
, extent to which the same result is achieved when a study is repeated under identical conditions
validity
, extent to which a study measures what it is supposed to measure
Sample,
segment or subset of the population that adequately represents the entire population of interest
the following are very important considerations for Qualitative Data
Methods
Observation
ethnography
Social Media research
In-Depth Interviews
Focus Group Interviews
Projective Technique
Quantitative research
, provides information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action
enables researchers to test
hypothesis
, which is a statement or proposition predicting a particular relationship among variables.
methods
Survey
Questionnaire
structured questions
, close-ended questions for which a discrete set of response alternatives, or specific answers is provided for respondents to evaluate
unstructured questions
, open-ended and allow respondents to answer in their own words.
Panel Research
, can be either primary or secondary, considering it to be primary, information collection of 5k households can yield data regarding what people watch.
experimental research
, type of research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable
Secondary data
, 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
syndicated data
, commercially available research data from research firms.
scanner data
quantitative research that uses info from UPC codes at checkout counters, commonly weekly info
Panel data
, 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
data
should be thorough and methodical
data
can be defined as raw numbers or other factual information that have limited value to marketers
when data becomes interpreted it becomes
information
, 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.
data analysis
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.