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Topic 4: Marketing Research - Coggle Diagram
Topic 4: Marketing Research
What is Marketing Research?
Is the systematic and objective identification, collection, analysis, dissemination and use of information that is undertaken to improve management decision making in marketing
Consumer insights:
Gaining consumer insights refers to the process of discovering consumers' needs and wants
The Marketing Research Process - defining the problem and research objectives
Constraints - are the restrictions placed on potential solutions to a problem. Common constraints in marketing problems are time and money
How secondary and primary data are used in marketing
Secondary Data
are facts and figures that have already been recorded before the project at hand
Disadvantages
Out-of-date
Definitions/Categories not right
Not specific enough
Advantages
Time Savings
Inexpensive
Internal Secondary Data
Inputs (eg: budgets and expenses, sales call reports, customer data}
Outcomes (eg: actual sales/customer orders, customer communications)
External Secondary Data
Trade associations
Business periodicals
Census reports
Internet-based reports
Primary Data
are facts and figures that are newly collected for the project
Develop the Research Plan for Collecting Data
Descriptive
describes things, markets, market potential for a product, demographics, consumers' attitudes, environment, competition
Data collection methods:
Observations, personal-administered surveys, telephone surveys and online surveys
Causal
tries to determine the extent to which the change in one factor changes another one. Test hypotheses about causes-and-effect relationships
Data collection method:
Experiments are used
Exploratory
it provides ideas about a relatively vague problem.
This preliminary information also helps suggest hypotheses
Data collection methods:
In-depth interviews and focus group discussions
How to gather primary data?
Step 1: Data Collection Methods
Step 2: Contact methods
Step 3: Sampling Plan
Step 4: Research instruments
Mechanical Instruments
Questionnaires
Open-Ended Questions
Allow respondents to express opinions, ideas or behaviours in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher
Example:
https://bit.ly/2Vnu8ck
Dichotomous Questions
Fixed alternative question that allows only two possible response.
Example: "yes" or "no" , "true" or "false" , "Agree" or "disagree"
Example:
https://bit.ly/386sTDv
Semantic Differential Questions
Contain a scale in which the opposite ends have adjectives with opposite meanings
Example:
https://bit.ly/2VrCFLb
Closed-Ended or Multiple-Choice Questions
Required respondents to select one or more response options from a set of pre-determined chpices
Example:
https://bit.ly/3i8HMcO
Likert Scale Questions
To what extend do you agree or disagree with a statement
Example:
https://bit.ly/31pFPmj
A segment of the populations selected to represent the population as a whole. For most surveys, a sample will be used
2 types of Samples
Non-probability sample
Judgement Sample
Quota sample
Convenience sample
Probability Sample
Stratified random sample
Simple random sample
Cluster (area) sample
Mail
Telephone
Face to Face interviews/focus group interview
Online
Online Marketing Research
Internet is an important tool for conducting research and developing customer insights
Traditional marketing research provides more logical consumer responses to structured and intrusive research questions
Online behavioural and social tracking and targeting
Web Analytics - Behavioural targeting to soclal targeting
Observational Research
Questionnaire/Survey research
Experimental research
Implementing the Research Plan
Collecting and Analysing Data
Analyse the Data
Common questions ask are:
what factors contribute to the sales trends
which age group of people are the biggest spender for the product and how frequently do they buy?
-How did the company do as compared to the competitors this year?
Interpreting and reporting the findings
Result should be tabulated and statistical data can be represented graphically
Information can be presented in the form of
pie charts, line graphs, bar graphs, histograms or frequency polygon
Interpret the findings, draw conclusions and reports to management