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Marketing Research - Coggle Diagram

- - - - Implementing the research plan - collecting and analyzing data
        
        Interpreting and reporting the findings
        
        Intepret the findings, draw conclusions and reports to management
        
        Data Visualisation
        
        Results should be tabulated and statistical data can be represented graphically
        
        Information can be presented in:
        
        Pie charts
        
        Line graphs
        
        Bar graphs
        
        Histograms
        
        Frequency Polygon
        
        Effective Data Representation
        
        Remove irrelevant backgrounds
        
        Remove redundant labels
        
        Add direct labels
        
        Use minimal number of colors
        
        Remove special effects
        
        What Factors contribute to the data?
        
        Which demographic is the biggest spender for the product and how frequently do they buy?
        
        How did the company do as compared to the competitors this year?
      - Secondary Data
        
        Secondary data are facts and figures that have already been record before the project at hand
        
        Advantages
        
        Time Saving
        
        Inexpensive
        
        Disadvantages
        
        Not all information is usable
        
        Out-of-date
        
        Inaccurate
        
        Not Specific Enough
        
        Definitions/ Categories Not Right
        
        Gathering Secondary Data
        
        Internal Secondary Data
        
        Inputs (Budgets and expenses, sales call reports, customer data)
        
        Outcomes ( Actual sales/ customer orders, customer communications)
        
        External Secondary Data
        
        Census Reports
        
        Trade Associations
        
        Business Periodicals
        
        Internet-Based Reports
      - Primary Data
        
        Primary data are facts and figures that are newly collected for the project
        
        Descriptive Research
        
        Describes things, markets, market potential for a product, demographics, consumers' attitudes, environment, competition
        
        Data Collection Method
        
        Observations, Personal-administered surveys, telephone surveys and online surveys
        
        Causal Research
        
        Tries to determine the extent to which the change in one factor changes another one. Test hypotheses about cause-and-effect relationships.
        
        Data Collection Method
        
        Experiments are used
        
        Exploratory Research
        
        Provides Ideas about a relatively vague problem. This preliminary information also helps suggest hypotheses.
        
        Data Collection Method
        
        In-depth interviews and focus group discussions
        
        Gathering Primary Data
        
        Data Collection Methods
        
        Observational Research
        
        Questionnaire/ Survey Research
        
        Experimental Research
        
        Contact Methods
        
        Mail
        
        Telephone
        
        Face-to-Face Interviews/ Focus Group Interviews
        
        Online Marketing Research such as social tracking, targeting and web analytics
        
        Sampling Plan
        
        Sample - A segment of the population selected to represent the population as a whole. For most surveys, a sample will be used.
        
        Probability Sample
        
        Non-probability Sample
        
        Research Instruments
        
        2 more items...
    - - What information do we need?
        
        How will the information be obtained?
        
        What is the budget?
    - - Time
      - Money - Obtaining, processing and storing information can be costly
      - Too much information can be a burden in marketing research