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Topic 4: Marketing Research - Coggle Diagram
Topic 4: Marketing Research
is
the systematic and objective
Analysis
undertaken to
improve management decision-making in marketing
7 reasons why you should be conducting your own market research
Dissemination
Collection
Use of information
Identification
obtains
Consumer Insights
which refers to the process of
discovering consumers'
Needs
Wants
What are consumer insights and how do I use them? An introduction
has a 4-step process
Defining the problem and research objectives
Marketing
Researchers
obtain information needed for decision-making
Managers
make decisions to solve problems
Example
To increase sales
introduce new products
Often the hardest step in the process
begins with the specific
Marketing problem
Once identified
researchers have to find out
How information can be obtained
What is the budget needed
What information is needed to resolve it
outlines
sources of existing data
Implementing the research plan
involves
Collecting
Processing
Analysing
Data
which may involve
Fieldwork
making research
Costly
to isolate important information
using common questions such as
What factors contribute to sales trends
Which age group is the biggest spender for the product and how frequently do they buy
How did the company do compared to competitors this year
Interpreting and reporting the findings
involves
drawing conclusions
intepreting findings
to provide information and reports to management
for decision-making
in graphical forms such as
Bar graphs
Histograms
Line graphs
Frequency polygons
Pie charts
Developing the research plan for collecting data
3 types
Descriptive
describes
Market potential for a product
Demographics
Markets
Consumers' attitudes
Things
Environment
Competition
data collection methods
Personal-administered surveys
Telephone surveys
Observations
Online Surveys
Causal
determines the extent to which
the change in one factor
changes another one
tests hypotheses
about
cause-and-effect relationships
data collection methods
Experiments
is seldom used because
it is difficult to control
External factors in the marketing environment
Exploratory
helps suggest
ideas about a relatively vague problem
hypotheses
data collection methods
In-depth interviews
Focus group discussions
has
Constraints
which are
restrictions placed on potential solutions to a problem
such as
Time
Money
a result of
collecting too much data
that are
interesting but irrelevant
which is
as harmful as
too little information
not always worth collecting
requires gathering
Secondary Data
which are facts and figures that are
already recorded before the project
newly collected for the project
How Businesses Are Collecting Data (And What They're Doing With It)
How Do Big Companies Collect Customer Data?
7 Data Collection Methods & Tools For Research
Advantages
Time Saving
Inexpensive
Disadvantages
Wrong Definitions and Categories
Not Specific Enough
Out-of-Date
categories
Internal
includes
Inputs
Examples
Budgets
Expenses
Outcomes
Examples
Actual Sales
Customer Orders
Customer Communications
External
includes
Trade Associations
Business Periodicals
Census Reports
Internet-based Reports
Primary Data
through
Research instruments
2 types
Questionnaires
categories
Closed-Ended or Multiple Choice
Require respondents to select one or more response options
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Likert Scale
has 2 conditions
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Open-Ended
Allows respondents to express their
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Semantic Differential
contains a scale in which
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Dichotomous
is a
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Demographics
gets details about
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Errors
Unanswerable Question
Two-Questions In One
Ambiguous Question
Non-Exhaustive Question
Leading Question
Non-Mutually Exclusive Answer
Vague terms
such as
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Mechanical Instruments
Sampling plan
requires 3 decisions
Sampling Unit
Who is to be surveyed
Sampling Procedure
How should the people be chosen
Sample Size
How many people should be surveyed
Sample
2 types
Non-Probability Sample
categories
Quota sample
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Judgement sample
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Convenience sample
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Probability Sample
categories
Simple random sample
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Cluster sample
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Stratified random sample
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is
a segment of the population selected
to
represent the population as a whole
is where
marketing researchers draw conclusions about
large groups of consumers
by studying a small
Contact Methods
are information collected via
Online
Mail
Face-to-Face interviews/ Focus Group interviews
Telephone
Data Collection Methods
which include
Observational research
by
Social listening
Watching people
Experimental research
is linked to
involves
selecting matched groups of subjects
and learn through
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Questionnaire/ Survey research
by
Focus group interviewings
Interviews
Asking people