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Marketing Research - Coggle Diagram
Marketing Research
The systematic and objective identification, collection, analysis, dissemination and use of information
undertaken to improve management decision-making in marketing
Consumer Insights
the process of discovering consumers’ needs and wants
Can be obtained from marketing research
Include all company functional areas
Collect information from a wide variety of sources
Create more value for customers
Marketing Research Process
Defining the problem and research objective
Developing the research plan for collecting data
Implementing the research plan - collecting and analysing data
Interpreting and reporting the findings
Raw data has no meaning unless its classified, analysed and presented
Results tabulated and presented with graphical representations to make sense of data
use of data visualisation tools
pie charts, line graphs, bar graphs, histograms or frequency polygons
Findings can be interpreted in different ways
discussion between researchers and managers will help point out best interpretations
Collecting, processing, and analysing information
Can involve fieldwork, which may increase cost of research
Isolate important information and insight
Check for data accuracy and completeness for correct analysis
Common questions: 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 it, How did the company do as compared to the competitors this year?
Article: Effective Networking Tips For Analytics Professionals In The Age Of COVID-19
Build your digital footprint
Audit your existing network
Join online communities
Attend virtual conferences
Get hold of online mentoring platforms
Secondary Data
facts and figures that have already been
recorded before the project at hand
Advantages
Time saving
Inexpensive
Disadvantages
Out-of-date
Definitions/Categories not right
Not specific enough
Internal
Inputs
Budgets and expenses, sales call reports, customer data
Outcomes
Actual sales, customer orders, customer communications
External
Census reports
Trade associations
Business periodicals
Internet-based reports
Primary Data
facts and figures that are newly collected for the project
Data Collection Methods
Contact Methods
Sampling Plan
Research Instruments
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A segment of the population selected to
represent the population as a whole
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Mail Surveys
flexible, produces a lot of data, low response rate
Telephone Surveys
flexible, fast, low response rate
Face-to-face interviews
Individual interview or focus group interview
2 more items...
Online Research
Internet is an important tool for conducting research and developing customer insights
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Web analytics - online behavioural, social tracking and targeting
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Gathering primary data
Observing relevant people. actions, and situations
Mechanical or personal observations
Social Listening
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Questionnaire/ Survey Research
asking questions about their knowledge, attitudes, preferences and buying behaviour
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Experimental Research
Selecting matched groups of subjects
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3 types of research design
Exploratory
Provides ideas about a relatively vague problem
Helps suggest hypotheses
Data Collection method: in-depth interviews, focus group discussions
Descriptive
Describe things, markets, market potential for a product, demographics, consumers' attitudes, environment, competition
Data Collection method: Observations, Personal-administered surveys, telephone surveys and online surveys
Casual
Tries to determine the extent to which the change in one factor changes another one
Test the hypothesis about cause-and-effect relationships
Data Collection method: Experiments
Marketing manager best understands which information is needed
Researcher best understand marketing research, what is needed and how to obtain information
Research objective is the information needed to support decision making
A statement of research objectives can serve to guide the activities of research
Specific marketing problem
Plan outlines sources of existing data and spells
Specific research approaches, contact methods, sampling plans and instruments used to gather data
Constraints - restrictions placed on potential solutions to a problem
Common problems are time and money
What information is needed
How the information can be obtained
What is the budget
Give insights into consumer perception, attitudes and buying behaviour
Can help companies assess market potential and market share
Measure the effectiveness of product, price, place and promotion strategy
Intrusion on Consumers' Privacy
consumers strongly resent or even mistrust marketing research
led to lower survey response rates
ask only for the information needed, use it responsibly to provide customer value, and to avoid sharing information without the customer’s permission
Most major companies have now appointed a chief privacy officer (CPO)
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infringements upon rights to privacy, personal space, and freedom of movement
Without next generation endpoint security, network security and more, a malicious attack could be catastrophic for the public
Misuse of Research Findings
Research studies appear to be little more than vehicles for pitching the sponsor's product
Several associations have developed codes of research ethics and standards of conduct
unethical actions cannot be regulated away
Each company must accept responsibility for its own conduct
