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Marketing Research, requires, includes, defined as the process of, will…

- - - - Brainstorming questions
        
        such as
        
        How should we price this new item?
        
        What should we prioritize?
        
        Do we have enough budget?
        
        What additional resources do we need?
      - Collaborating with stakeholders
        
        which helps to
        
        Refine understanding of the problem
        
        Focus on the thinking process
        
        Prioritise what to achieve from the research
    - - Listing down what needs to be achieved
      - Well planned strategy
  - - - Research Design
        
        involves
        
        2 types of data research
        
        Secondary Data Research
        
        is defined as
        
        Data and information that have been collected before by a 3rd party
        
        1 more item...
        
        Primary Data Research
        
        is defined as
        
        New data collected specifically for a particular research project
        
        1 more item...
  - - - Generate answers for analysis purposes
    - - Reviewing all the secondary data collected such as industry reports
      - Attaining primary data
        
        how?
        
        Reach out to the correct target audience
        
        Observe / Listen to the behaviour of the target audience
        
        Using well planned survey designs and structured interviews
  - - - Transforming primary and secondary data into useful information and insights
        
        by
        
        Formatting, cleaning and editing of data
    - - Analytical techniques
        
        such as
        
        Regression Analysis to determine correlations between factors
        
        Predictive Modelling to anticipate patterns and causality
        
        Conjoint Analysis to determine trade offs and priorities
  - - - Critical thinking and careful planning of strategies, tactics and resources available for it to be carried out effectively.
      - Adjustment to business plan
- - - - is used when
        
        Detailed datas of particular areas / items are required
        
        requires research instruments such as
        
        Surveys
        
        such as
        
        In-person surveys
        
        Telephone surveys
        
        Online Surveys
    - - is used when
        
        Problem is vague, not well understood
      - helps to
        
        Gain broad consumer insights
        
        Learn the basics that is necessary before researching deeper
      - involves data collection techniques such as
        
        Secondary research
        
        Focus groups
        
        Interviews
      - is a
        
        Qualitative form of research
    - - figures out
        
        Cause-and-effect relationship between variables
        
        for example
        
        Relationship between shop location and customer flow
        
        Relationship between pictures in the shop and shop's attractiveness
      - involves data collection technique using
        
        Field trials
        
        which helps to
        
        Experiment and observe customers response under such circumstances