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Topic 2: Marketing Research, to improve, consists of, to find out, to find…
Topic 2: Marketing Research
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What is Marketing Research?
Identification
collection
analysis
dissemination
:star2:Customer needs and wants
desired products
better customer experience
attracting and coverting customers
management decision-making
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Allows for better understanding
Link:
Business 2 Community
:chart_with_upwards_trend:Trends
Opportunities and Strategies
customer behaviour
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Target market personas
:bulb:Fictional and generalised representations of ideal customers, created by a business to better understand them
Effectively identify markets
Communicate business message
:muscle:Strengths and Weaknesses
SWOT
Analysis Link:
MarketingProfs
Strength
Uniqueness and Advantages from competitors
Opportunities
Areas your strength is not fully utilizing
Weakness
Customer dissatisfaction and unmet requirements
Threats
Potential insufficient funds and stronger competitors
:wavy_dash:Market dynamics
Forces that will impact prices and the behaviors of producers and consumers
competitors
customer demand
available supply
current trends
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Challenges
Link:
Marketing Interactive
:pen:Information overload
:cloud:clouds instead of clarify
Too much data with too little filtering
:forbidden:Poor/Inaccurate understanding
:art: Lose creativity
Formulating questions that restrict the marketer
With too direct and precise questions
Less freedom to receive open-ended answers
Less deeper insights
Less understanding
Less authenticity
Close-ended
Dichotomas
Although not wrong to ask, these question provides fixed options for customer to chose
Semantic
:ballot_box_with_check:Just ticking boxes
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Methods
Link:
Business2Community
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Quantitative
Research
Describe and explain a situation or problem
:timer_clock:Generating numerical data or data that can be transformed into statistical data
Analysing data from surveys/interview
Secondary research
:bulb: Ask demographic question
Age, Gender, Education, Income
:silhouette:accurate picture of who the customers are
:clipboard:
Qualitative
Research
Explore feelings, behaviours and experiences
:four_leaf_clover:Facilitating a conversation rather than trying to lead it, in a interview/focus group.
Primary research
:bulb:Ask the Who, What, When, Where, How questions
:speaking_head_in_silhouette: go deeper into their experiences
to improve
consists of
to find out
to find out
to create
translates to
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to discover
defined as
of
consists of
deeper understanding of
reveals
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defined as:
which represents
in order to
connects to aim of:
identified through
opens to more
through
through
E.g.
to prompt customers to
Aims to
Aims to
consist of
to give an
negatively impacts how?
due to
refers to
leads to
How?
leads to
which hinders
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results in inaccurate
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E.g. of types of questions
common charactersitic
Which results in
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