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Chptr 3 - marketing research - Coggle Diagram
Chptr 3 - marketing research
Basic concept
is a process that identifies and defines marketing opportunities and
evaluate marketing action and performance
communicates the findings and implications to management
company can conduct marketing research by employing its own researcher or hiring outsides researchers
10 common activities of measurement of
determination of market characteristics
sales analysis
studies of business trends
short range forecasting
competitive products studies
long-range forecasting
mis studies
testings of existing products
markets potential
market share analysis
Characteristics of marketing management:
promotes trades and employment by accessing consumer needs and wants and initiates research development to meet them.
it coordinates the resources of production and distribution of goods and service
marketing management represents marketing concept in action.
is the set managerial function .
Planning,implementation and control of programme to achieve pre- determine objective
represents an important functional area of business management
Importance
Customer
determine how well customer needs are being met,investigate new target market
Test new service and facilities
Competition
identify primary competitor's and pin point their strengths and weakness
Confidence
reduce perceived risks in making marketing decisions
Credibility
increase believability of promotional messages among customers
Change
keep updates with changes in travellers needs and expectations
Structure of marketing research :
Level 1 - corporate marketing department
Level 2 - Advertisement agencies
Level 3 - research supplier
(a) syndicated service firms
(b) custom or ad hoc ,research firms
Level 4 - fields service firms
Marketing information system
internals records
provide reliable internal or inside information of the company
Marketing intelligence
collect information from the external sources
marketing research (MR)
used to solve specific marketing problems of the company
Marketing decisions reports system
Are tools with which helps marketing to analyse data and take marketing decisions
Keys requirements:
1 . Utility
Timeliness
Cost effectiveness
Accuracy
Reliability
Process
Defining the problem and research objectives
manager and marketing researcher must work closely to defines the problem and the research objectives
developing the research plan
Determining the needed information and developing a data collection plan.
Secondary data
Primary data
Marketing researcher usually draw conclusions about large consumer groups by taking a sample
A sample is a segment of the population selected to represent the population as whole.
implementing the research plan
Collect the secondary research data from internal or external sources
interpreting and reporting the findings
draw conclusions and make recommendations
finalize the research report in a written format
design the research report presentation
present the result of research to stakeholders
Types of research:
observational research
Involved gathering primary data by observing relevant people, action and situation
survey research
Best for discriptive information, knowledge, attitude, preferences and buying behaviour
experimental research
Best for gathering causal information cause and effect relationships
Internet research
Is able to collect large amounts of data within a database
Information is gathered at a low cost, survey online can be easily change.
Online research
Advantages
Low costs
Speed
Higher response rates
Good for hard to reach groups
Disadvantage
restricted internet access
Not sure who is answering