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Mkt Asia 8 Marketing Research: From customer insights to actions - Coggle…
Mkt Asia 8 Marketing Research: From customer insights to actions
The role of marketing research
Marketing research: (Definition)
Challenges in doing good marketing resarch
Step 1: Define the problem
Set research objectives
Descriptive research (find frequency that something occurs or extent of r/s between 2 factors)
Causal research (extent of how change in one factor changes another)
Exploratory research (ideas about a relatively vague problem)
specific, measurable goals
not too broad or narrow (researchable, value of research results)
Identify possible marketing actions
measures of success: criteria or standards in evaluating proposed solutions to problem eg. brand attitude
Step 2: Develop the research plan
Identify data needed for marketing (relevant to decision making)
Determine how to collect data
Concepts (ideas about products or services)
New-product concept (picture or verbal product or service description firm might offer for sale)
Methods
sampling
selecting representative elements from population
probability sampling (precise rules, specific known chance)
nonprobability sampling (arbitrary judgments, unknown or 0 chance, biased)
statistical inference
conclude about population from sample
sample has to be typical, representative
approaches to collect data to solve all or part of problem
Specify constraints
restrictions on potential solutions eg. time, money
Step 3: Collect relevant information
Obtain secondary data
external (other organisations)
government statistics departments eg. census
marketing research organisations
trade associations, universities, business periodicals
internal (within organisation)
marketing inputs (effort to make sales)
marketing outcomes (results of marketing efforts)
Disadvantages
outdated
unsuitable definitions or categories
lack specificity for project
Advantages :
time saving
low cost
greater detail esp. government statistical data
Obtain primary data
Observational
Mechanical
Personal
mystery shoppers
ethnographic research
Neuromarketing (brain scan to analyse buying behaviour)
useful, flexible but costly, unreliable
Questionnaire
Idea evaluation methods
Idea generation methods
Problems
Unanswerable question
Two questions in one
Nonexhaustive question
Nonmutually exclusive answers
Ambiguous question
Leading question
Other sources
Panels and experiments
information technology
Social media
Data mining
Disadvantages
costly
time consuming
Advantages
more flexible
more specific
Data: facts, figures related to problem
Step 4: Develop findings
Analyse the data
developing cross tabulations
interpreting cross tabulations
Present the findings
Step 5: Take marketing actions
Implement action recommendations
Evaluate results
Evaluate decision itself
Evaluate decision process used
Make action recommendations
Feedback to learn lessons for future research
Sales forecasting techniques
Surveys of knowledgeable groups
Survey of buyer's intentions forecast
Salesforce survey forecast
contact with customers, know likes and dislikes
can be unreliable forecasters (too enthusiastic, sales quota, future compensation)
Statistical methods
trend extrapolation
assumes past underlying relationships continue into future
simplicity
Judgments of the decision maker
lost-horse
List factors that could affect forecast
Assess impact (positive, negative)
Final forecast
Starting with last known value of item being forecast
direct (without intervening steps)
Sales forecast: total expected product sales (specified period, environmental conditions, marketing efforts)