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
Step 2: Develop the research plan
Step 3: Collect relevant information
Step 4: Develop findings
Step 5: Take marketing actions
Set research objectives
Identify possible marketing actions
Identify data needed for marketing (relevant to decision making)
Determine how to collect data
Specify constraints
Obtain secondary data
Obtain primary data
Analyse the data
Present the findings
Implement action recommendations
Evaluate results
Make action recommendations
Feedback to learn lessons for future research
external (other organisations)
internal (within organisation)
Observational
Questionnaire
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)
measures of success: criteria or standards in evaluating proposed solutions to problem eg. brand attitude
restrictions on potential solutions eg. time, money
Concepts (ideas about products or services)
Methods
New-product concept (picture or verbal product or service description firm might offer for sale)
sampling
statistical inference
approaches to collect data to solve all or part of problem
selecting representative elements from population
probability sampling (precise rules, specific known chance)
nonprobability sampling (arbitrary judgments, unknown or 0 chance, biased)
conclude about population from sample
sample has to be typical, representative
Data: facts, figures related to problem
Other sources
marketing inputs (effort to make sales)
marketing outcomes (results of marketing efforts)
government statistics departments eg. census
marketing research organisations
trade associations, universities, business periodicals
Disadvantages
Advantages :
Disadvantages
Advantages
time saving
low cost
greater detail esp. government statistical data
outdated
unsuitable definitions or categories
lack specificity for project
more flexible
more specific
costly
time consuming
Mechanical
Personal
Neuromarketing (brain scan to analyse buying behaviour)
Panels and experiments
information technology
Social media
Data mining
developing cross tabulations
interpreting cross tabulations
Evaluate decision itself
Evaluate decision process used
Sales forecasting techniques
Surveys of knowledgeable groups
Statistical methods
Judgments of the decision maker
Idea evaluation methods
Idea generation methods
Sales forecast: total expected product sales (specified period, environmental conditions, marketing efforts)
lost-horse
direct (without intervening steps)
Survey of buyer's intentions forecast
Salesforce survey forecast
trend extrapolation
List factors that could affect forecast
Assess impact (positive, negative)
Final forecast
Starting with last known value of item being forecast
contact with customers, know likes and dislikes
can be unreliable forecasters (too enthusiastic, sales quota, future compensation)
assumes past underlying relationships continue into future
simplicity
mystery shoppers
ethnographic research
useful, flexible but costly, unreliable
Problems
Unanswerable question
Two questions in one
Nonexhaustive question
Nonmutually exclusive answers
Ambiguous question
Leading question