Marketing research involves collecting and analyzing information to solve marketing problems and identify opportunities. It specifies the necessary information, designs data collection methods, manages data collection, analyzes results, and communicates findings. The marketing research process involves defining the problem, developing a research plan with data sources and collection methods, collecting information, analyzing it, and presenting findings. Marketing research aims to provide information to help managers recognize opportunities and problems and choose effective marketing strategies. It should be conducted when the cost of research is lower than the cost of making wrong decisions without that information.
Marketing research involves collecting and analyzing information to solve marketing problems and identify opportunities. It specifies the necessary information, designs data collection methods, manages data collection, analyzes results, and communicates findings. The marketing research process involves defining the problem, developing a research plan with data sources and collection methods, collecting information, analyzing it, and presenting findings. Marketing research aims to provide information to help managers recognize opportunities and problems and choose effective marketing strategies. It should be conducted when the cost of research is lower than the cost of making wrong decisions without that information.
Marketing research involves collecting and analyzing information to solve marketing problems and identify opportunities. It specifies the necessary information, designs data collection methods, manages data collection, analyzes results, and communicates findings. The marketing research process involves defining the problem, developing a research plan with data sources and collection methods, collecting information, analyzing it, and presenting findings. Marketing research aims to provide information to help managers recognize opportunities and problems and choose effective marketing strategies. It should be conducted when the cost of research is lower than the cost of making wrong decisions without that information.
Marketing research involves collecting and analyzing information to solve marketing problems and identify opportunities. It specifies the necessary information, designs data collection methods, manages data collection, analyzes results, and communicates findings. The marketing research process involves defining the problem, developing a research plan with data sources and collection methods, collecting information, analyzing it, and presenting findings. Marketing research aims to provide information to help managers recognize opportunities and problems and choose effective marketing strategies. It should be conducted when the cost of research is lower than the cost of making wrong decisions without that information.
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Marketing Research
AMA Definition: It is the function that links the consumer, customer and public to the marketer through information o Information used to identify and define marketing opportunities & problems o Generate, refine, and evaluate marketing actions o Monitor marketing performance and o Improve understanding of marketing as a process
It specifies the information required to address these issues,
o Designs the method of collecting information o Manage and implements the data collection process o Analyses the results and o Communicates the findings and their implications
Function of Marketing Research
• To provide information that will assist marketing managers in recognizing and
reacting to marketing opportunities and problem
• MR provides information for choosing an appropriate strategy.
When to do Marketing Research
An information gap can be filled by doing research.
Cost of MR < Cost of taking wrong decisions
Time taken for research
Types of problems • Management Decision Problem(MDP): A statement specifying the type of managerial action required to solve the problem.
• Marketing Research Problem(MRP): A statement specifying the type of
information needed by the decision maker to help solve the management decision problem and how the information can be obtained efficiently and effectively. • Marketing Research Objective(MRO): A goal statement, defining the specific information needed to solve the marketing research problem. I. MARKETING RESEARCH PROCESS
Step 1: Define research problem, research objectives, Research questions /
hypotheses
Step 2: Develop the research plan
Data sources o Primary data: Data freshly gathered for a specific purpose or project. o Secondary data: Data collected for another purpose and already exist somewhere.
Research approaches o Observation o Ethnography o Focus group o In-depth interview o Survey o Experimental research: Captures cause & effect relationships by eliminating competing explanations of the findings.
Research instruments o Observation: Environment, program implementation, informal interactions, non-verbal communication, unobtrusive indicators, and what did not happen?
o Ethnography: Study of socio-cultural contexts, processes, & meanings within
cultural systems. It involves - Multiple methods - Sustained contact - Culture of respondents - Watch, listen, & ask
o Focus group: Individual and group level data is gathered and analysed. o In-depth interview: Data can be collected using structured, unstructured or semi-structured interview questionnaire.
o Survey: A questionnaire survey can be carried out with the specifically selected respondents or randomly selected respondents from the population (suitable for research topic). - Avoid bias - Use simple & specific Qs - Avoid jargon and use words used by respondents - Avoid Qs with negative - Avoid hypothetical Qs - Avoid words which can be misheard, e.g. sects - Use some fixed & non-overlapping responses - Keep “others” option
Sampling plan o Sampling unit: Whom should we survey? o Sample size: How many people should we survey? o Sampling procedure: Probability [or] Non-probability sampling
Contact methods o Mail survey / Telephone o Personal / Online
Step 3: Collect the information
Step 4: Analyse the information
Step 5: Present the findings
II. MEASURING MARKETING PRODUCTIVITY
Following are the seven characteristics of marketing research o Scientific method o Research creativity o Multiple methods o Interdependence of models and data o Value and cost of information o Healthy scepticism o Ethical marketing
