Marketing Research – Short Outline

MARKETING RESEARCH General information Definition: â€Å" Systematic and objective collection and analysis of information for the purpose of decision making in marketing â€Å" Key functions: Studies consumer behaviour Helps identify marketing opportunities & problems Helps evaluate company’s marketing performance Helps select/ improve marketing strategy Marketing Research ? Market Research Provides data on Provides data on company's environment company’s own roducts/services/current customers The Marketing Research Process 1. Problem definition 1. 1 Formulating decision problem (e. g. how to price new product) 1. 2 Determining purpose ; scope of research 2. Research Design Exploratory research: understanding the nature of a problem Conclusive research: answering research questions 2. 1 Choosing Types of data – Facts – Opinions – Motivations 2. 2 Locating Sources of data – Secondary data (previously published) Primary data (obtained directl y from the consumer) 2. 3 Methods of Collecting Data from primary sources Observation: Analysing customer? s behaviour Self-reporting Focus group: take part in a discussion to analyse people`s reaction to special topics Projective technique: respondents are asked to say the first word that comes into their minds upon a specific topic Questionnaire: – Mail – Online – Telephone -Personal 2. 3 Selecting the SampleSample: Group of elements (persons, stores, financial reports) chosen from among a total population Probability sample: Each unit has a known chance of being selected Nonprobability Sample: Sampling units are selected arbitrarily 2. 4 Anticipating the Results = Making a plan about how the marketing research and the final report will be designed 3. Research Conduction = Implementing the research plan 4. Data Processing = Transforming the information obtained into a report for management