BUSI 2204 Lecture Notes - Lecture 7: Railways Act 1921, Psychographic, Pareto Principle
30 Sep 2020
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Week 5 -- marketing research
Role of marketing research
- Gathering info about customers, their needs, marketplace in which they operate
- Marketplace always changing, market research brings clarity to unknown aspects of
marketplace
- Research on its own does not solve the problem
- Descriptive role -- presenting factual statements, ie this is how it has been done
- Diagnostic role -- explaining relationships within data, ie if we change the colour of our
packaging, would that impact sales?
- Predictive role -- predicting results of marketing decision
Marketing research process
- Identify problem
- Design research
- Types of research design
- Exploratory
- Conclusive
- Descriptive
- Casual
- Collect data
- Primary vs secondary
- Bad surveys
- Leading questions, ambiguous questions, unanswerable questions, 2 in 1
questions, non exhaustive questions, non mutually exclusive questions
- Analyse data
- Present report
- Provide follow up
When to conduct market research
- First step in process is to understand problem
- Be willing to admit when you don’t have answers
- Through market research you can create a more efficient and effective company
Document Summary
Gathering info about customers, their needs, marketplace in which they operate. Marketplace always changing, market research brings clarity to unknown aspects of marketplace. Research on its own does not solve the problem. Diagnostic role -- explaining relationships within data, ie if we change the colour of our. Leading questions, ambiguous questions, unanswerable questions, 2 in 1 questions, non exhaustive questions, non mutually exclusive questions. First step in process is to understand problem. Be willing to admit when you don"t have answers. Through market research you can create a more efficient and effective company. Week 5 chapter 8 -- segmentation, tareting, and positioning. Subgroup of people sharing one or more characteristics that caused them to have similar product needs. The process of dividing the market into meaningful, relatively similar and identifiable segments or group. Don"t spray and pray, your target market is not everyone.
