MARK1012 Chapter Notes - Chapter 7: Projective Test, Marketing Mix, Focus Group
CHAPTER 7 Marketing Research
Sunday, 21 May 2017
01:43
1. Marketing research is a prerequisite of successful decision making. It consists of a set of
techniques and principles for systematically collecting, recording, analysing, interpreting data
that can aid decision makers involved in marketing goods, services or ideas. Results from a
marketing research help marketing managers make marketing mix and STP decisions.
1. Reasons for marketing research:
• Helps reduce uncertainty
• Provides crucial link between firms and their environments, which enables them to be
customer oriented because they build their strategies by using customer inputs and continual
feedback
• Anticipate and respond to competitor's movements
2. Marketing research process
Managers considers several factors before embarking on a marketing research project mainly
the usefulness, commitment of the management to follow the results, and scale of the
marketing research.
Steps:
Defining the objectives and research needs--> designing the research --> data collection
process--> analysing data and developing insights --> action plan and implementation
3. Step 1: Defining Objectives and Research Needs
Researches assess the value of the project through a careful comparison of the benefits of
answering some of their questions over the costs of conducting the research.
4. Step 2: Designing The Research
Researches determine the type of data needed and the method necessary to collect it.
5. Step 3: Data Collection Process
Data can be collected dorm secondary or primary data sources. Secondary data are pieces of
information that have been collected prior to the start of the research project. Secondary
data include both external and internal data sources. Primary data, in contrast, are those
collected to address specific research needs. Some common primary data collection include
focus groups, in-depth interviews and surveys. Researchers must choose a group who
represent customer interest or a sample and then generalize their opinions to describe all
customers with the same characteristics. Researchers may choose sample randomly or based
on a relevant basic characteristic.
6. Step 4: Analyzing Data and Developing Insights
To generate meaningful information, researchers analyze and make use of the collected data.
In this context, data can be defined as raw numbers or other factual information that, on their
own, have limited value to marketers. However, when data is interpreted, they become
information, which results from organizing, analyzing, and interpreting data and putting them
into a form that is useful for marketing decision makers.
7. Step 5: Action Plan and Implementation
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Document Summary
01:43: marketing research is a prerequisite of successful decision making. It consists of a set of techniques and principles for systematically collecting, recording, analysing, interpreting data that can aid decision makers involved in marketing goods, services or ideas. Managers considers several factors before embarking on a marketing research project mainly the usefulness, commitment of the management to follow the results, and scale of the marketing research. Defining the objectives and research needs--> designing the research --> data collection process--> analysing data and developing insights --> action plan and implementation: step 1: defining objectives and research needs. Researches assess the value of the project through a careful comparison of the benefits of answering some of their questions over the costs of conducting the research: step 2: designing the research. Researches determine the type of data needed and the method necessary to collect it: step 3: data collection process. Data can be collected dorm secondary or primary data sources.
