MARK101 Chapter 3: Market research
13 Jun 2018
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CHAPTER 3: MARKET RESEARCH
I. Roles of market research in making decisions
- Market research is the process that links customers, consumers, clients, partners and
public to the marketer thru in4
- Information used to
• identify and define marketing opportunities and problems
• generate, refine, evaluate marketing actions
• monitor marketing performance
• improve understanding of marketing as a process
- decisions made by market research
• market segmentation: profile, value, target
• sales performance: improve sales
• product: features, package, branding, positioning
• distribution: what retailer, region, online, how distribute, partners required
• promotion: ads, choosing media, using sales promotion
• pricing: respose to opetitor’s priig
• attitudes and behaviors: clients thought, when where who are our customers
II. Marketing information systems
- Is the structure put in place to manage information gathered during the usual
operations of the org
-
III. Overview of market research process
- 5 major components
• Define research problem
• Design research method
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• Collect data
• Analyze data
• Present results and make decisions
- Consider before undertaking market research
• Relevance: address the problem at hand
• Timing: ahead of time decisions are made. Conducted under time pressure
• Availability of resources
• Need for new information
• Cost benefit analysis: potential outcomes are more valuable
IV. Market research process
1. Define market research problem
- Purpose of the research
-
2. Decide research technique
- The research design must include a research question or hypothesis for testing and
description od the types of research to be used
- Exploratory research
• Gather information about loosely defined problem
• Flexible, open mind process
• Types of exp research
Word association
Experience group
Experience Surveys (a.k.a., depth interviews)
Knowledgeable people with varying points of view
Unstructured and informal interviews
Respondent free to choose issues to be discussed
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Focus group
• 8 to 10 people at one time
• Relatively homogeneous groups
• Multiple, heterogeneous groups
• Group dynamics
• Moderator is key
Observation
is a social research technique that involves the
direct observation of phenomena in their natural
setting
• Covert observational research - The researchers
do not identify themselves. Either they mix in with
the subjects undetected, or they observe from a
distance
• Overt observational research –
The researchers identify themselves as
researchers and explain the purpose of their
observations.
The problem with this approach is subjects may
modify their behaviour when they know they are
eig wathed. They portray their ideal self
rather than their true self.
The advantage that the overt approach has over
the covert approach is that there is no deception
• Personal observation (most common in
marketing)
1. observing products in use to detect usage
patterns and problems
2. observing license plates in store parking lots
3. determining the socio-economic status of
shoppers
4. determining the level of package scrutiny
5. determining the time it takes to make a
purchase decision
• Researcher Participation - The researcher
participates in what they are observing so as to
get a finer appreciation of the phenomena
The problem with this approach is the researcher
looses objectivity
- Descriptive
• Clarify characteristics of a certain prob
- Casual
• Holding everything constant, test the variable effect on the outcome
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Document Summary
Market research is the process that links customers, consumers, clients, partners and public to the marketer thru in4. Information used to identify and define marketing opportunities and problems: generate, refine, evaluate marketing actions, monitor marketing performance improve understanding of marketing as a process. Is the structure put in place to manage information gathered during the usual operations of the org. 5 major components: define research problem, design research method, collect data, analyze data, present results and make decisions. Consider before undertaking market research: relevance: address the problem at hand, timing: ahead of time decisions are made. Conducted under time pressure: availability of resources, need for new information, cost benefit analysis: potential outcomes are more valuable. Market research process: define market research problem. Purpose of the research: decide research technique. The research design must include a research question or hypothesis for testing and description od the types of research to be used.
