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Exploring Market Research: Techniques and Benefits

Understand the importance of market research, its role in decision-making, types available, and the research process. Discover how it aids in making informed business decisions, finding new opportunities, and understanding customer needs. Learn about the six key questions of market research along with different types and techniques. Gain insights into exploratory, descriptive, causal, secondary, and primary research, as well as sampling methods and the innovative approach of netnography.

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Exploring Market Research: Techniques and Benefits

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  1. Sport Market Research Chapter 3

  2. OBJECTIVES • To appreciate the importance of market research in making business decisions. • To identify the role of market research in the marketing process. • To recognize the different types of research and techniques available. • To learn the steps in the market research process.

  3. WHAT IS IT GOOD FOR? • Marketing research is highly tailored process designed specifically for individual questions. • Marketers use research to gather information about: • Their industry • Products • Competition • Clients

  4. WHAT IS IT GOOD FOR? • Helps ensure educated and timely business decisions are made. • Research can: • Find new opportunities for existing products. • Identify new markets segments for new products. • Identify needs of customers to serve them better.

  5. SIX QUESTIONS OF MARKET RESEARCH Adapted from: Mullin, Hardy & Sutton (2000), 81

  6. TYPES OF MARKET RESEARCH • Exploratory research • Descriptive research • Causal research • Secondary research • Primary Research

  7. MARKET RESEARCH PROCESS Source: Zikmund, W.G. (2003). Essentials of Marketing Research, (2nd ed.). Thompson South Western: 47.

  8. RESEARCH TECHNIQUES

  9. SAMPLING • Sampling: Examining a smaller, randomly chosen selection (the sample) of group members to obtain information about a large group. • Two methods: • Probability sampling • Non-probability sampling

  10. NETNOGRAPHY • New research methodology (1997) • Four Key Aspects: • Cultural entrée • Data collection and analysis • Research ethics • Member checks

  11. Questions?

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