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Marketing Research Process

Marketing Research Process. 5 basic research steps. Problem definition Obtaining data Secondary data Primary data Data analysis Recommendation of solutions Implementing the findings. 1. Problem Definition. What decisions need to be made and what information is needed?. 2. Obtaining Data.

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Marketing Research Process

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  1. Marketing Research Process

  2. 5 basic research steps • Problem definition • Obtaining data • Secondary data • Primary data • Data analysis • Recommendation of solutions • Implementing the findings

  3. 1. Problem Definition What decisions need to be made and what information is needed?

  4. 2. Obtaining Data

  5. Secondary Data Data previously collected and used for purposes other than the current study

  6. Sources of Secondary Data

  7. Internal Sources • Info found within your company • Past sales figures • Budget records • Income/expense records • Customer records • Inventory records

  8. External Sources • Info found outside your company • U.S. government (Census) • Business publications (Inc., Wall Street Journal) • Commercial research agencies (Nielson) • Trade publications (Ad Age, Grocer) • Local and state governments

  9. Advantages Can be obtained quickly Costs less Disadvantages May not “fit” your current study Data may be old Should you use Secondary Data?

  10. Primary Data Data obtained for the first time and used specifically for the current study

  11. Methods of obtaining Primary Data

  12. Survey Method • Info gathered from people directly through use of questionnaires or interviews. • Telephone • Mall • Direct mail • Internet • Focus groups

  13. Observation Method • Actions of people are observed and recorded • Natural conditions • Personal observation of real customer • Traffic counts • Hidden cameras • Contrived conditions (mystery shoppers)

  14. Experimental Method • One or more marketing variables are observed under controlled conditions • Central Location Testing

  15. 3. Data Analysis Compiling, analyzing and interpreting the results of the collected data

  16. 4. Recommendation of Solutions Possible solutions to problem (from Step 1) are given to management or client in report form

  17. 5. Implementing the findings Putting the solutions to work. Includes monitoring the results

  18. Marketing Information Systems Set of procedures and methods that regularly generates, stores, analyzes and distributes marketing information

  19. Database • Collections of related information about a specific topic • Company records • Competitors’ records • Customer profiles • Government data

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