1 / 11

4.10 Understand marketing-research activities to show command of their nature and scope.

4.10 Understand marketing-research activities to show command of their nature and scope. WHAT?. Marketing research – Methodology for discovering the customer’s wants and needs!!!!!

orenda
Download Presentation

4.10 Understand marketing-research activities to show command of their nature and scope.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 4.10 Understand marketing-research activities to show command of their nature and scope.

  2. WHAT? • Marketing research – Methodology for discovering the customer’s wants and needs!!!!! • The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern—is a valuable source of insight. It is an important component of a business’s marketing-information management system and helps businesses to make better decisions.

  3. HOW? • Secondary research – collected from other sources (libraries, online, Federal/State/Local governments) • Primary research – Directly collected from the company’s customers by the company • Personal interview – Face-to-face personal discussion with the customer • Mail interview – Questionnaire sent by mail to customers • Telephone interview – Phone call made to a customer • Questionnaire – set of information in question form • Focus group – Group of customers brought together to discuss a company’s product(s) • They offer their opinions and suggestions that are then recorded and analyzed by the company

  4. WHY? • Explain the uses of marketing research. • To develop a profile of the typical customer • To analyze the business’s sales and market share • To describe the target market • To determine how to reach the target market • To forecast sales and trends • To be more competitive • To prevent unnecessary financial losses • To keep up-to-date • To maintain or determine image

  5. Characteristics of Marketing Research • Systematic- marketing research is a step-by-step process. • Accurate- research data needs to be as exact and precise as possible. • Objective- important to be unbiased so the research is not influenced. • Thorough- inadequate research may not give the businesses enough information to make good decisions. Having insufficient resources results in unsatisfactory data. • Timely- have marketing research means more opportunities will be available at all times. • Reliable- marketers should get the same data every time a research project is conducted. • Valid- if the data is valid the marketers can make more accurate assumptions about their target market.

  6. Market Research • Internal Market Research - already been collected by the company • Customer records • Data gathered by employees • External Market Research - has to be found (libraries, online, government)

  7. Market Research • Explain how data can be analyzed. • Specialized software • Trends, mathematical, graphing, etc. • Describe steps in the marketing research process • Identify the Reason for the Research • Set Research Objectives • Develop a Hypothesis • Determine the Research Design (Time, $, People) • Collect the Needed Data • Analyze the Data • Make Recommendations Based on Findings

  8. What is IMPORTANT? • Explain the importance of determining the actual marketing research problem/issue. • Getting to the root of the problem will help a business’s managers to solve problems correctly without wasting time or money on ineffective strategies. • Discuss the need to determine the “real” issue/problem rather than its symptoms. • Fixing a symptom will not make the problem go away • Situation Analysis = understand the problem and environment

  9. Questions That a Research Design Should Ask? • What types of data are needed? • How much will be collected? • Where will researchers find the data? • What primary data-collection methods will be used? • How will the data be analyzed?

  10. What’s the Problem? • Explain why researchers need to adjust the decision problem into a research problem. • A decision problemis a simple question asked from the managers’ perspective. Sometimes, decision problems are discovery-oriented, or aimed at answering the questions “what?” or “why?” • decision problems are strategy-oriented, or aimed at answering the questions “how?” or “which?” • A research problemasks what research needs to be done to solve the decision problem. It’s a question asked from the researchers’ perspective.

  11. Marketing Research -The Bottom Line Marketing researchers seek information about possible solutions by asking questions like: • How? • What? • Where? • When? • Why?

More Related