Conducting Marketing Research | Chapter 4

Conducting Marketing Research | Chapter 4 Chapter 4 | Conducting Marketing Research What is The Scope of Marketing Research? Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. What is the Importance of Marketing Insights? Marketing research is all about generating insights. Marketing insights provide diagnostic information. Who Does Marketing Research? Syndicated-service research firms—These firms gather consumer and trade information, which they sell for a fee. Examples include the Nielsen Company Custom marketing research firms—These firms are hired to carry out specific projects. They design the study and report the findings, Gallup, IPSOS. Specialty-line marketing research firms—These firms provide specialized research services. The best example is the field-service firm, which sells field interviewing services to other firms. Overcoming Barriers to the Use of Marketing Research The Marketing Research Process Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives Marketing managers must be careful not to define the problem too broadly or too narrowly for the marketing researcher. Problem vs Symptoms Not all research can be this specific. Some is exploratory—its goal is to identify the problem and to suggest possible solutions. Some is descriptive—it seeks to quantify demand, such as how many first-class passengers would purchase ultra high-speed Wi-Fi service at $25. Some research is causal—its purpose is to test a cause-and-effect relationship. Step 2: Develop the Research Plan Data Sources The researcher can gather secondary data, primary data, or both. Secondary data are data that were collected for another purpose and already exist somewhere. Primary data are data freshly gathered for a specific purpose or project. Research Approaches Marketers collect primary data in five main ways: Observational research Ethnographic Research Focus groups Survey Research Behavioral Research Experimental research What is Observational Research? Ethnographic research uses concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work. Focus Group Research A focus group is a gathering of 6 to 10 people carefully selected for demographic, psychographic, or other considerations and convened to discuss various topics at length. Survey research Companies undertake surveys to assess people’s knowledge, beliefs, preferences, and satisfaction and to measure these magnitudes in the general population. Customers leave traces of their purchasing behavior in store scanning data, catalog purchases, and customer databases. Behavioral Research Impulsive buying Eye level is buy level Experimental research, designed to capture cause-and-effect relationships by eliminating competing explanations of the findings. Research Instruments Marketing researchers have a choice of three main research instruments in collecting primary data: Questionnaires Qualitative measures, and Technological devices Questionnaires A questionnaire consists of a set of questions presented to respondents. Because of its flexibility, it is by far the most common instrument used to collect primary data. Closed-end questions Open-end questions Qualitative research techniques are relatively indirect and unstructured measurement approaches, limited only by the marketing researcher’s creativity. Word associations Projective techniques Visualization Brand personification Laddering Technological Devices Skin sensors Brain wave scanners Full-body scanners Global Positioning System (GPS) technology sampling plans Sampling Unit: who should we survey. Sample Size: how many people should be surveyed. Sampling procedure: How should we choose the respondents. Contact Methods Personal contact Telephone contact Online contact Step 3: Collect the Information Step 4: Analyze the Information Step 5: Present the Findings Step 6: Make the Decision Marketing decision support system (MDSS) a coordinated collection of data, systems, tools, and techniques, with supporting software and hardware, by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action. Measuring Marketing Productivity Two complementary approaches to measuring marketing productivity are: marketing metrics to assess marketing effects. #ConductingMarketingResearch #marketingresearch #marketingmanagement #businessstrategy #businessstudies #philipkotler Thank you for your time and interest, stay connected for learning. #Knowledgesharing

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