Date post: | 14-Dec-2015 |
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• Good marketing requires much more than just creativity and technical tools. It requires research!
• Who needs it?
• Who wants it?
• Where should it be sold?
• What price should be set?
• Do people know about the product/service?
• Is there competition?
• Market research helps marketing managers make decisions.
MARKET RESEARCH
• is the systematic collection, analysis and interpretation of data to make marketing decisions
So….when do we need to do marketing research?
We will conduct Marketing Research when a business needs to make a marketing decision….
Ie:• Introduce new product
• Change existing product
• Location for new store
• Where / When / How to advertise
1. Determine the problem / set objectives
There are 4 steps in the “Marketing Research” process….they are:
2. Collect the information
3. Tabulate the Data
4. Analyze the Data
• Let’s take a look at each……..
Step 1: Determine the Problem / Set Objectives• What exactly are you researching / trying to find out?
Ie:
• Is there demand for my product?
• We need to clearly define what we want to find out before we can move on……
• Where should it be sold?
• What price should I charge?
• Do people know about the product?
• Did we choose the correct target market & are we reaching them?
• Is there competition close by and what are their products and prices?
Step 2: Collect Information
• How are you going to find and gather the required information?
• There are a variety of ways….but they can all be classified as either “primary” or “secondary”
• Let’s take a look at each…….
A. SECONDARY RESEARCH / DATA
• Is marketing research information that has been collected and published by others
• It involves searching for this type of information in order to be able to later analyze and interpret the data to improve their company’s marketing efforts
• Although it is limited because the information is secondhand, it is usually much cheaper to conduct than primary research
Sources of Secondary Data:
• It is available from a variety of sources
Ie:
• Books
• Periodicals / Magazines
• Internet
• Marketing Professionals (ie – industry analysis)
• Libraries (databases, indexes, etc)
• Let’s look at an example:
Secondary data can be used by any business to help develop its marketing strategy
Seaman’s Beverages
• Located in PEI
• Considering expanding into Ontario
• They might:
• Buy a marketing firm’s beverage industry analysis
• They may read magazines focused on the beverage industry (ie – Beverage Digest)
• Use the internet for periodicals, articles or other relevant research
• Use the library to search their databases and indexes for information
• Primary data is unanalyzed, current information collected by a researcher for a specific purpose
B. PRIMARY RESEARCH / DATA
• There are two main types:
A. Qualitative
B. Quantitiative
Let’s take a look at each……
1. Qualitative
• Used to measure peoples’ reactions, responses or feelings
toward a given subject problem
• Researcher is the data gathering instrument
• Aims for a complete, detailed, rich description
• Researcher may only know roughly in advance what they
are looking for…..the responses guide you
• its goal is to understand behaviour in a natural setting
Let’s look at a few examples…….
Observation
– Collect information by recording the actions of the person being observed without interacting or communicating with the person in order to keep the situation as “real” as possible
– Purpose – see how people behave and react rather than have them predict and recall responses
Focus Group Interviews
– A small group of people brought together to discuss a particular product or problem
– It combines the features of an interview with those of the observation method of collecting data
– The focus group participants are carefully selected to represent the larger target market
2. Quantitative
• Data is in the form of numbers and statistics
• Aim is to classify features, count them and construct statistical models in an attempt to explain what is observed
• Involves collecting data by surveying a representative sample of a target market population
• Researchers use the results of the sample to make predictions about the opinions and behaviours of the entire target market
» IE - Opinion polls – Liberals vs PC vs NDP
• There are several main types:
Test Marketing
– Produce a small amount of product and sell it in a representative test centre (ie – Kitchener)
– Based upon the results, the company may make predictions on the larger target market
Surveys
• A set of carefully planned questions that are used to gather data.
• There are a variety of formats (verbal, written, phone, internet, mail, in-person, etc)
Step 3: Tabulate the Information
• Once we have collected the data, we must organize it in a manner that we can begin to understand and make sense of the data
• Depending on the research, we can classify and count our responses
• the actual tallying is contingent upon the type and scope of the research conducted
THE END !