+ Market Research http://flickr.com/photos/ view/142745616/
Nov 04, 2014
+
Market Researchhttp://flickr.com/photos/view/142745616/
DefinitionDefinition
The systematic and objective search for information relevant to the identification and solution of any problem in the field of marketing
Key wordsSystematic and objective
What is it?What is it?
Consists of activities that enable an organization to obtain the information it needs to make decisions about its:EnvironmentMarketing MixPresent or potential customers
ObjectivesObjectivesIdentify marketsCharacteristics of marketsMarket trendsMarket changesMarket opportunities/threatsEffectiveness of marketing activitiesAnalysis of competition
MethodsMethodsSWOT analysis
StrengthsWeaknessesOpportunitiesThreats
MethodsMethods
Secondary informationPrimary informationQuantitativeQualitativeInternal to organizationExternal to organization
Research DataSecondary data is information which has
already been gatheredIt is secondary because its use is not
purpose for which it was gatheredSources
Government agenciesInternational data basesOwn organizationFinancial institutions
Research DataResearch DataPrimary data is collected from original
sources for the purpose of studyThree ways to do this:
ObservationExperimentSurvey
Need to ask four questionsNeed to ask four questionsIs the information relevant?Is it current or obsolete?How accurate is it?How credible is the source of the data?
Marketing Research Marketing Research InformationInformationIs either:
Quantitative orQualitative
QuantitativeQuantitative“research aimed at producing data that can
be statistically analyse and results that can be expressed numerically.”
[Dibb, Simkin, Pride and Ferrell 1997]
This is hard data
QualitativeQualitative“research that deals with information too
difficult or expensive to quantify such subjective opinions and value judgements, typically unearthed during interviews or discussion groups.”
[Dibb, Simkin, Pride and Ferrell, 1997] This is soft data
TechniquesTechniquesSurveysQuestionnairesPersonal interviewsFocus groupsObservationTelephone interviewsMail interviewsExperimentsTest marketing
ResearchResearchCan be eitherInternal = information gathered from within
the companyOrExternal = information gathered from
outside the company
ResearchResearch
ContinuousCarried out to
determine long term trends
Ad hocCarried out for a
particular purpose
Conducting Market ResearchConducting Market Research
1. Establish purpose or aim of research (objective)
2. Determine information requirements
3. Select suitable methods/techniques
4. Conduct research
5. Collate, analyse and interpret data
6. Report the findings