Marketing Research Approaches Presented by Shaundia Blount
Marketing Research Approaches
Presented byShaundia
Blount
What is Marketing Research
Marketing research is: Designing Collecting AnalysingReporting
data relevant to a specific marketing situation facing an organization.
Who is a Marketing Researcher
A Market Researchers persons tasked with the job of gathering and interpreting the data of a market Research.
Marketing Research Approaches
• Survey • Observation• Experiment• Commercial data services
Survey
A Survey is the study of the spending characteristics and purchasing power of the consumer who are within a business' geographic area of operation.
Advantages
• Extensive: Surveys are useful in describing the characteristics of a large population
• Cost: Surveys are relatively inexpensive.
Advantages ContdCan be administered through various
means:
Questionnaires
Advantages Contd• Phone
Limitations
• Participant’s Reluctance to answer certain questions
• subjects try to help the interviewer by giving pleasing answers
Observation
Observational research is gathering data by studying relevant people’s actions to get a grasp of how they react in certain situations
Eg. Ethnographic observation
Ethnographic observation
Advantages
• Collect data that people are unwilling or unable to give.
• Gives unbiased insight into consumers behaviour
Limitations
• Information is not easily interpreted through observation. • Time Consuming
Experiment
Experimental research is used to determine cause and effect relationships. Variables are put in a controlled environment and variables affecting the variable is controlled and monitored.
Advantages
• Shows consumers’ reaction to changes made to products and services, by the organization.
Limitation
• Results are Vulnerable to Researcher manipulation
Commercial Data Services
This is a collection of information from online sources. Marketers use this to access secondary data.
Advantages
• Not very costly to acquire data
Disadvantages
Information required by researchers is not always available