Marketing Research – Short Outline

MARKETING RESEARCH ecumenic information Definition Systematic and objective collection and analysis of information for the purpose of decision make in merchandise Key functions Studies consumer behaviour Helps identify marketing opportunities & problems Helps evaluate companys marketing performance Helps select/ improve marketing strategy selling Research ? Market Research Provides information on Provides data on companys environment companys own roducts/services/current customers The Marketing Research Process 1. Problem definition 1. 1 Formulating decision problem (e. g. how to price new product) 1. 2 Determining purpose scope of inquiry 2. Research Design Exploratory research understanding the constitution of a problem Conclusive research answering research questions 2. 1 Choosing Types of data Facts Opinions Motivations 2. 2 localization Sources of data Secondary data (previously published) Primary data (obtained directly from the consumer) 2. 3 Methods of Collecti ng Data from primeval sources Observation Analysing customer? s behaviour Self-reporting Focus group take part in a discussion to analyse peoples reaction to special topics Projective technique respondents are asked to say the freshman word that comes into their minds upon a specific topic Questionnaire Mail Online Telephone -Personal 2. 3 Selecting the SampleSample Group of elements (persons, stores, financial reports) chosen from among a total population Probability sample Each unit has a known lay on the line of being selected Nonprobability Sample Sampling units are selected arbitrarily 2. 4 Anticipating the Results = Making a plan virtually how the marketing research and the final report will be designed 3. Research Conduction = Implementing the research plan 4. Data Processing = Transforming the information obtained into a report for management