Scribd
Upload
37 views24 pages

Week 1 - Introduction To Market Research Lesson 1

Uploaded by

Gabriel De Las Alas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
37 views24 pages

Week 1 - Introduction To Market Research Lesson 1

Uploaded by

Gabriel De Las Alas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 24

Week 1 Introduction to Market

Research
Lesson 1: What is Market Research?
Week 1 Introduction to Market Research Lesson 1: What is Research?

Market Research

-serves a number of useful roles in


organizations
- help organizations by providing answers to
questions firms may have about their
customers and competitors
- help such firms increase their performance
Week 1 Introduction to Market Research Lesson 1: What is Research?

Market Research

Answer specific questions such as:


• identifying market opportunities,
• measuring customer satisfaction, and
• assessing market shares
Market Research

Definition:
• the process by which we gain insight into
how markets work, a function in an
organization, or it can refer to the outcomes
of research, such as a database of customer
purchases or a report including
recommendations.
Market Research

Definition:
• a process that follows a step by step procedure which are:
• identifying and formulating the problem,
• continuing by determining the research design,
• determining the sample and method of data collection,
• collecting the data,
• analyzing the data, interpreting,
• discussing, and
• presenting the findings, and
• follow-up.
How Marketing Research is used by Key Persons?
Used By Practitioners
- used in clients with needs and standards (relevance, practicality,
generalizability, and timelines.

Used By Academics
- conduct research with the goal of publishing in esteemed
journals (Journal of Marketing, Journal Marketing Research,
International Journal in Marketing Research, Journal of the Marketing
Science
When should market research (not) be conducted?

• Taken by taken when managers face an uncertain


situation
• Taken when the costs of undertaking good
research are (much) lower than the expected
benefits of making good decisions
• Taken to supports the decisions
• Taken when organizations needs urgent decisions
to be made
Who Provides Market Research?
• Some companies have their own research and
develop
Marketing problems can be divided into three
categories:
• Ambiguous problems
• Somewhat defined problems, and
• Clearly defined problems

somewhat defined problems are the issues (and


variables) that are important for solving the problem,
but not how they are related. .
Marketing problems can be divided into three
categories:
• Ambiguous problems
• Somewhat defined problems, and
• Clearly defined problems

clearly defined problems are when both the issues


and variables that are important, and their
relationships are clear. However, we do not know how
to make the best possible choice.
Step 2:Determine the Research Design
• The research design is related to the identification
and formulation of the problem.

Figure 2: The Relationship between the marketing problem and the


research design
Exploratory Research
• The objective of exploratory research is to explore
a problem or situation which has several key uses
in solving ambiguous problems. It can help
organizations formulate their problems exactly.
• Through initial research, such as interviewing
potential customers, opportunities and pitfalls may
be identified that help to determine or refine the
research problem.
Uses of Exploratory Research

• Uses of Exploratory Research


-depth interviews,
-focus groups,
-projective techniques,
-observational studies, and
-ethnographies
Descriptive Research

• Descriptive research is all about


describing certain phenomena,
characteristics or functions.
Uses of Descriptive Research

• used to segment markets.


• measure performance.
Causal Research

• Causal research is used to


understand the effects of one
variable (e.g., the wording in
advertising) on another variable
(e.g., understanding as a result of
advertising).
Four requirements for Casual Research

• Relationship between cause


and effect
• Time Order
• Control for other factors
• Availability of theory
Uses of Causal Research

• Lab experiments
• Field experiments
• Test markets
• Lab experiments
• Field experiments
• Test markets
Step 3:Design the Sample and Method of Data
Collection

After having determined the


research design, we need to design
a sampling plan and choose a data-
collecting method. This involves
deciding whether to use existing
(secondary) data or to conduct
primary research.
Step 4: Collect the Data

Collecting data is a practical but


sometimes difficult part of the market
research process. How do we design a survey?
How do we measure attitudes toward a
product, brand, or company if we cannot
observe these attitudes directly? How do we
get CEOs to respond? Dealing with such
issues requires careful planning and
knowledge of the marketing process.
Step 5: Analyze the Data

Analyzing data requires technical skills. In this


process, we enter, clean, and describe data.
Key techniques such as hypothesis testing and
analysis of variance, regression analysis, factor
analysis, and cluster analysis are done.
Step 6: Interpret, Discuss, and Present the Findings

When executing the market research


process, one’s immediate goals are
interpreting, discussing, and presenting the
findings. Consequently, researchers should
provide detailed answers and actionable
suggestions based on data and analysis
techniques. The last step is to clearly
communicate the findings and
recommendations to help decision making
and implementation.
Step 7: Follow Up

Market researchers often stop when the results


have been interpreted, discussed, and presented.
However, following up on the research findings is
important too. Implementing market research
findings sometimes requires further research because
suggestions or recommendations may not be feasible
or practical and market conditions may have changed.
From a market research firm’s perspective, follow-up
research on previously conducted research can be a
good way of entering new deals to conduct further
research.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy